Immunomedics amends exchange offer for 5% convertible notes

By Sheri Kasprzak

New York, July 20 - Immunomedics, Inc. said it has amended its exchange offer for its 5% senior convertible notes due 2008.

The company extended the period in which holders can exercise their right to buy additional new notes and warrants to Dec. 17, 2005 from Aug. 29.

The company has also dropped the strike price of the warrants attached to the notes to $2.41 from $2.98 per share.

As previously announced, the exchange will allow Immunomedics to comply with Nasdaq rules so that the company can retain its listing and will also allow the company to transfer to the American Stock Exchange.

The new notes will not be fully convertible into common shares until Immunomedics' shareholders approve a 40 million-share increase to the company's authorized common stock.

A shareholders meeting to determine that increase is expected to take place before Aug. 29.

In the interim, the notes are convertible into a maximum to 8,915,000 shares.

Immunomedics sold $37.67 million of the 5% notes in April.

Based in Morris Plains, N.J., Immunomedics is a biopharmaceutical company.

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