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ImmuLogic Pharmaceutical Corp. Announces Public Offering of 2.4 Million Shares

Strategic Insights

— 1 min read

ImmuLogic Pharmaceutical Corp., a biotechnology company, has announced a public offering of 2,400,000 shares of its common stock at a price of $10.75 per share, generating gross proceeds of $25,800,000. The company plans to utilize the proceeds for product research, development, and manufacturing, as well as working capital and general corporate purposes. ImmuLogic has granted the underwriters an option to purchase an additional 360,000 shares to cover over-allotments. The company is developing peptide immunotherapeutics to treat immune system disorders, including allergies and autoimmune diseases, through partnerships with Hoechst Marion Roussel Inc. and Schering AG.

Key Takeaways:

  • ImmuLogic Pharmaceutical Corp. is a biotechnology company developing peptide immunotherapeutics for immune system disorders.
  • The company has announced a public offering of 2,400,000 shares of common stock at $10.75 per share, raising $25,800,000.
  • The gross proceeds will be used for product research, development, and manufacturing, as well as working capital and general corporate purposes.
  • The underwriters have an option to purchase up to 360,000 additional shares to cover over-allotments.
  • ImmuLogic is collaborating with Hoechst Marion Roussel Inc. and Schering AG to develop peptide immunotherapeutics for allergies, autoimmune diseases, and multiple sclerosis.
  • The company is led by Richard N. Small, who can be reached at 617/466-6000.
  • Hambrecht & Quist LLC, UBS Securities Inc., and Vector Securities International Inc. are managing the public offering.

Statistics:

  • 2,400,000 shares of ImmuLogic common stock were offered to the public.
  • The offering price was $10.75 per share, generating gross proceeds of $25,800,000.
  • The offering size was increased to 2,400,000 shares from the originally intended 2,000,000 shares.
  • The underwriters have an option to purchase up to an additional 360,000 shares.
  • ImmuLogic has a joint development and commercialization agreement with Hoechst Marion Roussel Inc. for the ALLERVAX family of allergy therapeutics.

Sources:

  • BUSINESS WIRE - ImmuLogic Pharmaceutical Corp.
  • NASDAQ: IMUL - ImmuLogic Pharmaceutical Corp.
  • Hambrecht & Quist LLC - One Bush St., San Francisco, Calif. 94104
  • UBS Securities Inc. - 299 Park Ave., New York, N.Y. 10171
  • Vector Securities International Inc. - 1751 Lake Cook Rd., Suite 350, Deerfield, Ill. 60015

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