Immunomedics, Inc. (NASDAQ:IMMU) reported the issuance of patent for additional claims, which covers the use of IMMU-130. This drug is company’s second investigational ADC for solid cancer treatment.
Cynthia L. Sullivan, the CEO and President said that they are extremely encouraged by the report with IMMU-130 from Phase II trial, which has completed subject registration with patient follow-up continuing. The company have had a completion of Phase II talks with the FDA for an upcoming registration way for this ADC. Phase III trial design under consideration covers assessing IMMU-130 in subjects with metastatic colorectal cancer who have undergone two or more prior treatments.
Also released was another patent to IBC Pharmaceuticals, Inc., the firm’s subsidiary, for additional claims under the family DNL® vaccines for cancer therapy. This patent, which has valid till March 2026, concerns compositions and methods for developing anti-cancer vaccine complexes utilizing the firm’s DNL® protein conjugation technology. These DNL® complexes simultaneously link to dendritic cells and to tumor markers on cancer cells utilizing different arms. In doing so, these anti-cancer medication DNL® complexes are advanced to release an immune response against targeted cancer cells, which can impede the growth of, or remove, the cancer cells.
Updates on financing
Last week, Immunomedics posted that it has completed a previously reported underwritten offering of 10 million shares of warrants and common stock to buy up to 10 million shares of common stock. This will result in $30 million as gross proceeds. Each share of firm’s common stock and its related warrant was confirmed to be priced at $3. The warrants are exercisable 6 months after the date of issuance, will close on the second anniversary of the issuance date and boast an exercise rate of $3.75.
The company plans to use the proceeds from the reported offering mainly in continuing support of regulatory and clinical activities for IMMU-132, covering filing of a NDA to the FDA for accelerated nod in metastatic triple-negative breast cancer. Also, the proceeds will be used for general corporate and working capital purposes.