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Immunomedics (NASDAQ: IMMU) announced a leadership change as CEO Harout Semerjian stepped down due to COVID-19-related challenges. Dr. Behzad Aghazadeh, Executive Chairman, will continue in an executive leadership role. The company resumed patient enrollment in the Phase 3 TROPiCS-02 study of Trodelvy for breast cancer at 20 sites. Manufacturing operations remain stable despite the pandemic. The ASCENT topline readout is anticipated in mid-2020, while results from the TROPHY U-01 study are expected later in the year. No CEO search will commence until the COVID-19 situation stabilizes.
MORRIS PLAINS, N.J., May 7, 2020 – Immunomedics (NASDAQ: IMMU) announced Dr. Behzad Aghazadeh, Executive Chairman, will participate in a virtual fireside chat at the BofA Securities 2020 Health Care Conference on May 14, 2020, at 2:20 p.m. ET. The live audio webcast will be available on the Company’s website. Immunomedics is at the forefront of antibody-drug conjugate technology, with its lead product TRODELVY being the first FDA-approved treatment for metastatic triple-negative breast cancer.
Immunomedics announced significant developments, including Trodelvy's accelerated FDA approval for treating metastatic triple-negative breast cancer (mTNBC). The company halted the Phase 3 ASCENT study early due to strong efficacy evidence, with topline results expected mid-2020. Financially, Immunomedics raised about $464.6 million in net proceeds through a stock offering and reported a net loss of $93 million for Q1 2020, slightly higher than the previous year. The company is positioned to expand its clinical programs and strengthen its ADC platform.
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