Immunomedics in Collaboration With Algeta to Evaluate Potential of Epratuzumab Conjugated to Alpha-Emitter Thorium-227

Immunomedics in Collaboration With Algeta to Evaluate Potential of Epratuzumab
Conjugated to Alpha-Emitter Thorium-227

Collaboration to Combine Immunomedics' Anti-CD22 Antibody With Algeta's
Targeted Thorium Conjugate Platform

MORRIS PLAINS, N.J., Jan. 28, 2013 (GLOBE NEWSWIRE) -- Immunomedics, Inc.
(Nasdaq:IMMU), a biopharmaceutical company primarily focused on the
development of monoclonal antibody-based products for the targeted treatment
of cancer, autoimmune and other serious diseases, today announced an agreement
with Algeta ASA (OSE:ALGETA) for the development of Immunomedics' humanized
anti-CD22 antibody, epratuzumab, conjugated with Algeta's proprietary
thorium-227 alpha-pharmaceutical payload.

Epratuzumab is a humanized monoclonal antibody that binds to the CD22 receptor
on the surface of B cells. Epratuzumab has been evaluated for the treatment of
a variety of hematological cancers and for autoimmune diseases such as
systemic lupus erythematosus.

Under the terms of this agreement, Immunomedics will provide clinical-grade
antibody to Algeta, which has rights to evaluate the potential of a Targeted
Thorium Conjugate (TTC), linking thorium-227 to epratuzumab, for the treatment
of cancer. Algeta will fund all preclinical and clinical development costs up
to the end of Phase I testing. Upon successful completion of Phase I testing,
the parties shall negotiate terms for a license at Algeta's request according
to certain parameters now agreed between the companies. Financial terms of the
agreement were not disclosed, but include an upfront payment from Algeta to
Immunomedics, an antibody delivery milestone and payments for cGMP antibody
manufacture.

Thomas Ramdahl, Executive Vice President and Chief Technology Officer of
Algeta, said: "This collaboration brings together Algeta, the global leader in
alpha-pharmaceuticals and Immunomedics, a pioneer in antibody products and
technologies. A TTC based on a well-validated antibody such as epratuzumab is
an exciting prospect as we work to achieve our goal of generating a clinical
candidate from the TTC platform in 2014."

"We are pleased that soon after the full oncology rights for epratuzumab have
been returned to us, we are able to complete this agreement with Algeta,"
commented Cynthia L. Sullivan, President and Chief Executive Officer of
Immunomedics. "This agreement is part of our overall strategy for the
out-licensing of epratuzumab in oncology, for which we still retain the rights
to the unconjugated and non-alpha-emitter-conjugated antibody," Ms. Sullivan
continued.

"The internalizing properties of epratuzumab, along with its strong safety
profile and short infusion time, make it an ideal candidate not only as a
naked antibody, but also for conjugation with drugs and isotopes. In the
current collaboration, we are pleased to work with the leader in
alpha-pharmaceutical therapy by combining antibody targeting with this novel
form of short-range radiation," Ms. Sullivan commented further.

"Most recently, we reported on naked epratuzumab and yttrium-90-labeled
epratuzumab at the American Society of Hematology meeting (For more
information, please refer to Immunomedics' press releases at
www.immunomedics.com/pdfs/news/2012/pr12102012a.pdf and
www.immunomedics.com/pdfs/news/2012/pr12112012.pdf). Furthermore, a Phase III
clinical trial in children with acute lymphoblastic leukemia sponsored by the
IntReALL Inter-European study group will begin in 2013. We believe both
unconjugated and conjugated versions of epratuzumab have the potential to be
important therapeutics for cancers and other serious diseases, and we look
forward to collaborating with Algeta on this project to further explore its
potential," added Ms. Sullivan. 

About Immunomedics

Immunomedics is a New Jersey-based biopharmaceutical company primarily focused
on the development of monoclonal antibody-based products for the targeted
treatment of cancer, autoimmune and other serious diseases.We have developed
a number of advanced proprietary technologies that allow us to create
humanized antibodies that can be used either alone in unlabeled or "naked"
form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or
toxins, in each case to create highly targeted agents.Using these
technologies, we have built a pipeline of therapeutic product candidates that
utilize several different mechanisms of action.We also have a majority
ownership in IBC Pharmaceuticals, Inc., which is developing a novel
DOCK-AND-LOCK™ (DNL™) method with us for making fusion proteins and
multifunctional antibodies, and a new method of delivering imaging and
therapeutic agents selectively to disease, especially different solid cancers
(colorectal, lung, pancreas, etc.), by proprietary, antibody-based,
pretargeting methods. We believe that our portfolio of intellectual property,
which includes approximately 215 active patents in the United States and more
than 400 foreign patents, protects our product candidates and
technologies.For additional information on us, please visit our website at
www.immunomedics.com. The information on our website does not, however, form a
part of this press release.

This release, in addition to historical information, may contain
forward-looking statements made pursuant to the Private Securities Litigation
Reform Act of 1995. Such statements, including statements regarding clinical
trials, out-licensing arrangements (including the timing and amount of
contingent payments), forecasts of future operating results, potential
collaborations, and capital raising activities, involve significant risks and
uncertainties and actual results could differ materially from those expressed
or implied herein. Factors that could cause such differences include, but are
not limited to, risks associated with any cash payment that the Company might
receive in connection with a sublicense involving a third party and UCB, which
is not within the Company's control, new product development (including
clinical trials outcome and regulatory requirements/actions), our dependence
on our licensing partners for the further development of epratuzumab and
veltuzumab for non-cancer indications, competitive risks to marketed products
and availability of required financing and other sources of funds on
acceptable terms, if at all, as well as the risks discussed in the Company's
filings with the Securities and Exchange Commission.The Company is not under
any obligation, and the Company expressly disclaims any obligation, to update
or alter any forward-looking statements, whether as a result of new
information, future events or otherwise.

CONTACT: Dr. Chau Cheng
         Senior Director, Investor Relations & Grant Management
         (973) 605-8200, extension 123
         ccheng@immunomedics.com
 
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