MORRIS PLAINS, N.J., Oct. 19, 2009 (GLOBE NEWSWIRE) -- Immunomedics, Inc. (Nasdaq:IMMU), a biopharmaceutical company focused on developing monoclonal antibodies to treat cancer and other serious diseases, today announced that it has been awarded 3 Small Business Innovation Research (SBIR) grants by the National Institutes of Health (NIH), totaling $2.1 million payable over a period of 2 years. One of the awards can be extended to 3 years with a potential $2.5 million additional funding, if certain goals and milestones are met.
The first award is a Phase I grant for the development of a hematopoietic tumor-targeting humanized antibody conjugated site-specifically with 4 interferon-a2b groups. This recombinant immunocytokine was created using the patented Dock-and-Lock (DNL) method developed by scientists at Immunomedics and its majority-owned subsidiary, IBC Pharmaceuticals, Inc. In preclinical studies, this immunocytokine demonstrated very high anti-lymphoma efficacy.
The NIH has also awarded the Company a multiyear Phase II grant for the development of F-18 labeled peptides for pretargeted positron-emission tomography, or PET, imaging of pancreatic cancer. Due to the lack of early detection and effective treatment, pancreatic cancer is the fourth leading cause of cancer deaths in the United States. The Company recently reported a new proprietary method of labeling peptides with F-18 for improved PET imaging. (For more information, please refer to the Company's press release at www.immunomedics.com/news_pdf/2009_PDF/PR06152009b.pdf.) Two U.S. patents have been issued on this labeling method.
Another multiyear Phase II grant was awarded to support a clinical trial of combined radio- and immunotherapy of aggressive non-Hodgkin's lymphoma (NHL). Combining veltuzumab (humanized anti-CD20 antibody) with yttrium-90-labeled epratuzumab (humanized anti-CD22 antibody) was found to improve treatment responses in a human lymphoma model, and now will be tested in patients. (Please refer to the Company's press release at www.immunomedics.com/news_pdf/2008_PDF/PR04142008A.pdf for more information.) This award can be renewed by NIH for 2 additional years if certain goals and milestones are achieved during the first year.
"We are pleased to receive these grants from the NIH and we are proud that NIH peer review has recognized the potential of our new technologies for improved approaches to cancer imaging and therapy," commented Cynthia L. Sullivan, President and CEO of Immunomedics.
About Immunomedics
Immunomedics is a New Jersey-based biopharmaceutical company primarily focused on the development of monoclonal, antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. We have developed a number of advanced proprietary technologies that allow us to create humanized antibodies that can be used either alone in unlabeled or "naked" form, or conjugated with radioactive isotopes, chemotherapeutics or toxins, in each case to create highly targeted agents. Using these technologies, we have built a pipeline of therapeutic product candidates that utilize several different mechanisms of action. We also have a majority ownership in IBC Pharmaceuticals, Inc., which is developing a novel Dock-and-Lock (DNL) methodology with us for making fusion proteins and multifunctional antibodies, and a new method of delivering imaging and therapeutic agents selectively to disease, especially different solid cancers (colorectal, lung, pancreas, etc.), by proprietary, antibody-based, pretargeting methods. We believe that our portfolio of intellectual property, which includes approximately 139 patents issued in the United States and more than 300 other patents issued worldwide, protects our product candidates and technologies. For additional information on us, please visit our website at www.immunomedics.com. The information on our website does not, however, form a part of this press release.
This release, in addition to historical information, may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Such statements, including statements regarding clinical trials, out-licensing arrangements (including the timing and amount of contingent payments), forecasts of future operating results, and capital raising activities, involve significant risks and uncertainties and actual results could differ materially from those expressed or implied herein. Factors that could cause such differences include, but are not limited to, risks associated with new product development (including clinical trials outcome and regulatory requirements/actions), our dependence on our licensing partners for the further development of epratuzumab for autoimmune indications and veltuzumab for non-cancer indications, competitive risks to marketed products and availability of required financing and other sources of funds on acceptable terms, if at all, as well as the risks discussed in the Company's filings with the Securities and Exchange Commission. The Company is not under any obligation, and the Company expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.