venBio Releases Presentation Detailing Urgent Case for Change at Immunomedics

NEW YORK–(BUSINESS WIRE)– venBio Select Advisor LLC (“venBio”), the beneficial owner of
approximately 10.5 million shares, or 9.9%, of Immunomedics, Inc.
(NASDAQ:IMMU) (“Immunomedics” or the “Company”) and its largest
stockholder, today released a presentation titled: “The Case for Change
at Immunomedics, Inc.” This presentation can be found at: http://www.okapivote.com/immunomedics.

In this presentation, venBio highlights the Company’s decades-long value
destruction and underperformance and discusses how the Board of
Directors and management have failed to advance the best interests of
stockholders, especially due to the Company’s failure to form a
strategic partnership to bring to market the Company’s promising Triple
Negative Breast Cancer drug, IMMU-132. venBio strongly believes that it
is crucial to provide experienced and competent oversight to realize the
significant potential of IMMU-132. In venBio’s view, the Company’s
leadership and newly-configured Board lack the independence and
experience needed to right the course of Immunomedics and to maximize
the value of the Company’s assets.

Highlights of venBio’s presentation and strategic plan for Immunomedics
include:

• In venBio’s view, Immunomedics’ newly-appointed Board members lack
  the manufacturing, regulatory, and pharmaceutical deal experience that
  is vital to reverse the string of strategic missteps at the Company. Furthermore,
  this group is highly interconnected and lacks the independence to
  adequately oversee the Company.
• Newly-appointed Vice-Chairman Jason Aryeh does not have the
  necessary skillset or experience to position the Company for success,
  and has a history of overpromising, under-delivering and destroying
  stockholder value. Boards in which Aryeh is a director have
  experienced share price decline and loss of key stockholders, likely
  due to his history of failing to execute on promises and acting on
  behalf of the best interests of stockholders. His Board experience to
  date has been characterized by inability to complete promised
  acquisitions, failure to generate public market interest and poor
  financial performance under his oversight. In addition, while Aryeh is
  currently on five different Boards, none of these have relevance to
  Immunomedics’ core business.
• The current Immunomedics management team that has overseen
  decades-long value destruction and underperformance – while
  simultaneously enriching themselves – will retain control with the new
  Board structure. Failure to execute on striking a pharma
  partnership in order to advance IMMU-132 threatens to add it to the
  long list of drug failures that have taken place at the Company under
  the current management team. Even with the recent success of IMMU-132,
  the stock price continues to underperform, in our view, largely due to
  management missteps. Despite poor company performance, management
  continues to generously reward themselves at the expense of
  stockholders.
• venBio’s nominees have defined a 100-day plan with clear
  objectives. These include moving quickly to evaluate strategic
  options for Immunomedics while advancing IMMU-132 towards the market,
  bolstering corporate governance to rebuild confidence among key
  stakeholders, and improving operations and financial management of the
  Company.
• venBio’s four highly-qualified nominees possess the necessary
  qualities to restore independent and competent governance and to
  maximize value for stockholders. venBio believes its nominees –
  Scott Canute, Peter Barton Hutt, Dr. Khalid Islam, and Dr. Behzad
  Aghazadeh – have the right pharmaceutical development background,
  commercial manufacturing expertise and pharmaceutical partnering/deal
  making experience needed to advance IMMU-132, build stockholder value
  and position the Company for long-term value creation.

We believe urgent change is necessary at
Immunomedics in order to advance the IMMU-132 drug and to ultimately
maximize value for all stockholders. Your vote is critical to electing a
Board with the right capabilities necessary to advance the best
interests of stockholders.

Vote FOR all four of venBio’s nominees on the
GOLD Proxy Card today.

About venBio Select Advisor LLC

venBio Select Advisor LLC (“venBio Select”) is the SEC registered
investment manager for venBio’s public markets strategy and its main
equity investment vehicle – the venBio Select Fund – which primarily
invests across the biotechnology and therapeutics sector. The venBio
Select Fund is managed by Dr. Behzad Aghazadeh, supported by a team of
seasoned professionals with advanced medical and scientific backgrounds,
and extensive investment experience in the biopharmaceutical industry.
The investment and business operations for venBio Select are based in
New York. venBio’s separate venture capital team operates and manages
their funds from San Francisco, partnering with industry leaders to
build biotechnology companies with a focus on novel therapeutics for
unmet medical needs.

About the Proxy Solicitation

venBio Select Advisor LLC, Behzad Aghazadeh, Scott Canute, Peter Barton
Hutt and Khalid Islam (collectively, the “Participants”) have filed with
the Securities and Exchange Commission (the “SEC”) a definitive proxy
statement and accompanying form of proxy to be used in connection with
the solicitation of proxies from the stockholders of Immunomedics (the
“Company”). All stockholders of the Company are advised to read the
definitive proxy statement and other documents related to the
solicitation of proxies by the Participants, as they contain important
information, including additional information related to the
Participants. The definitive proxy statement and an accompanying proxy
card is being furnished to some or all of the Company’s stockholders and
is, along with other relevant documents, available at no charge on the
SEC website at http://www.sec.gov/
or from Okapi Partners at 212-297-0720 or info@okapipartners.com.

Information about the Participants and a description of their direct or
indirect interests by security holdings is contained in the definitive
proxy statement on Schedule 14A filed by the Participants with the SEC
on December 6, 2016. This document is available free of charge from the
sources indicated above.

Warning Regarding Forward Looking Statements

THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS. FORWARD LOOKING
STATEMENTS CAN BE IDENTIFIED BY USE OF WORDS SUCH AS « OUTLOOK »,
« BELIEVE », « INTEND », « EXPECT », « POTENTIAL », « WILL », « MAY », « SHOULD »,
« ESTIMATE », « ANTICIPATE », AND DERIVATIVES OR NEGATIVES OF SUCH WORDS OR
SIMILAR WORDS. FORWARD LOOKING STATEMENTS IN THIS PRESS RELEASE ARE
BASED UPON PRESENT BELIEFS OR EXPECTATIONS. HOWEVER, FORWARD LOOKING
STATEMENTS AND THEIR IMPLICATIONS ARE NOT GUARANTEED TO OCCUR AND MAY
NOT OCCUR AS A RESULT OF VARIOUS RISKS, REASONS AND UNCERTAINTIES.
EXCEPT AS REQUIRED BY LAW, VENBIO AND ITS AFFILIATES AND RELATED PERSONS
UNDERTAKE NO OBLIGATION TO UPDATE ANY FORWARD LOOKING STATEMENT, WHETHER
AS A RESULT OF NEW INFORMATION, FUTURE DEVELOPMENTS OR OTHERWISE.

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