MORRIS PLAINS, N.J., April 22, 2016 (GLOBE NEWSWIRE) — Immunomedics, Inc. (Nasdaq:IMMU) today announced that Dr. Sol J. Barer has been appointed Special Advisor to the Chairman, and will work in this capacity to strengthen the Company’s business and commercial development activities.
Dr. Barer is Managing Partner of SJ Barer Consulting. From 1987 to 2011, he served in various senior management roles at Celgene Corporation, including Executive Chairman, Chairman and CEO, and President and COO. Prior thereto, he was a founder of the biotechnology group at Celanese Corporation, which then became Celgene.
Dr. Barer serves on the Board of Directors of Teva Pharmaceutical Industries, Contrafect, Amicus Therapeutics, and Aegerion Pharmaceuticals, in addition to four other healthcare companies. He received a Ph.D. in organic and physical chemistry from Rutgers University, and a B.S. in chemistry from Brooklyn College of the City of New York.
Dr. David M. Goldenberg, Chairman and Founder of Immunomedics, commented: “The Board of Directors and I are delighted and honored to have such a successful and seasoned biopharmaceutical executive join our team. This is a pivotal time for the Company as we advance our lead antibody-drug conjugate, sacituzumab govitecan, in partnering efforts towards eventual commercialization in the therapy of patients with triple-negative breast cancer as well as other major cancer types.” “We look forward to Dr. Barer playing an important role in the Company’s developments,” Dr. Goldenberg added.
Dr. Barer remarked: “I have observed Immunomedics for many years, since Celgene and Immunomedics both were neighbors in Warren, NJ. I admire the diverse and innovative scientific platforms being developed, and look forward to assisting in strategic development and commercialization of their novel antibody-drug conjugates, as well as immuno-oncology products in early development.” “It is critical to bring these and other compounds in development to the benefit of cancer patients as soon as possible,” Dr. Barer commented further.
Immunomedics is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases. Immunomedics’ advanced proprietary technologies allow the Company to create humanized antibodies that can be used either alone in unlabeled or “naked” form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins. Using these technologies, Immunomedics has built a pipeline of eight clinical-stage product candidates. Immunomedics’ portfolio of investigational products includes antibody-drug conjugates (ADCs) that are designed to deliver a specific payload of a chemotherapeutic directly to the tumor while reducing overall toxic effects that are usually found with conventional administration of these chemotherapeutic agents. Immunomedics’ most advanced ADCs are sacituzumab govitecan (IMMU-132) and labetuzumab govitecan (IMMU-130), which are in Phase 2 trials for a number of solid tumors and metastatic colorectal cancer, respectively. IMMU-132 has received Breakthrough Therapy Designation from FDA for the treatment of patients with triple-negative breast cancer who have failed at least 2 prior therapies for metastatic disease. Immunomedics has a research collaboration with Bayer to study epratuzumab as a thorium-227-labeled antibody. Immunomedics has other ongoing collaborations in oncology with independent cancer study groups. The IntreALL Inter-European study group is conducting a large, randomized Phase 3 trial combining epratuzumab with chemotherapy in children with relapsed acute lymphoblastic leukemia at clinical sites in Australia, Europe, and Israel. Immunomedics also has a number of other product candidates that target solid tumors and hematologic malignancies, as well as other diseases, in various stages of clinical and preclinical development. These include combination therapies involving its antibody-drug conjugates, bispecific antibodies targeting cancers and infectious diseases as T-cell redirecting immunotherapies, as well as bispecific antibodies for next-generation cancer and autoimmune disease therapies, created using its patented DOCK-AND-LOCK® protein conjugation technology. The Company believes that its portfolio of intellectual property, which includes approximately 287 active patents in the United States and more than 400 foreign patents, protects its product candidates and technologies. For additional information on the Company, please visit its website at www.immunomedics.com. The information on its 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 (including the funding therefor, outcomes, timing or associated costs), 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, new product development (including clinical trials outcome and regulatory requirements/actions), the Company’s dependence on business collaborations in order to further develop our products and finance our operations, the risk that we or any of our collaborators may be unable to secure regulatory approval of and market our drug candidates, risks associated with the outcome of pending litigation and 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.
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