MORRIS PLAINS, N.J., Jan. 13 /PRNewswire-FirstCall/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today announced a $10.0 million financing agreement in the form
of Convertible Senior notes for a two-year period. The notes bear interest at
a fixed annual rate of 3.25% to be paid semiannually in arrears. The holder
of the notes may convert the notes at any time prior to the maturity date.
The conversion price is fixed as the greater of 120% of the Average
Volume-Weighted Average Prices for the five business days immediately after
the trade date or $5.33 per share. Immunomedics intends to file for
registration of the notes and the applicable conversion shares within four
months. The holder has a six-month option to purchase up to an additional
$3.0 million of notes.
"The funds will be used to continue the aggressive development of our
cancer and autoimmune disease therapeutics," commented Cynthia L. Sullivan,
President and Chief Executive Officer. "We have just received FDA approval
for our Phase I clinical trial with our humanized PAM4 (IMMU-107) antibody for
the therapy of pancreatic cancer, and we plan to begin clinical trials with
our humanized CD20 (IMMU-106) antibody in patients with certain autoimmune
diseases," she further remarked.
Immunomedics is a biopharmaceutical company focused on the development,
manufacture and commercialization of diagnostic imaging and therapeutic
products for the detection and treatment of cancer and other serious diseases.
Integral to these products are highly specific monoclonal antibodies and
antibody fragments designed to deliver radioisotopes and chemotherapeutic
agents to tumors and other sites of disease. Immunomedics has nine
therapeutic product candidates in clinical or near clinical development and
has two marketed diagnostic imaging products. The most advanced therapeutic
product candidates are LymphoCide(R) (epratuzumab), for which certain Phase II
clinical trials for the treatment of non-Hodgkin's lymphoma have already been
completed, and CEA-Cide(R) (labetuzumab), which is in Phase I/II clinical
trials for the treatment of certain solid tumors.
This release, in addition to historical information, contains
forward-looking statements made pursuant to the Private Securities Litigation
Reform Act of 1995. Such statements, including statements regarding clinical
trials, 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
new product development (including clinical trials outcome and regulatory
requirements/actions), competitive risks to marketed products and availability
of financing and other sources of capital, as well as the risks discussed in
the Company's Annual Report on Form 10-K for the year June 30, 2003.
Company Contact: Rebecca A. Kinner, Investor Relations, (973)-605-8200
Visit: http://www.Immunomedics.com
SOURCE Immunomedics, Inc.
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Related links:
http://www.Immunomedics.com
Company News On-Call:
http://www.prnewswire.com/comp/113121.html
CONTACT:
Rebecca A. Kinner, Investor Relations of
Immunomedics, Inc., +1-973-605-8200
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