ImmunoGen, Inc. (Nasdaq: IMGN), a biopharmaceutical company that
develops targeted anticancer therapeutics, announced today that it has
priced a public offering of 5,000,000 shares of its common stock at a
price of $7.00 per share. Net proceeds, after underwriting discounts and
commissions and expenses, will be approximately $33 million. ImmunoGen
has granted the underwriters a thirty (30) day option to purchase up to
an additional 750,000 shares to cover over-allotments, if any. The
offering is expected to close on or about June 23, 2009, subject to
satisfaction of customary closing conditions.
Oppenheimer & Co. Inc. is acting as the sole book-runner for the
offering and Morgan Joseph & Co. Inc. is acting as co-manager.
The securities described above are being offered by ImmunoGen pursuant
to a registration statement previously filed and declared effective by
the Securities and Exchange Commission. This press release does not
constitute an offer to sell or a solicitation of an offer to buy the
securities in this offering. The offering may be made only by means of a
prospectus, copies of which may be obtained, when available, from
Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 300
Madison Avenue, 5th Floor, New York, NY, 10017, by telephone at (212)
667-8563, by fax at (212) 667-6141 or via email at EquityProspectus@opco.com.
About ImmunoGen, Inc.
ImmunoGen, Inc. develops targeted anticancer therapeutics using its
expertise in cancer biology, monoclonal antibodies and the creation and
linkage of potent cancer-cell killing agents (CKAs) to such antibodies.
The Company’s proprietary Targeted Antibody PayloadTM (TAP)
technology consists of ImmunoGen’s highly potent CKAs, which have been
designed specifically for delivery by antibodies to cancer cells, and
the Company’s engineered linkers, which direct the activation of the CKA
inside a cancer cell. Compounds utilizing the TAP technology are in
clinical testing through ImmunoGen’s own programs and its collaborations
with Genentech (a wholly-owned member of the Roche Group),
sanofi-aventis, Biogen Idec and Biotest. The most advanced compound,
T-DM1, is in Phase III testing being conducted by Genentech and Roche.
Other ImmunoGen collaborative partners include Bayer HealthCare and
Amgen.
This press release includes forward-looking statements. For these
statements, ImmunoGen claims the protection of the safe harbor for
forward-looking statements provided by the Private Securities Litigation
Reform Act of 1995. It should be noted that there are risks and
uncertainties related to the public offering. A review of these risks
can be found in ImmunoGen’s Annual Report on Form 10-K for the fiscal
year ended June 30, 2008 and other reports and documents filed with the
Securities and Exchange Commission.
ImmunoGen, Inc.
Carol Hausner, 781-895-0600
Executive
Director, Investor Relations
and Corporate Communications
info@immunogen.com
