Common stock placement extended to a total of $80 million as Sofinnova Ventures and Scopia Capital Management are added to Y-mAbs’ list of institutional shareholders
Y-mAbs Therapeutics, Inc. (YmAbs), an immunotherapy company discovering and developing innovative treatments for patients with cancer, today announced that, further to its press release dated October 24, 2017, the Company has completed an extended closing of an additional $30 million in a private equity placement, adding institutional investors Sofinnova Ventures and Scopia Capital Management to its list of shareholders. Together, with the $50 million raised in the first closing, the Company has now raised $80 million pursuant to this private placement round.
The proceeds of the financing will be used to advance the development of YmAbs portfolio of late-stage oncology compounds, establish sales and marketing capabilities, and bolster general working capital. The financing will strengthen the Company’s balance sheet and position it for continued progress as it initiates and completes additional clinical trials targeting a variety of cancers.