VenBio Responds To Immunomedics' Postponement Of Annual Meeting

venBio Select Advisor LLC ("venBio"), the beneficial owner of approximately 9.5 million shares, or 9.0%, of Immunomedics, Inc. (NASDAQ:IMMU) ("Immunomedics" or the "Company") and its largest stockholder, today issued the following statement regarding the Company's sudden announcement that it will postpone its Annual Meeting, which was originally scheduled for December 14, 2016, to February 16, 2017:

"Immunomedics' decision to postpone its Annual Meeting does a severe disservice to the Company's stockholders. We believe investors deserve the opportunity to voice, without delay, their frustration at the strategic missteps of the Company's leadership. By denying stockholders their right to elect directors this year, we believe the Company is simply perpetuating the pattern of self-serving actions and value destruction that have characterized Immunomedics to date.

Further, we note that Immunomedics' delay of the meeting is a clear violation of Delaware corporate law, as the new meeting would be more than the permissible 13 month period since the prior meeting on December 2, 2015. As such, we are considering all options for protecting stockholders' rights under applicable law.

Importantly, we are also concerned that management, in their push to show "progress", could make rash decisions that will prove detrimental to the Company and to all stockholders. 'Fast-tracking' any purported deal or partnership to show "progress", would raise the question of whether this board really cares more about what is best for the value and future of the Company or preserving their own positions.

venBio has put forth four highly-qualified director nominees - Scott Canute, Peter Barton Hutt, Dr. Khalid Islam, and Dr. Behzad Aghazadeh - who we believe have the right pharmaceutical development background, commercial manufacturing expertise and pharmaceutical partnering/deal making experience needed to advance the IMMU-132 drug and build stockholder value. Given our nomination of these incredible nominees, there is no need for the Company to waste more time searching for additional candidates for the Board or to increase the number of Directors. We also believe the Board - currently dominated by the husband-wife CEO-CSO team and Directors with more than a decade of tenure - lacks the independent leadership necessary to effectively craft a deal. Rushing this process without independent oversight and requisite expertise could set stockholders up for further value destruction.

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