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Immunomedics Appoints Richard L. Sherman To Board Of Directors

MORRIS PLAINS, N.J., Aug. 20, 2013 (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 Richard L. Sherman, J.D., has been appointed to the Company's Board of Directors.

Mr. Sherman is Senior Vice President Strategic Transactions and General Counsel of TetraLogic Pharmaceuticals Corporation, a privately-held biopharmaceutical company developing novel small molecule SMAC mimetic drugs to treat cancer. Mr. Sherman also serves as a consultant to the law firm of Goodsill Anderson Quinn & Stifel. Prior to joining TetraLogic in 2012, Mr. Sherman provided consulting services to TetraLogic as Vice President, Strategic Partnering and Transactions at Malvern Consulting Group, Inc., an independent life sciences consulting firm focused on product development, including pre-clinical, clinical, regulatory, quality, manufacturing, and packaging. Mr. Sherman is also a principal in a private SBIC Investment fund, CIP Capital, L.P., and a venture partner in the SCP/Vitalife family of funds in suburban Philadelphia.

Previously, Mr. Sherman spent more than a decade as Deputy General Counsel of SmithKline Beckman Corporation (now GlaxoSmithKline). He was a partner in the law firm of Pepper Hamilton LLP, and was founder and managing officer of QED Technologies, Inc., a life science business consulting firm acquired by The Omnicom Group.

Mr. Sherman is currently a member of the Board of Directors of Functional Technologies Corp., a Vancouver-based publicly traded company, Hawaii Biotech, Inc., a privately-held biotechnology company focused on the research and development of vaccines for established and emerging infectious diseases, and Leversense LLC. He previously served on the Board of Directors of a number of companies, including Biophage, Inc., Functional Technologies, Inc., CytoMed, Inc., IBAH, Inc., Kenna Technologies, Inc., Mera Pharmaceuticals, Inc., and Sparta Pharmaceuticals. The Board of Directors will recommend the election of Mr. Sherman in the 2013 proxy, which is expected to be distributed at the end of October.

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