MORRIS PLAINS, N.J., Feb. 4 /PRNewswire-FirstCall/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today reported revenues of $1.0 million and a net loss of $6.4
million, or $0.12 per share, for the second quarter of fiscal year 2005, which
ended December 31, 2004. This compares to revenues of $1.1 million and a net
loss of $4.9 million, or $0.10 per share, for the same period last year. The
increase in net loss was primarily due to increased in research and
development expenses.
For the first half of the 2005 fiscal year, the Company reported revenues
of $2.1 million and a net loss of $10.6 million, or $0.20 per share. This
compares to revenue of $2.2 million and a net loss of $10.0 million, or $0.20
per share, for the same period last year.
At December 31, 2004, the Company had $21.5 million in cash and liquid
securities, including $4.5 million of restricted securities that collateralize
the New Jersey Economic Development Authority financing completed in May 2003
for the construction of the Company's expanded manufacturing facilities.
"The results for the first half of the 2005 fiscal year were in line with
our expectations. The increase in net loss this quarter was incurred by
increased research and development expenses and legal costs associated with
supporting our strong patent portfolio. To support the clinical advancement
of our specific potential therapeutic products, in particular epratuzumab, we
will continue to evaluate opportunities to raise additional capital. This
could occur through licensing of our products, the sale of debt and/or equity
securities, or some combination of the two," commented Gerard G. Gorman, Vice
President, Finance, and Chief Financial Officer.
The Company recently received from the FDA Fast Track Product designation
for epratuzumab for the therapy of lupus. "We were pleased to receive this
Fast Track Status, and clinical developments of epratuzumab are moving forward
to begin registration trials in the first half of calendar year 2005 in both
the U.S. and Europe," commented Cynthia L. Sullivan, President and Chief
Executive Officer.
As reported previously during the second quarter of fiscal year 2005,
other developments of note were as follows:
* The Company presented updated clinical results at the 68th annual
scientific meeting of American College of Rheumatology/Association of
Rheumatology Health Professionals.
* The Company presented at the Rodman & Renshaw Techvest 6th Annual
Healthcare Conference in which a corporate overview was provided,
including comments on the Company's product portfolio.
Immunomedics is a biopharmaceutical company focused on the development of
monoclonal, antibody-based products for the targeted treatment of cancer,
autoimmune and other serious diseases. We have developed a number of advanced
proprietary technologies that allow us to create humanized antibodies that can
be used either alone in unlabeled or "naked" form, or conjugated with
radioactive isotopes, chemotherapeutics or toxins, in each case to create
highly targeted agents. Using these technologies, we have built a pipeline of
therapeutic product candidates that utilize several different mechanisms of
action. We believe that our portfolio of intellectual property, which
includes approximately 90 issued patents in the United States, and more than
250 other issued patents worldwide, protects our product candidates and
technologies.
This release, in addition to historical information, contains forward-
looking statements made pursuant to the Private Securities Litigation Reform
Act of 1995. Such statements, including statements regarding clinical trials,
out-licensing arrangements, and capital raising activities, involve
significant risks and uncertainties and actual results could differ materially
from those expressed or implied herein. Factors that could cause such
differences include, but are not limited to, risks associated with new product
development (including clinical trials outcome and regulatory
requirements/actions), competitive risks to marketed products and availability
of financing and other sources of capital, as well as the risks discussed in
the Company's Annual Report on Form 10-K for the fiscal year ended June 30,
2004. The Company is not under any obligation, and the Company expressly
disclaims any obligation, to update or alter any forward-looking statements,
whether as a result of new information, future events or otherwise.
Company Contact: Chau Cheng, Associate Director, Investor Relations &
Business Analysis, (973) 605-8200, extension 123. Visit the Company's web site
at http://www.immunomedics.com.
IMMUNOMEDICS, INC.
Condensed Consolidated Balance Sheets
December 31, June 30,
2004 2004
ASSETS
Current Assets:
Cash and cash equivalents $7,006,298 $9,133,297
Marketable securities 10,023,718 4,345,891
Accounts receivable 691,517 788,647
Inventory 127,990 340,133
Other current assets 1,336,576 748,921
Restricted securities 1,275,200 1,275,200
20,461,299 16,632,089
Property and equipment, net 10,895,911 11,532,646
Restricted securities 3,188,000 3,825,600
Other long-term assets 59,592 98,243
$34,604,802 $32,088,578
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $5,921,007 $6,296,713
Long-term debt 13,188,000 13,825,600
Minority interest 321,421 382,121
Stockholders' equity 15,174,374 11,584,144
$34,604,802 $32,088,578
Condensed Consolidated Statements of Operations
Three Months Ended Six Months Ended
December 31, December 31,
2004 2003 2004 2003
Revenues:
Product
sales $796,092 932,232 1,858,785 1,737,052
License fee
and other
revenues 136,015 74,639 188,929 405,960
Research &
development 67,143 49,999 67,143 100,000
Revenues $999,250 1,056,870 2,114,857 2,243,012
Costs and
Expenses 7,852,470 6,452,912 14,282,273 12,937,346
Operating Loss (6,853,220) (5,396,042) (12,167,416) (10,694,334)
Interest and
Other Income (84,646) 180,463 1,110,978 324,554
Net Loss before
Income Tax
Expense (6,937,866) (5,215,579) (11,056,438) (10,369,780)
Income Tax
Benefit 581,445 357,737 451,357 329,037
Net Loss $(6,356,421) $(4,857,842) $(10,605,081) $(10,040,743)
Net Loss per
Common Share,
Basic and
Diluted $(0.12) (0.10) (0.20) (0.20)
Weighted average
number of
common shares
outstanding 54,073,059 49,883,193 53,300,955 49,882,378
SOURCE Immunomedics, Inc.
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Related links:
http://www.Immunomedics.com
Company News On-Call:
http://www.prnewswire.com/comp/113121.html
CONTACT:
Chau Cheng, Associate Director, Investor
Relations & Business Analysis of Immunomedics, Inc.,
+1-973-605-8200, ext. 123
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