updated 11/3/2010 12:15:29 AM ET 2010-11-03T04:15:29

MORRIS PLAINS, N.J., Nov. 2, 2010 (GLOBE NEWSWIRE) -- Immunomedics, Inc. (Nasdaq:IMMU), a biopharmaceutical company primarily focused on the development of monoclonal, antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases, today announced that all 12 applications from the Company were certified by the Internal Revenue Service of the Department of Treasury as qualified investments in accordance with the Qualifying Therapeutic Discovery Project (QTDP) program under section 48D of the Internal Revenue Code. As a result, the Company will receive an aggregate cash award of $2.9 million.

"We are pleased to receive recognition that our product candidates and technologies have the potential to result in new therapies, particularly in the hematological and solid tumor cancer indications," commented Cynthia L. Sullivan, President and Chief Executive Officer.

To be certified as qualified investments, projects must demonstrate the potential to result in new therapies that treat areas of unmet medical need; prevent, detect or treat chronic or acute diseases and conditions; reduce long-term health care costs in the United States; and significantly advance the goal of curing cancer within a 30-year period. In addition, projects that are designed to diagnose diseases or conditions or determine molecular factors related to diseases or conditions by developing molecular diagnostics to guide therapeutic decisions, as well as those aimed to develop a product, process or technology to further the delivery or administration of therapeutics, are considered qualified investments. 

Once projects with the proper potential were identified, preference was given to those which have the greatest potential to create and sustain high-quality, high-paying jobs in the United States and advance the competitiveness of the United States in the fields of life, biological and medical sciences.

Immunomedics' Qualified Therapeutic Discovery Projects:

Clivatuzumab for early diagnosis, imaging and therapy of pancreatic cancer

A new and innovative method for treating patients with inoperable, locally advanced and metastatic pancreatic cancer. This potential first-in-class treatment with a pancreatic cancer specific antibody that brings lethal radiation directly to the tumor in combination with a chemotherapeutic agent that acts as a radiation sensitizer.

Veltuzumab as a subcutaneous formulation for non-Hodgkin's lymphoma (NHL)

Treatment of NHL with a potential first-in-class subcutaneous formulation of veltuzumab, a next-generation humanized anti-CD20 antibody. The new formulation offers patients and their physicians convenience, better patient compliance, and potentially lowered costs of care to the healthcare system.

Milatuzumab-Doxorubicin for multiple myeloma

A novel antibody-drug conjugate involving milatuzumab, the first humanized anti-CD74 antibody, to selectively deliver a high concentration of the cancer drug doxorubicin, combining the therapeutic effect of both the antibody and the drug, for therapy of patients with multiple myeloma.

Milatuzumab for multiple myeloma, NHL and chronic lymphocytic leukemia (CLL)

First anti-CD74 antibody for the therapy of patients with NHL, CLL or multiple myeloma.

TF2 for colorectal cancer

An innovative delivery system for the treatment of colorectal cancer that improves imaging signal at the tumor relative to non-tumor tissues and enhances the amount of therapeutic in the tumor by using a next-generation, novel bispecific antibody.

TF4 for NHL

An innovative delivery system for the treatment of NHL that improves imaging signal at the tumor relative to non-tumor tissues and enhances the amount of therapeutic in the tumor by using a next-generation, novel bispecific antibody.

Labetuzumab-SN-38 for colorectal cancer

A novel antibody-drug conjugate involving labetuzumab, a humanized antibody that binds to the cancer marker, carcinoembryonic antigen, to selectively deliver a high concentration of the cancer drug SN-38, combining the therapeutic effect of both the antibody and the drug, for the therapy of patients with colorectal cancer.

hRS7-SN-38 for lung and breast cancers

A novel antibody-drug conjugate involving hRS7, a rapidly internalizing humanized antibody that binds to epithelial glycoprotein 1 (TROP 2), to selectively deliver a high concentration of the cancer drug SN-38 for therapy of patients with lung or breast cancers.

22-20 for NHL

Improved therapy of NHL with a novel multivalent antibody targeting both the CD22 and CD20 antigens on normal and malignant B cells. The potential first-in-class multivalent bispecific antibody offers patients convenience and lowered treatment costs compared with therapy using anti-CD22 and anti-CD20 antibodies in combination.

20-2b for NHL

A novel antibody-interferon conjugate involving veltuzumab, a next-generation humanized anti-CD20 antibody, to selectively deliver a high concentration of interferon-alpha-2b, combining the therapeutic effect of both the antibody and the interferon, for improved therapy of patients with B-cell cancers.

IMMU-114 for B-cell lymphoma

Treatment of B-cell cancers with a unique and potent humanized antibody that does not rely on an intact immune system for activity.

F-18 labeling technique for imaging

An innovative technique of preparing florine-18 labeled peptides for positron emission tomography (PET) imaging, the most prominent imaging tool in diagnostic medicine, with improved selectivity and specificity.

About Immunomedics

Immunomedics is a New Jersey-based biopharmaceutical company primarily focused on the development of monoclonal, antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. We have developed a number of advanced proprietary technologies that allow us to create humanized antibodies that can be used either alone in unlabeled or "naked" form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins, in each case to create highly targeted agents. Using these technologies, we have built a pipeline of therapeutic product candidates that utilize several different mechanisms of action. We also have a majority ownership in IBC Pharmaceuticals, Inc., which is developing a novel Dock-and-Lock (DNL) methodology with us for making fusion proteins and multifunctional antibodies, and a new method of delivering imaging and therapeutic agents selectively to disease, especially different solid cancers (colorectal, lung, pancreas, etc.), by proprietary, antibody-based, pretargeting methods. We believe that our portfolio of intellectual property, which includes approximately 154 patents issued in the United States and more than 375 other patents issued worldwide, protects our product candidates and technologies. For additional information on us, please visit our website at www.immunomedics.com . The information on our 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, out-licensing arrangements (including the timing and amount of contingent payments), forecasts of future operating results, 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, risks associated with new product development (including clinical trials outcome and regulatory requirements/actions), our dependence on our licensing partners for the further development of epratuzumab for autoimmune indications and veltuzumab for non-cancer indications, 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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