NEW YORK--(EON: Enhanced Online News)--venBio Select Advisor LLC (“venBio”), the beneficial owner of approximately 10.5 million shares, or 9.9%, of Immunomedics, Inc. (NASDAQ: IMMU) (“Immunomedics” or the “Company”) and its largest stockholder, today announced that based on the preliminary report provided by its proxy solicitor, Immunomedics stockholders have overwhelmingly elected all four of venBio’s independent, highly-qualified nominees – Scott Canute, Peter Barton Hutt, Dr. Khalid Islam, and Dr. Behzad Aghazadeh – to the Company’s Board at the twice-delayed 2016 Annual Meeting of Stockholders held today.
“[T]he Court first finds that [Immunomedics] has failed to demonstrate a likelihood of success on the merits.”
Commenting on the preliminary results of the Annual Meeting of Stockholders, Dr. Behzad Aghazadeh, Managing Partner and portfolio manager at venBio, said:
“We are very pleased with the preliminary results of today’s vote, which clearly show that stockholders agree that real change is needed at Immunomedics. This groundswell of support, following the endorsements of the three leading proxy advisory firms – ISS, Glass Lewis, and Egan Jones – will pave the way for fresh, independent perspectives at the Board level, and will ensure that stockholders’ interests are strongly represented.
While it is unfortunate that the Company continues to desperately pursue legal avenues to counter the will of stockholders, we remain fully confident in the merits of our legal position. As the federal court in Delaware stated in its ruling in our favor yesterday, “[T]he Court first finds that [Immunomedics] has failed to demonstrate a likelihood of success on the merits.”1
We look forward to getting to work quickly and collaborating with the rest of the elected Board to right the course of Immunomedics and driving true long-term value creation for all stockholders.”
1 Immunomedics, Inc. v. venBio Select Advisor LLC, Civ. A No. 17-176-LPS (D. Del. Mar 2, 2017).
About venBio Select Advisor LLC
venBio Select Advisor LLC (“venBio Select”) is the SEC registered investment manager for venBio’s public markets strategy and its main equity investment vehicle – the venBio Select Fund – which primarily invests across the biotechnology and therapeutics sector. The venBio Select Fund is managed by Dr. Behzad Aghazadeh, supported by a team of seasoned professionals with advanced medical and scientific backgrounds, and extensive investment experience in the biopharmaceutical industry. The investment and business operations for venBio Select are based in New York. venBio’s separate venture capital team operates and manages their funds from San Francisco, partnering with industry leaders to build biotechnology companies with a focus on novel therapeutics for unmet medical needs.
Warning Regarding Forward Looking Statements
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS. FORWARD LOOKING STATEMENTS CAN BE IDENTIFIED BY USE OF WORDS SUCH AS "OUTLOOK", "BELIEVE", "INTEND", "EXPECT", "POTENTIAL", "WILL", "MAY", "SHOULD", "ESTIMATE", "ANTICIPATE", AND DERIVATIVES OR NEGATIVES OF SUCH WORDS OR SIMILAR WORDS. FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE ARE BASED UPON PRESENT BELIEFS OR EXPECTATIONS. HOWEVER, FORWARD LOOKING STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR AS A RESULT OF VARIOUS RISKS, REASONS AND UNCERTAINTIES. EXCEPT AS REQUIRED BY LAW, VENBIO AND ITS AFFILIATES AND RELATED PERSONS UNDERTAKE NO OBLIGATION TO UPDATE ANY FORWARD LOOKING STATEMENT, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.