Immunomedics Announces Leadership Change and Provides Business Update Amid COVID-19

Harout Semerjian steps down from his role as CEO

MORRIS PLAINS, N.J., May 27, 2020 (GLOBE NEWSWIRE) -- Immunomedics, Inc. (NASDAQ: IMMU) (“Immunomedics” or the “Company”), a leading biopharmaceutical company in the area of antibody-drug conjugates, today provided a business update on a leadership change as well as the Company’s efforts to navigate through the ongoing coronavirus pandemic.

The Company announces that, after careful consideration, Harout Semerjian has decided to step down from his role as President and Chief Executive Officer (CEO) of Immunomedics. This decision, which is effective immediately, is precipitated by the unfortunate significant logistical obstacles presented by the COVID-19 pandemic, including Mr. Semerjian’s ability to fully assume his duties as CEO. Dr. Behzad Aghazadeh, Executive Chairman of Immunomedics, will continue to support the Company in an executive leadership role going forward.

The Company also provided the following business updates:

• Patient enrollment into the Phase 3 TROPiCS-02 study of Trodelvy in hormone receptor-positive, human epidermal growth factor receptor 2-negative metastatic breast cancer, has been resumed at approximately 20 clinical sites as of mid-May, with additional sites continuing to open in the coming weeks.
   
• The Company’s commercial organization is responding to the challenges presented by COVID-19, and early feedback remains encouraging.
   
• Manufacturing continues to operate at capacity across the global supply chain, with minimal COVID-19 impact.

Previously communicated updates remain on track, with the ASCENT topline readout expected in mid-2020, and topline data from the first full cohort of 100 metastatic urothelial cancer patients with prior platinum-based and checkpoint inhibitor therapies in the TROPHY U-01 study targeted to be presented at a medical conference in the second half of 2020.

Based on the strong execution across the organization, the Company is not expecting to initiate a CEO search until the global COVID-19 situation is stabilized. 

About Immunomedics

Immunomedics is a leader in next-generation antibody-drug conjugate (ADC) technology, committed to help transform the lives of people with hard-to-treat cancers. Our proprietary ADC platform centers on using a novel linker that does not require an enzyme to release the payload to deliver an active drug inside the tumor cell and the tumor microenvironment, thereby producing a bystander effect. Trodelvy, our lead ADC, is the first ADC the FDA has approved for the treatment of people with metastatic triple-negative breast cancer and is also the first FDA-approved anti-Trop-2 ADC. For additional information on the Company, please visit its website at https://immunomedics.com/. The information on its website does not, however, form a part of this press release.