When Immunomedics was founded more than a quarter of a century ago, the biotech industry was still in its infancy.  Today, amongst the more than 300 publicly-traded biotech companies in the United States, Immunomedics belongs to a small, elite group that has this uninterrupted trading history.  We ascribe this longevity to our ability to innovate and develop scientific breakthroughs that have the potential to improve the health and well-being of patients.  With 3 platform technologies producing a diverse portfolio of therapeutic agents for cancer, autoimmune diseases and other serious illnesses, your Company is now poised to have multiple product candidates in pivotal, registration clinical trials.

Starting with our antibody humanization platform, we employ our own unique grafting technique to produce our humanized antibodies.  Thus far, all of our humanized antibodies have good safety profiles and are well tolerated by patients with cancer or autoimmune diseases.  Moreover, in clinical studies, only very minor immune responses against our antibodies have been reported.  Leveraging on this success, we have built a robust antibody-drug conjugate program.  The lead product candidate from this program is the doxorubicin conjugate of milatuzumab, which is at the cusp of beginning a Phase I/II study for multiple myeloma.  This will be followed closely by the SN-38 conjugate of hRS7 for the treatment of lung cancer in which we have received a grant from the National Institutes of Health’s Small Business Innovation Research program to begin human testing, as well as a similar drug conjugate on an antibody that targets colorectal and breast cancers.

The Dock-and-Lock (DNL) conjugation technology continues to be our focus for creating next-generation, multivalent and multi-specific fusion proteins, both involving antibodies and other biological molecules.  The first DNL product, TF2, is currently in clinical trials for pretargeted imaging and therapy of colorectal and small-cell lung cancers.  More importantly, Dock-and-Lock has allowed us to broaden our research and development activities to include targeted vaccines against cancer and infectious diseases, which will cover initial products being developed in partnership with Alexis Biotech.  This simple, versatile, yet powerful technology is now protected by 4 U.S. patents.

We believe these early stage technology platforms together with our pipeline of innovative products in high medical need disease settings provide a strong foundation for launching Immunomedics into a fully integrated biopharmaceutical company.  It has been a remarkable 25 years and we thank our shareholders for their loyal support.  We look forward to the next phase of our journey together.

Sincerely,

David M. Goldenberg, ScD, MD
Chairman and Founder