ImmunoGen Announces Proposed $100 Million Offering of Convertible Senior Notes Due 2021
The Notes will be senior unsecured obligations of ImmunoGen, and
interest will be payable semi-annually. The Notes will be convertible by
the holders at their option at any time prior to the close of business
on the business day immediately preceding the maturity date of
ImmunoGen intends to the use net proceeds of the offering for its operations, including but not limited to clinical trial expenditures, including the manufacture of ImmunoGen's experimental therapies, other research and development expenditures, and other corporate purposes, capital expenditures and working capital.
The Notes will be offered to qualified institutional buyers pursuant to
Rule 144A under the Act. Neither the Notes nor the shares of ImmunoGen's
common stock issuable upon conversion of the Notes have been registered
under the Act or the securities laws of any other jurisdiction and may
not be offered or sold in
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale is unlawful. Any offers of the securities will be made only by means of a private offering memorandum pursuant to Rule 144A under the Act.
About ImmunoGen
ImmunoGen is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its proprietary antibody-drug conjugate ("ADC") technology. ImmunoGen's lead product candidate, mirvetuximab soravtansine, is being advanced to Phase 3 testing for FRα-positive platinum-resistant ovarian cancer, and is also in Phase 1b/2 testing in combination regimens for earlier-stage disease. ImmunoGen's ADC technology is used in Roche's marketed product, Kadcyla®, and in two other clinical-stage ImmunoGen product candidates, and in programs in development by partners Amgen, Bayer, Biotest, CytomX, Lilly, Novartis, Sanofi and Takeda.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, as amended, including statements about whether or
not we will offer the Notes or consummate the offering, the anticipated
terms of the Notes and the offering, and the anticipated use of the
proceeds from the offering. Actual results or developments may differ
materially from those projected or implied in these forward-looking
statements. Factors that may cause such a difference include, without
limitation, risks and uncertainties related to whether or not we will be
able to raise capital through the sale of the Notes, the final terms of
the proposed offering, market and other conditions, the satisfaction of
customary closing conditions related to the proposed offering and the
impact of general economic, industry or political conditions in
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