Immunomedics wins $7.5 million financing

In a deal that generated $7.5 million in financing, radiopharmaceutical firm Immunomedics last month sold 2.5 million shares of its common stock to Paramount Capital of New York. The transaction gives Paramount Capital a 6% share in the company.

Morris Plains, NJ-based Immunomedics plans to use the proceeds of the stock sale to redeem remaining shares of its outstanding preferred stock. In November, the company made an agreement with HFTP Investment to buy 445 of HFTP’s preferred shares in the company. The holder of the firm’s remaining 150 preferred shares, which Immunomedics declined to name, has also agreed to sell those shares to the firm.