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Immunomedics Appoints Richard L. Sherman to Board of Directors



Immunomedics Appoints Richard L. Sherman to Board of Directors

MORRIS PLAINS, N.J., Aug. 20, 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 Richard
L. Sherman, J.D., has been appointed to the Company's Board of Directors.

Mr. Sherman is Senior Vice President Strategic Transactions and General
Counsel of TetraLogic Pharmaceuticals Corporation, a privately-held
biopharmaceutical company developing novel small molecule SMAC mimetic drugs
to treat cancer. Mr. Sherman also serves as a consultant to the law firm of
Goodsill Anderson Quinn & Stifel. Prior to joining TetraLogic in 2012, Mr.
Sherman provided consulting services to TetraLogic as Vice President,
Strategic Partnering and Transactions at Malvern Consulting Group, Inc., an
independent life sciences consulting firm focused on product development,
including pre-clinical, clinical, regulatory, quality, manufacturing, and
packaging. Mr. Sherman is also a principal in a private SBIC Investment fund,
CIP Capital, L.P., and a venture partner in the SCP/Vitalife family of funds
in suburban Philadelphia.

Previously, Mr. Sherman spent more than a decade as Deputy General Counsel of
SmithKline Beckman Corporation (now GlaxoSmithKline). He was a partner in the
law firm of Pepper Hamilton LLP, and was founder and managing officer of QED
Technologies, Inc., a life science business consulting firm acquired by The
Omnicom Group.

Mr. Sherman is currently a member of the Board of Directors of Functional
Technologies Corp., a Vancouver-based publicly traded company, Hawaii Biotech,
Inc., a privately-held biotechnology company focused on the research and
development of vaccines for established and emerging infectious diseases, and
Leversense LLC. He previously served on the Board of Directors of a number of
companies, including Biophage, Inc., Functional Technologies, Inc., CytoMed,
Inc., IBAH, Inc., Kenna Technologies, Inc., Mera Pharmaceuticals, Inc., and
Sparta Pharmaceuticals. The Board of Directors will recommend the election of
Mr. Sherman in the 2013 proxy, which is expected to be distributed at the end
of October.

"Dick has nearly forty years of experience as a licensing executive, attorney,
consultant, and venture capitalist in the biotechnology and pharmaceutical
industries. We are delighted to have such an experienced and capable executive
join us," remarked Dr. David M. Goldenberg, Chairman of the Board of Directors
and founder of the Company.

"With the advancement of the solid tumor antibody-drug conjugate programs to
phase II clinical trials and the continued progress of other development
projects, this is a particularly exciting time for Immunomedics and I am
pleased to be able to have the opportunity to make a contribution to the
Company through membership on the Board," said Mr. Sherman.  

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. Our lead product candidate,
epratuzumab, is currently in two Phase III clinical trials in lupus. In
oncology, we are planning to launch a Phase III pivotal trial for clivatuzumab
labeled with a radioisotope in advanced pancreatic cancer patients. Other
solid tumor therapeutics in Phase II clinical development include 2
antibody-drug conjugates, labetuzumab-SN-38 (IMMU-130) and hRS7-SN-38
(IMMU-132). 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. DNL™ is being used
particularly to make bispecific antibodies targeting cancers and infectious
diseases as a T-cell redirecting immunotherapy, as well as bispecific
antibodies for next-generation cancer and autoimmune disease therapies. We
believe that our portfolio of intellectual property, which includes
approximately 227 active patents in the United States and more than 400
foreign patents, protects our product candidates and technologies. Our
strength in intellectual property has resulted in the top-10 ranking in the
2012 IEEE Spectrum Patent Power Scorecards in the Biotechnology and
Pharmaceuticals category. 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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