Immunomedics Reviews Clinical Advances at 2004 Annual Meeting of Shareholders
Wednesday December 1, 11:00 am ET
MORRIS PLAINS, N.J., Dec. 1 /PRNewswire-FirstCall/ -- Immunomedics, Inc. (Nasdaq: IMMU - News) 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.
A couple of weeks old, but interesting. |
