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ImmunoGen Grabs $33M in Stock Sale

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 Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.

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