Immunomedics Shares Plunge After Finance Chief Steps Downby
CFO Peter Pfreundschuh will be replaced by Michael Garone
Stock has fallen steadily since ASCO presentation pulled
Immunomedics Inc. shares fell to their lowest intraday level since March after Chief Financial Officer Peter Pfreundschuh stepped down.
The financial chief left to pursue other career opportunities and will be replaced by Michael Garone, who earlier served as CFO of Emisphere Technologies Inc., Morris Plains, New Jersey-based Immunomedics said Tuesday in a statement. The stock fell 11 percent to $2.26 at 12:01 p.m. in New York and earlier dropped to $2.22.
After peaking at $5.30 on June 2, Immunomedics shares have dropped steadily since the American Society of Clinical Oncology pulled the company’s presentation of data on a breast cancer drug the following day. The association said the presentation violated the meeting’s policies, which ban companies from exhibiting data that has previously been reported at other meetings.
Pfreundschuh’s departure is “unrelated to his work performed at Immunomedics, and no issues have been raised regarding the integrity of the company’s financial statements,” Immunomedics said in the statement.