venBio responds to Immunomedics' postponement of annual meeting
venBio Select Advisor, the beneficial owner of approximately 9.5 million shares, or 9.0%, of Immunomedics, Inc. and its largest stockholder, issued the following statement regarding the company's sudden announcement that it will postpone its Annual Meeting, which was originally scheduled for December 14, 2016, to February 16, 2017: "Immunomedics' decision to postpone its Annual Meeting does a severe disservice to the Company's stockholders. We believe investors deserve the opportunity to voice, without delay, their frustration at the strategic missteps of the Company's leadership. By denying stockholders their right to elect directors this year, we believe the Company is simply perpetuating the pattern of self-serving actions and value destruction that have characterized Immunomedics to date. Further, we note that Immunomedics' delay of the meeting is a clear violation of Delaware corporate law, as the new meeting would be more than the permissible 13 month period since the prior meeting on December 2, 2015. As such, we are considering all options for protecting stockholders' rights under applicable law. Importantly, we are also concerned that management, in their push to show 'progress', could make rash decisions that will prove detrimental to the Company and to all stockholders. 'Fast-tracking' any purported deal or partnership to show "progress", would raise the question of whether this board really cares more about what is best for the value and future of the Company or preserving their own positions. The only thing that has changed ahead of the Company's attempts to outline its strategy going forward has been our public involvement. We believe that this speaks to the fact that the Company felt no need to make progress on these fronts until feeling the brunt of public pressure. In our view, Immunomedics is merely paying lip service to the concerns of its investor base, and lacks the ability and willingness to effect meaningful change. We of course appreciate the Company saying that they are open to engagement with us, and remain receptive to any ideas they put forth. However, we continue to believe that Immunomedics must truly commit to transformative change that is in the best interests of all stockholders. Furthermore, the Company's excuse that it is delaying the meeting to give stockholders the opportunity to evaluate the Company's progress is absurd. Stockholders have already had a full year to evaluate progress since the last annual meeting and should be allowed to exercise their right to vote without delay. The incumbent Board should not prioritize its desire to stay in office over the rights of its stockholders. At this point, Immunomedics has had ample time to make meaningful changes that would set the Company on the path towards success. It is time to choose the path of experience, competence and value creation, rather than the path of stagnation, management self-enrichment and shareholder value destruction. We urge all stockholders to vote FOR all four of our Nominees on the GOLD proxy card as soon as it becomes available."