MORRIS PLAINS, N.J., Dec. 1 /PRNewswire-FirstCall/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today announced that shareholders of the Company approved, at
its 21st annual meeting, resolutions to elect the seven nominees to serve as
directors of the Company until the next annual meeting, and to ratify the
selection of Ernst & Young as the Company's independent auditors for the
current fiscal year.
"Our biggest accomplishment this year is in lupus," said Ms. Cynthia L.
Sullivan, President and Chief Executive Officer, in her summary of this year's
activities. "Not only have we completed our phase II studies with epratuzumab
in systemic lupus erythematosus (SLE) with very encouraging results, but we
have advanced this product further and are in a position to begin registration
trials in SLE in early calendar year 2005."
Other milestones planned this year include out-licensing epratuzumab for
all indications on a worldwide basis; completion of phase I/II studies in
Sjvgren's Syndrome, another autoimmune disease being studied with epratuzumab;
interim clinical data from our humanized CD20 antibody in non-Hodgkin's
lymphoma, and from our two solid tumor therapeutics for pancreatic and liver
cancers.
In his report on the Company's finances, Mr. Gerard G. Gorman, Vice
President, Finance, and Chief Financial Officer, stated that the Company
intends to continue to consider opportunities to raise additional capital in
2005 in either the public or private markets, or through additional licensing
transactions or partnerships. "I am pleased to announce that the Company has
been authorized to sell $660,000 in tax benefits under the New Jersey
Technology Tax Certificate Transfer Program," he added.
Immunomedics is a 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 believe that our portfolio of intellectual property, which
includes approximately 90 issued patents in the United States, and more than
250 other issued patents worldwide, protects our product candidates and
technologies.
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, 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 year 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.
Company Contact:
Chau Cheng
Associate Director
Investor Relations & Business Analysis
(973) 605-8200, extension 123
http://www.immunomedics.com.
SOURCE Immunomedics, Inc.
 back to top
Related links:
http://www.immunomedics.com
Company News On-Call:
http://www.prnewswire.com/comp/113121.html
CONTACT:
Chau Cheng, Associate Director, Investor
Relations & Business Analysis, +1-973-605-8200, ext. 123
|
