MORRIS PLAINS, N.J., Dec. 6 /PRNewswire-FirstCall/ -- Immunomedics, Inc. , 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
Immunomedics, Inc.CONTACT: Dr. Chau Cheng, Associate Director, Investor Relations & BusinessAnalysis, +1-973-605-8200, ext. 123, ccheng@immunomedics.com
Web site: http://www.immunomedics.com/
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