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Immunomedics Receives Third Edison Patent Award From Research & Development Council of New Jersey

MORRIS PLAINS, N.J., Nov. 7, 2014 (GLOBE NEWSWIRE) -- Immunomedics, Inc., (Nasdaq:IMMU) today announced that the Company was honored by the Research & Development Council of New Jersey with their coveted Edison Patent Award, in recognition of the Company's significant achievements in the biotechnology category for its novel linker technology in building paradigm-changing antibody-drug conjugates (ADCs).

"We are exceptionally excited to be recognized for our scientific breakthrough in the development of novel ADCs," commented Cynthia L. Sullivan, President and Chief Executive Officer of Immunomedics. "More exciting is the fact that we were able to apply this invention into creating 2 new solid-tumor ADCs that have shown encouraging activities in a number of late-stage, hard-to-treat solid cancers," Ms. Sullivan further remarked. "We have recently reported that 57% of patients (64 of 113) with diverse solid cancers responded with partial responses and disease stabilization to one of the ADCs, isactuzumab govitecan, or IMMU-132, in a Phase 2 study. The study will be updated at the EORTC/NCI/AACR Symposium later this month in Barcelona, Spain," she reiterated.

The Edison award is for U.S. Patent 7,999,083, "Immunoconjugates with an intracellularly-cleavable linkage," an invention that delivers higher amounts of an FDA-approved cancer drug to the tumor by linking the drug to cancer-targeting antibodies with a unique linker that detaches the active drug near the disease sites.

The inventors of the patent, Drs. Serengulam V. Govindan, Sung-Ju Moon, and David M. Goldenberg, were honored at the Council's 35th Patent Award Ceremony & Reception on November 6, 2014 at the Liberty Science Center, where a short original film paid tribute to the work of each of the patents and the inventors.

About the Research & Development Council of New Jersey

For more than half a century, the Research & Development Council of New Jersey has been dedicated to cultivating an environment supportive of the advancement of research and development in New Jersey. Established in 1962, the Council was created to serve as a unified voice for the three R&D sectors — industry, academia and government — to work with the State to create an environment R&D could thrive in. The R&D Council is a nonprofit 501(c)(3) organization whose membership includes representatives from academia, government and industry, including several Fortune 500 companies. More information can be found at the R&D Council's website: www.rdnj.org.

About Immunomedics

Immunomedics is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases. Immunomedics' advanced proprietary technologies allow the Company to create humanized antibodies that can be used either alone in unlabeled or "naked" form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins. Using these technologies, Immunomedics has built a pipeline of nine clinical-stage product candidates. Immunomedics has an ongoing collaboration with UCB, S.A. (UCB), to whom the Company licensed epratuzumab for the treatment of all non-cancer indications worldwide. UCB expects Phase 3 data in systemic lupus erythematosus in the first half of 2015. Immunomedics is exploring epratuzumab in oncology in collaboration with independent cancer study groups. Immunomedics' most advanced candidate to which it retains worldwide rights for all indications is 90Y-clivatuzumab tetraxetan. The Company initiated a Phase 3 registration trial in January 2014 in patients with advanced pancreatic cancer and expects topline data in mid-2016. Immunomedics' portfolio of wholly owned product candidates also includes antibody-drug conjugates (ADCs) that are designed to deliver a specific payload of a chemotherapeutic directly to the tumor while reducing overall toxic effects that are usually found with conventional administration of these chemotherapeutic agents. Immunomedics' most advanced ADCs are IMMU-132 and IMMU-130, which are in Phase 2 trials for a number of solid tumors and metastatic colorectal cancer, respectively. Immunomedics also has a number of other product candidates that target solid tumors and hematologic malignancies, as well as other diseases, in various stages of clinical and pre-clinical development. These include bispecific antibodies targeting cancers and infectious diseases as T-cell redirecting immunotherapies, as well as bispecific antibodies for next-generation cancer and autoimmune disease therapies, created using its patented DOCK-AND-LOCK® protein conjugation technology. The Company believes that its portfolio of intellectual property, which includes approximately 259 active patents in the United States and more than 400 foreign patents, protects its product candidates and technologies. Immunomedics' strength in intellectual property has resulted in a top-8 ranking in the Biotechnology industry by the Patent Board for the 2014 fiscal year. For additional information on the Company, please visit its website at www.immunomedics.com. The information on its 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 (including the funding therefor, outcomes, timing or associated costs), 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, availability of required financing and other sources of funds on acceptable terms, if at all, new product development (including clinical trials outcome and regulatory requirements/actions), our dependence on UCB for the further development of epratuzumab for non-cancer indications, risks associated with the outcome of pending litigation and competitive risks to marketed products, 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: For More Information: Dr. Chau Cheng Senior Director, Investor Relations & Grant Management (973) 605-8200, extension 123 ccheng@immunomedics.comSource:Immunomedics, Inc.