WALTHAM, Mass.--(BUSINESS WIRE)--ImmunoGen, Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that it has raised gross proceeds of approximately $54.8 million through its At-the-Market (“ATM") facility pursuant to its Open Market Sale AgreementSM dated as of September 25, 2020 with Jefferies LLC, as sales agent (the “Sale Agreement”), with participation based on interest received from multiple institutional investors. On October 9, 2020, the Company sold approximately 12.7 million shares of the Company’s common stock at a per share purchase price of $4.33, the market price at the time of sale.

The additional funds raised through the ATM strengthen the Company’s balance sheet and will be used to fund the Company’s operations, including, but not limited to, clinical trial activities, supply of drug substance and drug product, pre-commercialization and commercialization activities, capital expenditures, and working capital.

ABOUT IMMUNOGEN

ImmunoGen is developing the next generation of antibody-drug conjugates (ADCs) to improve outcomes for cancer patients. By generating targeted therapies with enhanced anti-tumor activity and favorable tolerability profiles, we aim to disrupt the progression of cancer and offer our patients more good days. We call this our commitment to “target a better now.”