MORRIS PLAINS, N.J., Sept. 2 /PRNewswire-FirstCall/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today announced Ivan Horak, M.D., the Company's Executive Vice
President of Research and Development and Chief Scientific Officer, has
terminated his employment with the Company. Dr. Horak has decided to refocus
his career in oncology and the development of small molecules, in which he was
active before joining the company.
"We are grateful to Dr. Horak for his contributions to our Company over
the last several years, particularly related to the commencement of our Phase
III pivotal trials with epratuzumab in patients with lupus. We now have
stronger preclinical and clinical departments. During the transition, Dr.
Horak will continue to work with the Company on clinical trial activities,"
stated Cynthia L. Sullivan, President and Chief Executive Officer.
"I am very pleased to see the advancement of epratuzumab into pivotal
Phase III trials in the unmet medical need indication for lupus therapy. The
novel mechanisms of action of epratuzumab may provide a significant advantage
over existing therapies. I am confident that the Company's current team will
successfully execute this pivotal program. Furthermore, I am pleased that over
last few years the Company has built a pipeline of novel agents targeting a
broad spectrum of autoimmune diseases and cancer," commented Ivan D. Horak,
M.D.
"With our current clinical, regulatory, and biostatistical teams, as well
as the contracted clinical research organization running the lupus
registration trials, we do not anticipate any delays due to Ivan's departure.
It is our intention to expand our rheumatology and oncology clinical staff to
manage our other Phase I and II clinical studies in these areas. We wish Ivan
much success in his new endeavors," Ms. Sullivan further remarked.
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 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
Company News On-Call:
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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