Immunomedics CEO Cynthia Sullivan To Step Down In Mid-2017 - Quick Facts

(RTTNews) - Immunomedics, Inc. (IMMU) announced Cynthia Sullivan, CEO and President, will step down upon the company's filing for Accelerated Approval of IMMU-132 to the FDA, which is expected to occur in mid-2017. The Board will immediately initiate a search for a new CEO.

Effective immediately, Immunomedics has appointed four new independent directors: Jason Aryeh, founder and managing general partner of JALAA Equities, LP; Geoffrey Cox, principal of Beacon Street Advisors LLC; Robert Forrester, President and Chief Executive Officer, Verastem, Inc; and Bob Oliver, President and Chief Executive Officer, Otsuka America Pharma, Inc. Effective June 30, 2017, Jason Aryeh will assume the role of Chairman of the Immunomedics Board.

Immunomedics believes that the reconstituted Board and the succession plan address the matters raised by venBio Select Advisors, one of the company's stockholders, with regard to the composition of the Board and future leadership. Immunomedics anticipates that these actions will allow the company to move forward without the distraction of a proxy contest.