Immunomedics secures $24 million from direct stock deal; Neurochem plans $80 million convertible sale

By Sheri Kasprzak

New York, May 2 - Immunomedics, Inc. led another fairly light day for private placements even as gold offerings remained popular north of the border.

One sell-side market source said volume may be lighter these days because of first-quarter earnings reports coming out.

"I think it's probably just earnings," he said. "People are busy getting those earnings reports out."

The market source noted that with stocks at record highs, especially the Dow Jones Industrial Average, things should be picking up soon.

"Stocks are definitely not the cause [of the slowdown]," he added.

In the Immunomedics offering, the company secured $24 million from the sale of 4,848,485 shares at $4.95 each.

The share price is a 6% discount to the company's $5.27 closing stock price on April 30.

Immunomedics plans to sell the shares off its shelf registration and the deal is set to close May 7.

Lazard Capital Markets LLC is the placement agent.

The company's stock got off to a rocky start in trading Wednesday, giving up 7 cents, or 1.3%, by 10:30 a.m. ET. By the end of the day, however, the stock had climbed 6 cents to close at $5.41 (Nasdaq: IMMU). In after-hours trading, the stock gave up 5 cents.

Based in Morris Plains, N.J., Immunomedics develops monoclonal, antibody-based products used to treat cancer, autoimmune and other diseases.

Neurochem plans $80 million deal

In other biotech offerings, Neurochem Inc. prepared an $80 million placement composed of $40 million in 6% senior convertible notes due 2027 and $40 million in 5% senior subordinated convertible notes due 2012.

News of the deal sent the company's stock plummeting by 21.48%, or $2.49, to end at $9.10 (Nasdaq: NRMX). The stock gained 2 cents in after-hours trading.

The 6% notes are convertible into common shares at the lesser of $12.68 or the five-day weighted average trading price before conversion.

The 5% notes are convertible into common shares at the same price.

Investors will receive warrants for 2,250,645 shares, exercisable at $12.68 each through May 2, 2012.

Proceeds will be used for clinical development programs, research and development, capital expenditures and general corporate purposes.

Based in Laval, Quebec, Neurochem develops treatments for Alzheimer's disease and other ailments.

Transmeridian closes $4.47 million deal

Moving to the resources sector, Transmeridian Exploration, Inc. pocketed $4,468,500 from a private placement of stock.

The offering comes as oil prices fell by $1.13 Wednesday to close at $63.28 per barrel. When these shares were sold, however, oil prices had been advancing.

The company issued 1.655 million shares at $2.70 each between April 26 and April 30. The completion of the deal was announced Wednesday.

The company's stock remained unchanged at $2.65 on Wednesday (Amex: TMY).

Located in Houston, Transmeridian is an oil and natural gas exploration company focused on properties in Kazakhstan and Russia.

Gold remains popular

In Canada, gold offerings continued to flourish, despite a drop in gold prices on Wednesday.

"When you look at the big picture, gold is poised for gains going forward," said one market source familiar with resources. "The issuers - and the investors for that matter - don't care so much about a drop here or there [in gold prices]."

The market source noted that gold shares are being boosted by the reports that gold is going to average more than $670 an ounce for the year.

Looking to specific offerings, Mediterranean Resources Ltd. priced an C$11.025 million offering of units.

The deal includes up to 24.5 million units of one share and one half-share warrant at C$0.45 each.

The whole warrants are exercisable at C$0.60 each for two years. The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$1.00 for more than 30 consecutive trading days one year after closing.

Haywood Securities Inc. is the placement agent and has a greenshoe for up to 2.225 million units.

Proceeds will be used for exploration, drilling and metallurgical studies on the Tac and Corak gold properties in Turkey. The rest will be used for working capital.

The stock closed unchanged at C$0.42 Wednesday (TSX Venture: MNR).

Vancouver, B.C.-based Mediterranean is a gold explorer.

Canadian Gold Hunter's deal

Another Vancouver-based gold exploration company, Canadian Gold Hunter Corp., priced a C$6.75 million offering of 3 million shares at C$2.25 each.

Proceeds from the non-brokered deal will be used for acquiring a 70% interest in the Caballo Blanco gold property in Veracruz, Mexico. The rest will be used for an upcoming work program and for working capital.

Canadian Gold Hunter's stock jumped by 10.09%, or 22 cents, on Wednesday to close at C$2.40 (Toronto: CGH).

Also in gold-related news, Atlanta Gold Inc. wrapped a C$3,079,800 offering of stock on Wednesday.

The company issued 3.422 million shares at C$0.90 each.

Proceeds from the non-brokered deal will be used for exploration on the company's Idaho properties and for working capital.

Atlanta Gold is headquartered in Toronto. Its stock remained unchanged at C$1.20 Wednesday (Toronto: ATG).

Goldex's stock edges up

A day after pricing a C$2 million PIPE, Goldex Resources Corp.'s stock climbed by 3.33% Wednesday.

The stock gained a penny to settle at C$0.31 (TSX Venture: GDX). On Tuesday, when the deal priced, the stock gained a penny, or 3.45%, to close at C$0.30.

In the placement, the company plans to sell units of one share and one warrant at C$0.27 each.

Bolder Investment Partners, Inc. is the agent and has a greenshoe for up to C$500,000.

Proceeds will be used for exploration and for working capital.

Goldex is a Vancouver, B.C.-based gold explorer.

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