Immunomedics Announces Outcome of 2012 Annual Meeting of Stockholders
MORRIS PLAINS, N.J., Dec. 5, 2012 (GLOBE NEWSWIRE) -- Immunomedics, Inc. (IMMU), a biopharmaceutical company primarily focused on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases, today announced that stockholders of the Company, at its 29th annual meeting, elected all seven nominees to serve as directors of the Company until the next annual meeting; approved the executive compensation by advisory vote; approved the Company's amended and restated Certificate of Incorporation, which is being amended and restated to increase the maximum number of authorized shares of the Company's stock from 120,000,000 shares to 145,000,000 shares; and ratified the selection of Ernst & Young LLP as the Company's independent registered public accounting firm for the current fiscal year. Thereafter, the Board reappointed Dr. David M. Goldenberg as Chairman and Mr. Brian Markison as Lead Independent Director.
In her overview of significant developments for the Company, Cynthia L. Sullivan, President and Chief Executive Officer, remarked, "A number of important events have occurred this year. While UCB continues to enroll patients into the two Phase III EMBODY trials, lupus investigators recently reported at the 2012 annual meeting of the American College of Rheumatology encouraging long-term results from the extension arm of our two ALLEVIATE trials. These results demonstrate that continued cycles of epratuzumab therapy maintained improvements or further improved lupus disease activity, as well as lower levels of median corticosteroid use, over a timeframe of approximately 4 years. For clivatuzumab, we have completed the Phase I/II trial in patients with previously untreated advanced pancreatic cancer. After consulting with key opinion leaders in the field of pancreatic cancer and the FDA, we launched a Phase Ib trial in patients who have received at least two prior therapies. This strategic shift is driven by the observation that there are few viable treatment options for pancreatic cancer patients with prior therapies, and it may offer a shorter development timeframe for approval. We also have a robust antibody-drug conjugate program. In addition to milatuzumab-doxorubicin and labetuzumab-SN-38 that are already in clinical trials, we have an approved IND to initiate a Phase I dose-escalation study of hRS7-SN-38 for patients with solid cancers, fulfilling our goal of introducing a new therapeutic to the clinic every year."
"This past year, we have started hosting quarterly earnings calls and webcasts beginning with the filing of our fiscal 2012 results. We are pleased that these calls have been well attended by institutional investors and analysts. Our strong effort in investor outreach continued this past fiscal year with 11 presentations at Wall Street investor conferences and 7 investment bank-sponsored non-deal road shows, during which 31 meetings with important institutional investors were conducted. Earlier this calendar year, we received a cash payment of $30 million from UCB for amending our licensing agreement to allow UCB to seek to sublicense epratuzumab for non-cancer indications in certain territories. An additional cash payment is expected if and when UCB exercises this sublicensing option," added Ms. Sullivan.
"Finally, 31 US patents and 62 foreign patents have been issued to us this past fiscal year, adding to the total of 209 active patents in the US and more than 400 foreign patents. We are very proud of our robust intellectual property portfolio, which was recognized again this year by the Research and Development Council of New Jersey for DOCK-AND-LOCK" in the biotechnology category," Ms. Sullivan concluded.
Immunomedics is a New Jersey-based biopharmaceutical company primarily focused on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. We have developed a number of advanced proprietary technologies that allow us to create humanized antibodies that can be used either alone in unlabeled or "naked" form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins, in each case to create highly targeted agents. Using these technologies, we have built a pipeline of therapeutic product candidates that utilize several different mechanisms of action. We also have a majority ownership in IBC Pharmaceuticals, Inc., which is developing a novel DOCK-AND-LOCK" (DNL") method with us for making fusion proteins and multifunctional antibodies, and a new method of delivering imaging and therapeutic agents selectively to disease, especially different solid cancers (colorectal, lung, pancreas, etc.), by proprietary, antibody-based, pretargeting methods. We believe that our portfolio of intellectual property, which includes approximately 209 active patents in the United States and more than 400 foreign patents, protects our product candidates and technologies. For additional information on us, please visit our website at www.immunomedics.com . The information on our website does not, however, form a part of this press release.
This release, in addition to historical information, may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Such statements, including statements regarding clinical trials, out-licensing arrangements (including the timing and amount of contingent payments), forecasts of future operating results, potential collaborations, and capital raising activities, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. Factors that could cause such differences include, but are not limited to, risks associated with any cash payment that the Company might receive in connection with a sublicense involving a third party and UCB, which is not within the Company's control, new product development (including clinical trials outcome and regulatory requirements/actions), our dependence on our licensing partners for the further development of epratuzumab and veltuzumab for non-cancer indications, competitive risks to marketed products and availability of required financing and other sources of funds on acceptable terms, if at all, as well as the risks discussed in the Company's filings with the Securities and Exchange Commission. The Company is not under any obligation, and the Company expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Dr. Chau Cheng Senior Director, Investor Relations & Grant Management (973) 605-8200, extension 123 email@example.comSource: Immunomedics, Inc. 2012 GlobeNewswire, Inc.