Immunogen Down 6% In After-market Trade On Public Stock Offering

Shares of ImmunoGen, Inc. (IMGN) are down 6 percent on Tuesday's after-market trading after the company announced its plans to offer and sell $175 million of shares of its common stock in an underwritten public offering. All of the shares being sold are being offered by ImmunoGen.

ImmunoGen intends to use the net proceeds of the offering to fund its operations, including, but not limited to, commercialization activities, clinical trial activities, supply of drug product, business development activities, capital expenditures, and working capital.

Earlier during the day, the company shares rose more than 28 percent after it reported positive results from the Pivotal SORAYA trial of Mirvetuximab Soravtansine in ovarian cancer. The study met the primary endpoint and confirmed an objective response rate of 32.4 percent in patients with folate receptor alpha high platinum-resistant ovarian cancer who have been treated previously with Avastin.

In Tuesday's after-market trading, IMGN is down $0.32 or 6% to $5.85. The stock ended trading at $6.17, up 28% on the NASDAQ.

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