Immunomedics 8-K 2008
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 21, 2008
(Exact Name of Registrant as Specified in Charter)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 8.01. Other Events.
On August 15, 2008, Immunomedics, Inc., a Delaware corporation (the “Company”), received notice from the Premerger Office of the Federal Trade Commission that early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR”) has been granted for the License and Collaboration Agreement (the “Agreement”) that the Company had entered into with Nycomed GmbH (“Nycomed”) providing Nycomed a worldwide license to develop, manufacture and commercialize veltuzumab, the Company’s humanized anti-CD20 antibody in the subcutaneous formulation, for the treatment of all non-cancer indications. The Agreement became effective upon termination of the HSR required waiting period.
On August 21, 2008, the Company received a non-refundable initial cash payment of $40 million from Nycomed in accordance with the terms of the Agreement. With receipt of the $40 million, the Company will terminate the $9.0 million revolving line of credit it has secured from Bank of America, N.A., pursuant to a loan agreement, effective June 9, 2008 (the “Credit Facility”). Currently, the Company has no amounts outstanding under the Credit Facility.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ Cynthia Sullivan
Title:President and Chief Executive Officer
Date: August 21, 2008