Immunomedics Prices $14.0 Million Public Offering of Common Stock

Immunomedics Prices $14.0 Million Public Offering of Common Stock

MORRIS PLAINS, N.J., Feb. 22, 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 that it has
priced its previously announced underwritten public offering of 6,086,956
shares of common stock, at a price to the public of $2.30 per share, resulting
in gross proceeds of $14.0 million.

The offering is expected to close on or about February 27, 2013, subject to
satisfaction of customary closing conditions. Immunomedics has granted the
underwriters a thirty (30) day option to purchase up to 913,044 additional
shares of common stock to cover over-allotments, if any.

Oppenheimer & Co. Inc. and Cowen and Company, LLC, are acting as joint
book-running managers for the proposed offering.

The shares of common stock are being offered by Immunomedics pursuant to a
shelf registration statement that was previously filed with and declared
effective by the Securities and Exchange Commission (SEC). This press release
does not constitute an offer to sell or a solicitation of an offer to buy the
shares of common stock in this offering, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.

A preliminary prospectus supplement relating to the offering was filed with
the SEC on February 21, 2013. A final prospectus supplement relating to the
offering will be filed with the SEC. Electronic copies of the prospectus
supplement and accompanying prospectus can be obtained through the website of
the SEC at www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus relating to this offering may be obtained, when
available, from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus
Department, 85 Broad Street, 26th Floor, New York, NY, 10004, by telephone at
212-667-8563, or by email at EquityProspectus@opco.com, or from Cowen and
Company, LLC (c/o Broadridge Financial Services) at 1155 Long Island Avenue,
Edgewood, NY, 11717, Attn: Prospectus Department, or by calling (631)
274-2806. Before investing in the offering, interested parties should read in
their entirety the prospectus supplement and the accompanying prospectus and
the other documents that Immunomedics has filed with the SEC that are
incorporated by reference in the prospectus supplement and the accompanying
prospectus, which provide more information about Immunomedics and the
offering.

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 218 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
 
Press spacebar to pause and continue. Press esc to stop.