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Immunomedics Appoints Peter P. Pfreundschuh As New Chief Financial Officer

MORRIS PLAINS, N.J., Sept. 3, 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 the appointment of Peter P. Pfreundschuh as Vice President, Finance and Chief Financial Officer. Mr. Pfreundschuh replaces Gerard G. Gorman, who is retiring from the Company following a transition period.

"Peter brings strong financial and extensive business development experience, with a proven track record of successfully executing licensing deals," said Cynthia L. Sullivan, President and CEO. "We welcome Peter and look forward to his contributions as a member of our management team as we continue to advance our clinical programs, explore additional strategic collaborations, consider other capital-raising opportunities, and continue to build a successful organization," further remarked Ms. Sullivan.

Peter Pfreundschuh, 44, is a seasoned Chief Financial Officer who has successfully managed operations and finances across domestic and international businesses. Most recently he was the Chief Financial Officer for Circulite Inc. Prior to that he was the Executive Director Business Development and Licensing for AstraZeneca Pharmaceuticals L.P., where he led finance and negotiations in support of new business development opportunities for all external deals and alliances. Prior to joining AstraZeneca, Mr. Pfreundschuh served at Johnson and Johnson as Controller of the R&D division and Controller/Director of Marketing and Global Business Analytics. During this time, he also served as Chief Financial Officer/Treasurer for 3 Dimensional Pharmaceuticals, which was acquired by J&J. Mr. Pfreundschuh has also held management positions at Alimenterics, Inc., and American Standard Companies, Inc., and was a Senior Auditor at Ernst & Young, LLP. A New Jersey Certified Public Accountant, Mr. Pfreundschuh received an MBA with a concentration in finance from Rider University, a BS in accounting from Rutgers University School of Business, and has continued his education through the Executive Strategic Marketing Program in Healthcare at the Kellogg School of Management at Northwestern University.

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