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Investing.com -- Immunome, Inc. (NASDAQ:IMNM) shares fell sharply by 9.6% following the announcement of the pricing of its upsized public offering of common stock. The biotechnology company, known for its work on targeted cancer therapies, set the price at $7.75 per share for its underwritten public offering.
The decline comes after the stock closed at $9.35 on Wednesday but was seen trading at $8.45 in Thursday’s pre-market session. Investors reacted to the news that Immunome plans to offer 19,354,839 shares, which is expected to generate gross proceeds of approximately $150 million before deductions for underwriting discounts, commissions, and other offering expenses.
The offering price represents a discount from the previous closing price, which is a common practice in public offerings but often leads to a short-term dip in the stock as the market absorbs the additional share supply and the lower offer price.
Immunome has also granted the underwriters a 30-day option to purchase up to an additional 2,903,225 shares of common stock at the public offering price, minus the underwriting discounts and commissions. The closing of the offering is anticipated on January 31, 2025, subject to customary closing conditions.
J.P. Morgan, TD Cowen, Leerink Partners, and Guggenheim Securities are serving as joint book-running managers for the offering, with Wedbush PacGrow taking on the role of lead manager.
The funds raised from this offering are expected to support Immunome’s ongoing research and development efforts to bring innovative cancer treatments to market. The company’s focus on developing first-in-class and best-in-class therapies positions it in the competitive landscape of biotechnology firms aiming to address unmet medical needs in oncology.
Investors will be watching closely to see how the company utilizes the capital from the offering to advance its pipeline and whether it can deliver on its strategic objectives. The offering’s completion and the deployment of the raised funds will be critical factors in Immunome’s ability to continue its research and potentially bring new cancer therapies to patients.
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