May 5, 2017 / 1:00 PM / 3 years ago

BRIEF-Immunomedics announces private placement offering

May 5 (Reuters) - Immunomedics Inc:

* Immunomedics delivers business updates, announces private placement offering and outlines strategic steps to drive stockholder value

* Immunomedics Inc - cfo michael garone to be named interim ceo once settlement agreement is finalized

* Immunomedics Inc - board in process of considering candidates for permanent CEO

* Immunomedics - has raised $125 million in gross proceeds in private placement of its series A-1 convertible preferred stock with institutional investors

* Immunomedics Inc - now targeting submission of a BLA for Immu-132 for approval in MTNBC between late Q4 2017 and q1 2018

* Immunomedics - to proceed with final selection of cro to launch confirmatory phase 3 study, expect first patient enrolled in late Q3 2017 for immu-132

* Immunomedics Inc - Cynthia L. Sullivan will be stepping down from all director and officer positions with company

* Immunomedics Inc - David M. Goldenberg, founder of company, is stepping down from all officer positions with company

* Immunomedics Inc - Goldenberg will continue to serve as a director on Immunomedics’ board

* Immunomedics Inc - entered into a binding term sheet with Goldenberg, Sullivan, Markison and Venbio

* Immunomedics Inc - Immunomedics expects to have sufficient operating funds through Q3 of 2018

* Immunomedics Inc - regarding venbio action, individual defendants Goldenberg, Sullivan And Markison will be released from all claims made by Venbio

* Immunomedics Inc- under termination agreement with Seattle Genetics company will retain all rights to immu-132 Source text for Eikon: Further company coverage:

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