MORRIS PLAINS, N.J., Jan. 10 /PRNewswire-FirstCall/ -- Immunomedics,
Inc. (Nasdaq: IMMU), a biopharmaceutical company focused on developing
monoclonal antibodies to treat cancer and other serious diseases, today
reported that Richard R. Pivirotto, the longest-serving independent
director, since 1991, of the Company's Board of Directors, its Lead
Independent Director, and Chairman of the Compensation Committee, passed
away on Monday, January 8th, 2007 due to complications from cancer. He was
76.
"We are deeply saddened by the loss of Dick Pivirotto, who was an
important and valuable member of our Board of Directors for 16 years. Dick
was not only an outstanding business partner and advisor, but also someone
I consider it a privilege to have known, respected, and admired for his
judgment, integrity, high principles, and sensitivity to the needs of
others. He will always retain a special place in my thoughts and memory,
and will be sorely missed," said Chairman of the Board of Directors, David
M. Goldenberg, ScD, MD.
Mr. Pivirotto also served as a member of the Board of Directors of
General American Investors Company, Inc., The New York Life Insurance
Company, The Gillette Company, CBS Corporation, Infinity Broadcasting
Corporation, Greenwich Bank and Trust Company, Bowery Savings Bank, Turner
Equity Investors, Inc., Westinghouse Electric Corporation, Jerrico, Inc.,
Chemical Banking Corporation and Chemical Bank.
Mr. Pivirotto began his long and distinguished career in the retail
industry at the Joseph Horne Company of Pittsburgh as an executive trainee.
In 1961, he became the President and served until 1970. Mr. Pivirotto
joined Associated Dry Goods Corporation in New York as Vice Chairman in
1970, ascended to President in 1973 and to Chairman in 1976. Mr. Pivirotto
took an early retirement in 1981 and formed his own independent
management-consulting firm in Greenwich, Connecticut, Richard R. Pivirotto
Co., Inc.
Mr. Pivirotto also was a Trustee of Greenwich Hospital Corp. for over
31 years and served two terms as its Chairman. He was a Trustee of the
General Theological Seminar, a charter trustee of Princeton University, as
well as a trustee of the Princeton University Investment Company. Mr.
Pivirotto was chairman of the board of St. Edmund's Academy and a trustee
of Shady Side Academy and the Brunswick School.
Mr. Pivirotto was born in Youngstown, OH, and grew up in Pittsburgh,
PA. He attended Shady Side Academy and graduated from Princeton University
in 1952 where he majored in economics. He played for the undefeated 1950
and 1951 nationally ranked Princeton football teams. Upon graduation, he
turned down an offer to play professional football for the Pittsburgh
Steelers to attend Harvard Business School. Following graduation, he served
in the United States Army.
He is survived by his spouse of 53 years, Mary Burchfield Pivirotto,
six children, and 14 grandchildren.
About Immunomedics
Immunomedics is a New Jersey-based biopharmaceutical company 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 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 have recently
licensed our lead product candidate, epratuzumab, to UCB, S.A. for the
treatment of all autoimmune disease indications worldwide. We have retained
the rights for epratuzumab in oncology indications for which UCB has been
granted a buy-in option. UCB has development, manufacture and
commercialization rights, and is responsible for all clinical trials
evaluating epratuzumab for the treatment of patients with moderate and
severe lupus. At present, there is no cure for lupus and no new lupus drug
has been approved in the U.S. in the last 40 years. We believe that our
portfolio of intellectual property, which includes approximately 108
patents issued in the United States, and more than 250 other issued patents
worldwide, protects our product candidates and technologies. We also have a
majority ownership in IBC Pharmaceuticals, Inc., which is developing a
novel dock and lock methodology, 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. Visit our web site at http://www.immunomedics.com.
For More Information:
Dr. Chau Cheng
Associate Director, Investor Relations & Business Analysis
(973) 605-8200, extension 123
ccheng@immunomedics.com
SOURCE Immunomedics, Inc.
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Related links:
http://www.immunomedics.com
http://www.prnewswire.com/comp/113121.html /
CONTACT:
Dr. Chau Cheng, Associate Director, Investor
Relations & Business Analysis, +1-973-605-8200, ext. 123,
ccheng@immunomedics.com
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