Immunomedics Announces Voting Results From 2015 Annual Meeting of Stockholders

MORRIS PLAINS, N.J., Dec. 2, 2015 (GLOBE NEWSWIRE) -- Immunomedics, Inc., IMMU announced that stockholders of the Company have approved all the matters submitted to them at the Company's Annual Meeting of Stockholders held earlier today.

"We are pleased with the outcome of the stockholders meeting and are very appreciative of the continuing support from so many of our loyal shareholders," commented Dr. David M. Goldenberg, Chairman of the Board of Directors. "Looking ahead to 2016 and beyond, we believe the Company is positioned well to introduce multiple innovative solutions to cancer patients who are currently underserved," added Dr. Goldenberg.

A total of 80,834,945 shares of common stock were present in person or by proxy at the 2015 Annual Meeting, representing a quorum of approximately 85.4% of the Company's outstanding shares as of the record date. During the meeting, the following proposals were duly passed:

(i)   Election of six directors to serve for a term of one year until the 2016 Annual Meeting of Stockholders or until their successors are duly elected and qualified;

(ii)  Approval of the compensation of the Company's named executive officers by a non-binding advisory vote; and

(iii)  Ratification of the selection of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending June 30, 2016.

Thereafter, the Board of Directors reappointed Dr. David M. Goldenberg as Chairman and Mr. Brian Markison as Lead Independent Director.

As part of the Company's recent accomplishments, Cynthia L. Sullivan, President and Chief Executive Officer, reported that the Company has reached agreement with the U.S. Food and Drug Administration regarding a Special Protocol Assessment (SPA) on the design of the first Phase 3 trial of its lead investigational antibody-drug conjugate, sacituzumab govitecan, for the treatment of patients with metastatic triple-negative breast cancer.

"The SPA agreement is a major milestone in the regulatory advancement of sacituzumab govitecan," Ms. Sullivan commented. "Our development strategy for this important asset will next focus on completing preparations for an international, randomized, controlled, registration trial as we consider various partnering alternatives. We are also expanding our Phase 2 trial in other major cancer types with inadequate current therapy options."

The final voting results of the Annual Stockholders Meeting will be filed with the U.S. Securities and Exchange Commission on a current report on Form 8-K.

About Immunomedics

Immunomedics is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases. Immunomedics' advanced proprietary technologies allow the Company to create humanized antibodies that can be used either alone in unlabeled or "naked" form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins. Using these technologies, Immunomedics has built a pipeline of nine clinical-stage product candidates. Immunomedics' most advanced candidate is ⁹⁰Y-clivatuzumab tetraxetan. The radiolabeled antibody is in a Phase 3 registration trial in patients with advanced pancreatic cancer. Immunomedics expects patient enrollment to be completed in calendar year 2016. Immunomedics' portfolio of investigational products also includes antibody-drug conjugates (ADCs) that are designed to deliver a specific payload of a chemotherapeutic directly to the tumor while reducing overall toxic effects that are usually found with conventional administration of these chemotherapeutic agents. Immunomedics' most advanced ADCs are sacituzumab govitecan (IMMU-132) and labetuzumab govitecan (IMMU-130), which are in Phase 2 trials for a number of solid tumors and metastatic colorectal cancer, respectively. Immunomedics has a research collaboration with Bayer to study epratuzumab as a thorium-227-labeled antibody. Immunomedics has other ongoing collaborations in oncology with independent cancer study groups. The IntreALL Inter-European study group is conducting a large, randomized Phase 3 trial combining epratuzumab with chemotherapy in children with relapsed acute lymphoblastic leukemia at clinical sites in Australia, Europe, and Israel. Immunomedics also has a number of other product candidates that target solid tumors and hematologic malignancies, as well as other diseases, in various stages of clinical and preclinical development. These include bispecific antibodies targeting cancers and infectious diseases as T-cell redirecting immunotherapies, as well as bispecific antibodies for next-generation cancer and autoimmune disease therapies, created using its patented DOCK-AND-LOCK^® protein conjugation technology. The Company believes that its portfolio of intellectual property, which includes approximately 277 active patents in the United States and more than 400 foreign patents, protects its product candidates and technologies. For additional information on the Company, please visit its website at www.immunomedics.com. The information on its website does not, however, form a part of this press release.

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 (including the funding therefor, outcomes, timing or associated costs), out-licensing arrangements (including the timing and amount of contingent payments), forecasts of future operating results, potential collaborations, 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, new product development (including clinical trials outcome and regulatory requirements/actions), the Company's dependence on business collaborations in order to further develop our products and finance our operations, the risk that we or any of our collaborators may be unable to secure regulatory approval of and market our drug candidates, risks associated with the outcome of pending litigation and 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.