Immunomedics, Inc.

Immunomedics, Inc. is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer, autoimmune disorders and other serious diseases. Their advanced proprietary technologies allow them to create humanized antibodies that can be used either alone in unlabeled or “naked” form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or toxins. Using these technologies, the Company has built a pipeline of eight clinical-stage product candidates.

Foresite Capital believes Immunomedics lead drug candidate, IMMU-132 (a TROP-2 targeting antibody drug conjugate), has the potential to be the first new therapy approved in triple negative breast cancer (TNBC) in over two decades. TNBC remains an area of high unmet medical with limited therapeutic options. In clinical testing, IMMU-132 has demonstrated encouraging activity in advanced TNBC patients, leading to durable objective responses and increases in progression free survival and overall survival. Based on this promising clinical activity and feedback from regulators supporting an accelerated approval pathway (IMMU-132 has break through designation from the FDA), we became investors in the company during the first half of 2017 and increased our position substantially in a public financing in April 2017. IMMU-132 has also shown clinical activity in urothelial and small cell lung cancer indicating broad spectrum activity across different epithelial cancers. We believe this asset has the potential to be transformative in multiple oncology indications and could serve as a cornerstone treatment for an emerging oncology franchise. If approved in TNBC, we project that the company could generate over $2B in major commercial markets.