Immunomedics up on patent award
Immunomedics, Inc. (Nasdaq: IMMU) shares are jumping after the biopharmaceutical company announced before the opening that it was awarded a patent the MUC1-antigen binding humanized antibody and its use in the diagnosis and therapy of pancreatic cancers.
"We are delighted to receive this patent award. HPAM4 is an important product candidate in our clinical pipeline,” CEO Cynthia Sullivan said in a statement. “In light of the potentially-favorable risk-reward profile of this antibody for the therapy of pancreatic cancer, and assuming clinical trials will support marketing approval, we will consider developing this product through commercialization on our own.”
In pre-market trading, IMMU shares are up 8.98%, or $0.23, at $2.79. Over the last 52 weeks, shares have ranged from $1.92 to $6.12.
