Courtesy of Benzinga.
Immunomedics, Inc. (Nasdaq: IMMU), a biopharmaceutical company primarily focused on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases, reached a settlement on March 27, 2013, in its previously disclosed arbitration proceeding before the Financial Industry Regulatory Authority against a broker-dealer relating to the Company’s prior investment in certain securities. Pursuant to the settlement, the Company will (i) receive a gross settlement amount of $18,000,000, (ii) dismiss the proceeding with prejudice, and (iii) together with the broker-dealer, release each other from all claims and liabilities arising out of the arbitration. The Company expects the net amount to be approximately $16.7 million after payment of expenses and legal fees.
