- Amended Exchange Offer Terminated Without Exchange of Any Securities -
MORRIS PLAINS, N.J., Aug. 19 /PRNewswire-FirstCall/ -- Immunomedics, Inc.
(Nasdaq: IMMU), a leading biopharmaceutical company focused on developing
monoclonal antibodies, announced the results of stockholder votes taken at a
special meeting of stockholders held earlier today. A significant majority of
stockholders approved the two proposals presented, thereby authorizing the
Company to file an amendment to the Company's certificate of incorporation to
increase the authorized common stock by 40 million shares (Proposal 1), and
issue common stock upon the conversion of the Company's outstanding 5% Senior
Convertible Notes due 2008 and exercise of related Common Stock Warrants in
connection with a financing completed on April 29, 2005 (Proposal 2).
"We are pleased to have received such strong support from our stockholders
and hope this clear message from our public stockholders has a positive effect
on our stock market listing. With the approval of both proposals, we will be
able to use the $14.3 million of the proceeds of the sale of the 2008 Notes
and Warrants that are currently held in escrow to help fund our ALLEVIATE
trials," commented Cynthia L. Sullivan, President and Chief Executive Officer.
The approval of Proposal 1 requires a majority of the outstanding shares
to be voted FOR the Proposal, whereas Proposal 2 requires a majority of the
shares voted to be FOR Proposal 2. Of the 54,073,059 shares of common stock
outstanding on July 13, 2005, the record date for the special meeting,
32,638,997 shares (60% of the shares outstanding) voted in favor of Proposal 1
(1,341,949 shares, 2% of the shares outstanding, in total either voted against
or abstained), and 33,026,481 shares (97% of the shares voted) voted in favor
of Proposal 2 (962,464 shares, 3% of the shares voted, in total either voted
against or abstained).
Additionally, the Company's offer to exchange the 5% Notes and Warrants
for a new series of notes and warrants terminated by its terms on August 18,
2005, without exchange of any securities. The Company had offered to exchange
the 5% Notes and Warrants for new securities only if 100% of the outstanding
securities were tendered.
None of the 5% Notes or Warrants were converted into or exercised for
common stock prior to the special meeting.
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. Our lead product candidate, epratuzumab, is
currently in two pivotal Phase III trials for the treatment of patients with
moderate and severe lupus (ALLEVIATE A and B). At present, there is no cure
for lupus and no new lupus treatment drug has been approved in the U.S. in the
last 40 years. We believe that our portfolio of intellectual property, which
includes approximately 90 patents issued in the United States, and more than
250 other issued patents worldwide, protects our product candidates and
technologies. Visit our web site at http://www.immunomedics.com.
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, 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), 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 fiscal year ended June 30,
2004. 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
Company News On-Call:
http://www.prnewswire.com/comp/113121.html
CONTACT:
Dr. Chau Cheng, Associate Director, Investor
Relations & Business Analysis of Immunomedics, +1-973-605-8200,
ext. 123, ccheng@immunomedics.com
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