Immunomedics’ chief financial officer resigns, shares fall
pharmafile | June 22, 2016 | News story | Research and Development, Sales and Marketing | Immunomedics, Shares, cfo, stock market
Shares in Immunomedics (Nasdaq: IMMU) fell as much as 11% after the company said its chief financial officer Peter Pfreundschuh has stepped down to pursue other career opportunities.
He will be replaced by Michael Garone, the company said in a statement.
Immunomedics said Pfreundschuh’s resignation is unrelated to his work performance.
Cynthia Sullivan, chief executive, said: “Michael brings strong financial, strategic and business development experience, with a proven track record across multiple different industries.”
The company’s shares took a beating recently after the American Society of Clinical Oncology (ASCO) abruptly cancelled its planned presentation at the annual meeting.
Immunomedics was slated to present Phase II results at ASCO’s annual meeting earlier this month on IMMU-132, also known as sacituzumab govitecan, as a potential therapy for refractory or relapsed metastatic triple-negative breast cancer. However, the presentation was cancelled from the schedule after ASCO said Immunomedics had violated a conference rule that bans companies from exhibiting previously reported data.
Shares in the company closed down nearly 2% Tuesday on the Nasdaq.
Anjali Shukla
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