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Immunomedics, Inc.
IMMU, a biopharmaceutical company primarily focused on the
development of monoclonal antibody-based products for the targeted treatment
of cancer, autoimmune and other serious diseases, reached a settlement on
March 27, 2013, in its previously disclosed arbitration proceeding before the
Financial Industry Regulatory Authority against a broker-dealer relating to
the Company's prior investment in certain securities. Pursuant to the
settlement, the Company will (i) receive a gross settlement amount of
$18,000,000, (ii) dismiss the proceeding with prejudice, and (iii) together
with the broker-dealer, release each other from all claims and liabilities
arising out of the arbitration. The Company expects the net amount to be
approximately $16.7 million after payment of expenses and legal fees.
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