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Immunomedics Announces Outcome of 2014 Annual Meeting of Stockholders

MORRIS PLAINS, N.J., Dec. 3, 2014 (GLOBE NEWSWIRE) -- Immunomedics, Inc., (Nasdaq:IMMU) today announced that stockholders of the Company have approved all the matters submitted to them at the Company's Annual Meeting of Stockholders held at 10:00 a.m., Eastern Time, on Wednesday, December 3, 2014.

A total of 83,272,352 shares were represented in person or by proxy at the 2014 Annual Meeting, representing a quorum of approximately 89.4% of the Company's outstanding shares. During the meeting, the following proposals were duly passed:

(i) Election of six directors to serve for a term of one year until the 2015 Annual Meeting of Stockholders or until their successors are duly elected and qualified;

(ii) Approval of the compensation of the Company's named executive officers by an advisory vote;

(iii) Approval of the amendment and restatement of the Company's Certificate of Incorporation to increase the maximum number of authorized shares of the Company's stock from 145,000,000 shares to 165,000,000 shares;

(iv) Approval of the Immunomedics, Inc. 2014 Long-Term Incentive Plan; and

(v) Ratification of the selection of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending June 30, 2015.

Thereafter, the Board of Directors reappointed Dr. David M. Goldenberg as Chairman and Mr. Brian Markison as Lead Independent Director.

"On behalf of the Board and the senior management team, I would like to thank our stockholders for their continued support," commented Dr. David M. Goldenberg, Chairman of the Board of Directors. "We have a number of key events in the near term that we are very excited about, including the Phase 3 data from the lupus trials with epratuzumab and the advancement of our antibody-drug conjugate programs. We will continue to focus on enhancing stockholder value through our strategic plan of bringing new and innovative products to diseases that are underserved," added Dr. Goldenberg.

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 indicationsis 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.