Stockholders Endorse venBio’s Case for Meaningful 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 announced that based on the preliminary report
provided by its proxy solicitor, Immunomedics stockholders have
overwhelmingly elected all four of venBio’s independent,
highly-qualified nominees – Scott Canute, Peter Barton Hutt, Dr. Khalid
Islam, and Dr. Behzad Aghazadeh – to the Company’s Board at the
twice-delayed 2016 Annual Meeting of Stockholders held today.

Commenting on the preliminary results of the Annual Meeting of
Stockholders, Dr. Behzad Aghazadeh, Managing Partner and portfolio
manager at venBio, said:

“We are very pleased with the preliminary results of today’s vote, which
clearly show that stockholders agree that real change is needed at
Immunomedics. This groundswell of support, following the endorsements of
the three leading proxy advisory firms – ISS, Glass Lewis, and Egan
Jones – will pave the way for fresh, independent perspectives at the
Board level, and will ensure that stockholders’ interests are strongly
represented.

While it is unfortunate that the Company continues to desperately pursue
legal avenues to counter the will of stockholders, we remain fully
confident in the merits of our legal position. As the federal court in
Delaware stated in its ruling in our favor yesterday, “[T]he Court first
finds that [Immunomedics] has failed to demonstrate a likelihood of
success on the merits.”¹

We look forward to getting to work quickly and collaborating with the
rest of the elected Board to right the course of Immunomedics and
driving true long-term value creation for all stockholders.”

¹ Immunomedics, Inc. v. venBio Select Advisor LLC,
Civ. A No. 17-176-LPS (D. Del. Mar 2, 2017).

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.

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.

Image may be NSFW.
Clik here to view.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170303005598/en/