MORRIS PLAINS, N.J., Dec. 6 /PRNewswire-FirstCall/ -- Immunomedics,
Inc. (Nasdaq: IMMU), a biopharmaceutical company focused on developing
monoclonal antibodies, today announced that stockholders of the Company, at
its 23rd annual meeting, approved resolutions to elect all eight nominees
to serve as directors of the Company until the next annual meeting,
approved the 2006 Stock Incentive Plan, and ratified the selection of Ernst
& Young LLP as the Company's independent registered public accounting firm
for the current fiscal year.
"Our focus this past year was on the development of epratuzumab and I
was pleased to report that we have accomplished many of our goals,
including continuing the enrollment into two pivotal trials in patients
with lupus and completing the licensing agreement with UCB," commented
Cynthia L. Sullivan, President and Chief Executive Officer. "Looking ahead,
we will be focusing on hA20. Our goal this year is to develop a
subcutaneous formulation of hA20 for first-in-man evaluation and advancing
our ongoing out-licensing discussions for this new generation of anti-CD20
antibody," Ms. Sullivan further remarked. "We are also pleased with the
progress of hPAM4 antibody in Phase I clinical trials for patients with
pancreatic cancer, and plan to present these results during the first-half
of calendar year 2007. Finally, the clinical introduction of our new
antibody, hCD74, in patients with multiple myeloma is about to begin," Ms.
Sullivan concluded.
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 recently
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. 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 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. 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 (including the timing
and amount of contingent payments), 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 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.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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