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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Immunomedics Inc | NASDAQ:IMMU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 87.86 | 88.00 | 83.47 | 0 | 01:00:00 |
Criticizes Immunomedics’ Recent Disingenuous and Misleading Statements
Urges Stockholders to Support Meaningful Change and Put in Place Experienced and Capable Oversight at Board Level
Vote Today on the GOLD Proxy Card for venBio’s Four Highly-Qualified Nominees
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 sent a letter to Immunomedics stockholders in connection with venBio’s nomination of four highly-qualified candidates – Scott Canute, Peter Barton Hutt, Dr. Khalid Islam, and Dr. Behzad Aghazadeh – 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 February 16, 2017.
The full text of the letter follows:
January 18, 2017
Dear Fellow Stockholders:
You, our fellow stockholders, are charged with deciding between two very different courses of action at the upcoming 2016 Annual Meeting of Immunomedics stockholders. Will you vote for real change that can unlock value for all stockholders, or will you allow the current leadership of Immunomedics to perpetuate the mistakes of the past? We strongly urge you to choose the first option.
We believe that decisive change is sorely needed to correct the course of strategic missteps, mismanagement, and cronyism that has characterized the management and oversight of Immunomedics. That is why we have proposed a slate of four highly-qualified and credentialed nominees who have direct experience in the specific areas needed to effect change at the Company and unlock value for all stockholders. This includes experience in pharmaceutical development and breast cancer, commercial manufacturing and regulatory issues, pharmaceutical partnering and deal making, and an understanding of the capital markets. We believe that our candidates possess these abilities in spades, while the nominees put forth by Immunomedics do not.
We understand why this has become a contentious situation. However, we are deeply disappointed that Immunomedics’ recent communications have contained a number of falsehoods and inaccuracies related to our efforts to create value for all the Company’s stockholders. This becomes crystal clear under close examination of some of the Company’s recent statements. Let’s look at the claims versus the facts.
Ultimately, we want what is best for all stockholders, and we believe our extremely well-qualified nominees have what it takes to achieve this. The bottom line is that the slate of nominees proposed by Immunomedics represents the same cronyism and lack of credibility that have characterized the Company’s leadership to date. This slate is comprised of individuals who are highly interconnected and would lack the independence needed to improve corporate governance and enhance oversight of management. Furthermore, they lack the important skills and experience needed to reach a deal to maximize the value of IMMU-132 or to understand the complexities of assessing potential offers. As we have made clear, we believe the following areas of expertise are needed in a slate of nominees for the Board of Immunomedics:
Our highly-qualified nominees – Scott Canute, Peter Barton Hutt, Dr. Khalid Islam, and me – collectively satisfy all of these requirements and would be well-placed to work to the benefit of all Immunomedics stockholders.
Now is the time for change at Immunomedics in order to maximize the value of the Company’s assets, especially IMMU-132, and take steps to end the array of strategic missteps and failures at the Company. We strongly urge you to support our four nominees for the Board in order to build true and lasting value for all stockholders.
Vote FOR all four of our Nominees on the GOLD Proxy Card Today.
Sincerely,
Dr. Behzad Aghazadeh
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.
About the Proxy Solicitation
venBio Select Advisor LLC, Behzad Aghazadeh, Scott Canute, Peter Barton Hutt and Khalid Islam (collectively, the “Participants”) have filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of proxy to be used in connection with the solicitation of proxies from the stockholders of Immunomedics (the “Company”). All stockholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants, as they contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying proxy card is being furnished to some or all of the Company’s stockholders and is, along with other relevant documents, available at no charge on the SEC website at http://www.sec.gov/ or from Okapi Partners at 212-297-0720 or info@okapipartners.com.
Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the definitive proxy statement on Schedule 14A filed by the Participants with the SEC on December 6, 2016. This document is available free of charge from the sources indicated above.
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.
1 venBio’s legal analysis shows that Immunomedics’ claim of $397.2 million of income that can be offset by NOLs is $108.5 million greater than the true number, $288.7 million. The $108.5 million discrepancy simply constitutes state tax NOLs—those NOLs that offset the same income as the $288.7mm of the Federal NOLs, just in a smaller amount.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170118006202/en/
InvestorOkapi Partners LLCBruce H. Goldfarb / Lydia Mulyk, 212-297-0720info@okapipartners.comorMediaSloane & CompanyDan Zacchei / Joe Germani, 212-486-9500dzacchei@sloanepr.com / jgermani@sloanepr.com
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