SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 28, 1996
IMMUNOMEDICS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-12104 61-1009366
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
300 American Road, Morris Plains, New Jersey 07950
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 605-8200
(Former name or former address, if changed since last report)
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Item 5. Other Events
The information contained in Exhibit 99 is incorporated herein
by reference.
Item 7. Financial Statement and Exhibits
(c) Exhibits
Exhibit 99 - Press Release, dated June 28, 1996
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
IMMUNOMEDICS, INC.
By: /s/ David M. Goldenberg
David M. Goldenberg
Chairman of the Board and
Chief Executive Officer
Date: June 28, 1996
Contact:
Paul Herron
Director, Finance
Immunomedics, Inc.
(201) 605-8200
IMMUNOMEDICS COMPLETES $10 MILLION FINANCING
Morris Plains, NJ, June 28, 1996 -- Immunomedics, Inc. (Nasdaq: IMMU)
announced today that it completed the sale of 200,000 shares of 5%
Convertible Preferred Stock to several foreign investors for $10
million. The financing transaction was completed pursuant to
Regulation S under the Securities Act of 1933.
The terms of the transaction allow the investors, at their discretion,
to convert the Preferred Stock into shares of the Company's Common
Stock during a two-year period. The conversion price will be at
approximately 89% of the average market price per share over a 20-day
trading period surrounding the dates conversion notices are received
from the investors. Dividends on the Preferred Stock are payable
annually commencing June 30, 1997, on all shares which have not been
converted to Common Stock as of the payment date.
The securities being offered will not be or have not been registered
under the Securities Act and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
Immunomedics is a biopharmaceutical company focused on the
development, manufacture and commercialization of diagnostic imaging
and therapeutic products for the detection and treatment of cancer and
infectious diseases. CEA-Scan(TM), the Company's colorectal cancer
imaging agent, was classified as approvable by the FDA on April 9,
1996. The Company is now awaiting final marketing approval from the
FDA. On May 22, 1996, CEA-Scan(TM) was recommended for European
approval in a unanimous opinion by the Committee for Proprietary
Medicinal Products. This constitutes the final regulatory step before
marketing authorization is granted by the European Commission for use
of the product in the 15 countries comprising the European Union. In
addition to CEA-Scan(TM), the Company's infectious disease imaging
agent, LeukoScan(R), is undergoing regulatory review in Europe for
imaging osteomyelitis (bone infections). Immunomedics also has
several other diagnostic imaging products and a therapeutic product in
clinical trials.
This news release contains forward-looking statements that involve
risk and uncertainties. The development of the Company's therapeutic
program may differ materially from the Company's expectations. Among
the factors that could result in a materially different outcome are
the inherent uncertainties accompanying new product development,
actions of regulatory authorities, and the results of further trials.
