Immunomedics Nets $7M Round

Biopharmaceutical company Immunomedics Inc. of Morris Plains, N.J., placed $7.5 million of common stock with affiliates of Paramount Capital Asset Management Inc., according to a Securities and Exchange Commission filing.

Signing on were The Aries Master Fund, investing $4.672 million; The Aries Domestic Fund LP, investing $1.88 million; The Aries Domestic Fund II LP, investing $146,601; and Lindsay Rosenwald, chairman of Paramount Capital, investing $500,000. Two other individuals accounted for $300,000 of the aggregate offering.

The investors purchased a total of 2.5 million shares of common stock at $3 per share. The company’s common stock, which trades under the symbol IMMU on Nasdaq, closed at $17.50 at press time.

Proceeds from the investment were used to redeem a total of 595 shares of Series F preferred stock at a price equal to 109% of the stated value of the preferred stock. The company no longer has any Series F preferred outstanding.

The company develops and manufactures products for the detection and treatment of cancers.