Immunomedics Announces Closing of Public Offering and Full Exercise of Overallotment Option by Underwriters

Immunomedics Announces Closing of Public Offering and Full Exercise of
Overallotment Option by Underwriters

MORRIS PLAINS, N.J., Feb. 27, 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 the closing
of its previously announced underwritten public offering of common stock. The
total number of shares of common stock sold was 7,000,000, composed of
6,086,956 shares of common stock initially offered and an additional 913,044
shares of common stock sold pursuant to the full exercise of the underwriters'
over-allotment option on February 25, 2013, in each case at a public offering
price of $2.30 per share. The gross proceeds to the Company, before any
underwriting discounts and commissions and offering expenses, are
approximately $16.1 million, which will primarily be used to continue the
development of the Company's clinical pipeline.

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

A final prospectus supplement relating to the offering was filed with the SEC
on February 22, 2013. Electronic copies of the prospectus supplement and
accompanying prospectus can be obtained through the website of the SEC at 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, 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 219 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 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: For More Information:
         Dr. Chau Cheng
         Senior Director, Investor Relations & Grant Management
         (973) 605-8200, extension 123
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