UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________________________
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
report (Date of earliest event reported): June 6,
2008
Immunomedics,
Inc.
(Exact Name
of Registrant as Specified in Charter)
|
Delaware
|
000-12104
|
61-1009366
|
|
(State
or Other Jurisdiction
of
Incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
300
American Road, Morris Plains, New Jersey
|
07950
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
|
(973)
605-8200
|
|
(Registrant's
telephone number,
including
area code)
|
|
Not
applicable
|
|
(Former
Name or Former Address, if Changed Since Last
Report)
|
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:
[
] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425).
[
] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a-12).
[
] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)).
[
] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)).
Item
1.01. Entry into a Material Definitive
Agreement.
The
information set forth below in Item 2.03 is incorporated herein by
reference.
Item
2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On June 6,
2008, Immunomedics, Inc., a Delaware corporation (the “Company”), entered into a
loan agreement with Bank of America, N.A., with an effective date of June 9,
2008, providing for a $9.0 million revolving line of credit (the “Revolver”),
secured by the Company’s portfolio of six auction rate securities with Banc of
America Securities, LLC. Any outstanding amounts under the Revolver
are payable on its maturity date of June 6, 2009, one (1) year from the date of
the closing of the Revolver unless earlier terminated. Interest is
payable quarterly and is equal to a fluctuating interest rate per annum equal to
LIBOR plus one hundred basis points (1.0%).
Under the
terms of the loan agreement, in the event the Company receives proceeds from any
additional source of capital or cash, other than permitted stock issuances, or
cash in excess of $25.0 million from a third-party licensor of one of the
Company’s product candidates or sells or liquidates the auction rate securities
held as collateral, then the Company shall apply such amounts to reducing the
amount owed at that time under the Revolver with a corresponding permanent
reduction in the loan commitment. In the event of prepayment of the
Revolver, such principal prepayment shall be accompanied by payment of any and
all accrued and unpaid interest outstanding, together with all other fees,
expenses and sums due and owing under the Revolver.
The Company
intends to use proceeds from the Revolver to finance its working capital
requirements and for general corporate purposes.
SIGNATURES
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.
IMMUNOMEDICS,
INC.
By: /s/
Cynthia L. Sullivan
Name:Cynthia L. Sullivan
Title:President
and Chief Executive Officer
Date: June
10, 2008