ImmunoGen swaps out another $12 million 4.5% convertibles for stock

By Susanna Moon

Chicago, Sept. 26 – ImmunoGen, Inc. agreed to exchange $12 million principal amount of its 4.5% convertible senior notes due 2021 for stock.

In exchange, ImmunoGen expects to issue 3,278,225 shares of common stock on Sept. 27, according to an 8-K filing with the Securities and Exchange Commission.

The exchange will result in 412,895 more shares being issued than would have been exchanged under the original conversion terms, the filing noted.

The exchanges will occur under privately negotiated exchange agreements with some holders inked Monday.

After the exchange, the principal amount of the 2021 convertibles will be reduced to about $3.1 million with about 115.6 million common shares outstanding.

The company said on Sept. 12 that it had exchanged $84.9 million of the 4.5% convertibles for an aggregate of 22,604,196 shares of common stock in the exchanges in four tranches occurring on Sept. 6, Sept. 7, Sept. 8 and Sept. 11.

ImmunoGen is a Waltham, Mass.-based clinical-stage biotechnology company that is developing cancer therapeutics using its proprietary antibody-drug conjugate technology.

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