Immunomedics confirms venBio's submitted notice of board director nominations
Immunomedics confirmed that venBio Select Advisor LLC has submitted a notice of nomination of four director candidates to stand for election to the Immunomedics board of directors at the company's 2016 Annual Meeting of Stockholders to be held on December 14, 2016. The company issued the following statement: "The Immunomedics Board of Directors and management team are committed to acting in the best interests of the company and all stockholders and regularly seeks qualified candidates for the Board. To that end, while venBio did not engage in discussions with the company prior to nominating a majority slate for election to the Board just four weeks prior to the upcoming 2016 Annual Meeting, Immunomedics' Governance and Nominating Committee will consider venBio's director candidates and respond in due course. Immunomedics has achieved a number of important milestones in 2016, including delivering positive Phase 2 clinical trial results of IMMU-132 in patients with metastatic triple-negative breast cancer, which have been submitted for publication; achieving our timetable for the manufacturing of clinical materials for the Phase 3 confirmatory trial in TNBC; and nearing completion of enrolling 100 patients into our ongoing open-label Phase 2 trial by year-end 2016. The company has also retained Greenhill & Co. to pursue licensing and other strategic activities with regard to preclinical and clinical pipeline products as well as platform technologies. The company is at a pivotal point in its growth trajectory as it prepares to submit an accelerated approval application to the FDA for IMMU-132 in mid-2017 and believes disruption in its strategy at this time could destroy value and potentially disrupt the company's clinical trial activities for late-stage cancer patients. Additionally, as previously announced, at the annual meeting of the American Society of Hematology in December 2016, the company will premiere a new antibody-drug conjugate known as IMMU-140 and the company anticipates delivering interim results for IMMU-132 at a symposium on genitourinary cancers to be held in early 2017. Immunomedics is well-positioned to execute on the company's strategy, drive innovation in the targeted treatment of cancer, autoimmune disorders and other serious diseases and enhance stockholder value, and perhaps most importantly help patients suffering from cancer."