venBio urges Immunomedics holders vote for board changes
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 issued the following statement to Immunomedics stockholders in connection with venBio’s nomination of four highly-qualified candidates for election to the Company’s Board of Directors (the “Board”) at the upcoming 2016 Annual Meeting of Stockholders, which is currently scheduled to be held on March 3, 2017.
Dr. Behzad Aghazadeh, Managing Partner and portfolio manager at venBio, said: “Unfortunately, Immunomedics continues to attempt to mislead stockholders, as they have over the course of this campaign. The settlement conversation alluded to in their press release today simply did not occur as described. In reality, we told the Company’s legal counsel yesterday evening that given how close we now are to the Annual Meeting, we felt it was best to proceed with the vote and allow the will of the stockholders to be heard.
“With the Annual Meeting being held tomorrow, it is critical for stockholders to have their say and elect a slate of directors that possess an optimal mix of pharmaceutical development background, commercial manufacturing expertise and the pharmaceutical deal making experience necessary to create lasting value at Immunomedics. venBio’s four nominees – Peter Barton Hutt, Scott Canute, Dr. Khalid Islam, and me – will bring a culture of strong oversight and effective management to the Board of Immunomedics.
“It’s time that the incumbent Board and management be held accountable. Regardless of the number of shares of stock you hold, your vote is crucial to achieving optimal value and protecting the best interests of all Immunomedics stockholders.”
Vote now on the GOLD proxy card for all four of venBio’s highly-qualified nominees – Peter Barton Hutt, Scott Canute, Dr. Khalid Islam, and Dr. Behzad Aghazadeh.