MORRIS PLAINS, N.J., June 13 /PRNewswire-FirstCall/ -- Immunomedics,
Inc. (Nasdaq: IMMU), a biopharmaceutical company focused on developing
monoclonal antibodies to treat cancer and other serious diseases, today
announced that the Company is set to join the broad-market Russell 3000(R)
Index when Russell Investment Group reconstitutes its comprehensive set of
U.S. and global equity indexes on June 22, 2007, according to a preliminary
list of additions posted on Monday, June 11, 2007 on http://www.russell.com.
"The preliminary selection to the Russell 3000(R) Index is a
recognition of our efforts this past year to increase our visibility within
the investment community, which led to the exceptional growth in the market
capitalization of the Company," commented Cynthia L. Sullivan, President
and Chief Executive Officer. "While we are pleased to be included in the
Index, our goal is to continue increasing and diversifying our shareholder
base as well as developing our rich pipeline of early and late-stage
antibody-based product portfolio, and out-licensing suitable product
candidates for further clinical development and commercialization," she
added.
Membership in the Russell 3000, which remains in place for one year,
means automatic inclusion in the large-cap Russell 1000(R) Index or
small-cap Russell 2000(R) as well as the appropriate growth and value style
indexes. Russell determines membership for its equity indexes primarily by
objective, market-capitalization rankings and style attributes.
The Russell 3000 serves as the U.S. component to the Russell Global
Index, which Russell launched earlier this year.
Russell indexes are widely used by investment managers and
institutional investors for index funds and as benchmarks for both passive
and active investment strategies. An industry-leading $4 trillion in assets
currently are benchmarked to them.
Annual reconstitution of Russell's U.S. indexes captures the 4,000
largest U.S. stocks as of the end of May, ranking them by total market
capitalization. The largest 1,000 companies in this ranking comprise the
Russell 1000 and the next 2,000 companies become the Russell 2000. These
investment tools originated from Russell's multi-manager investment
business in the early 1980s when the company saw the need for a more
objective, market-driven set of benchmarks in order to evaluate outside
investment managers.
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 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. The Company is conducting clinical trials with hA20 in
patients with non-Hodgkin's lymphoma, epratuzumab as a potential
therapeutic for patients with lymphoma and leukemia, 90Y-epratuzumab for
the therapy of patients with lymphoma, 90Y-hPAM4 for pancreas cancer
therapy and hCD74 as a therapy for patients with multiple myeloma. 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 (DNL) 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. For additional
information on us, please visit our web site at
http://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,
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 new product development (including
clinical trials outcome and regulatory requirements/actions), our
dependence on our licensing partner for the further development of
epratuzumab for autoimmune 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.
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.russell.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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