Immunomedics raises $15 million in sale of common stock

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Biopharmaceutical company Immunomedics Inc. announced that agreements have been signed to sell 4,178,116 shares of its common stock, resulting in gross proceeds to the company of approximately $15.1 million. The shares are being sold to select institutional investors at a price of $3.61 per share.

Immunomedics said it has also agreed to grant these investors rights to purchase an additional 4,178,116 shares of its common stock at a price of $3.97 per share, by a date no later than November 24, 2004. The shares of common stock are being offered pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission.