On April 4, 2020, upon recommendation from the Compensation Committee of the Board of Directors and approval by the Board of Directors of Immunomedics, Inc. appointed Harout Semerjian as the Company's President and Chief Executive Officer, effective April 16, 2020 (the "Start Date") and conditional upon his commencement of employment on such date. Mr. Semerjian, age 47, was most recently the Executive Vice President, Chief Commercial Officer at Ipsen, since March 2018, where he was accountable for the worldwide commercialization and portfolio strategy across oncology, neurosciences and rare diseases, as well as leading specialty operations across Europe and International markets. Upon recommendation from the Governance and Nominating Committee of the Board of Directors and approval by the Board of Directors on April 4, 2020, Mr. Semerjian was also appointed as a member of the Board of Directors, effective as of the Start Date.

With the appointment of Mr. Semerjian and effective as of the commencement date of Mr. Semerjian's employment, Mr. Scott Canute will step down from his role as Executive Director and resume his role as a Board member, while Dr. Aghazadeh will remain as Executive Chairman focusing on corporate strategy and business development and, during a transition period, will continue to interface with the investment community on behalf of the Company.