ImmunoGen Grabs $33M in Stock Sale
Luke Timmerman6/18/09
ImmunoGen, the Waltham, MA-based developer of technology to make antibody drugs more potent, said today it has raised $33 million through a stock offering, after expenses. The company (NASDAQ: IMGN) sold 5 million shares at $7 apiece. Demand for ImmunoGen shares has climbed this year, after researchers presented promising clinical trial results of trastuzumab DM1, a drug co-developed by Genentech, Roche, and ImmunoGen, that’s made to be more potent than the original trastuzumab (Herceptin).
Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
