MORRIS PLAINS, N.J., May 5 /PRNewswire-FirstCall/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today reported revenues of $1.1 million and a net loss of $6.1
million, or $0.11 per share, for the third quarter of fiscal year 2005, which
ended March 31, 2005. This compares to revenues of $1.2 million and a net
loss of $5.5 million, or $0.11 per share, for the same period last year.
For the first nine months of the 2005 fiscal year, which ended March 31,
2005, the Company reported revenues of $3.2 million and a net loss of $16.7
million, or $0.31 per share. This compares to revenue of $3.4 million and a
net loss of $15.5 million, or $0.31 per share, for the same period last year.
The increase in net loss for the three and nine-month periods ended March
31, 2005, was due primarily to increased research and development expenses.
At March 31, 2005, the Company had $16.0 million in cash and liquid
securities, including $4.1 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. In
April 2005, the Company raised approximately $38 million in a private
placement of 5% senior convertible notes and common stock warrants. The net
proceeds to the Company after payment of fees and expenses and retiring a
portion of the existing 3.25% senior convertible notes due January 2006 were
approximately $30 million.
"Our financial results for the first nine months 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 associated primarily
with our upcoming pivotal trials with epratuzumab in patients with moderate to
severe lupus. With the completion of a private sale of 5% senior convertible
notes and common stock warrants in April 2005, we are now able to support our
trials in patients with lupus," commented Gerard G. Gorman, Vice President,
Finance, and Chief Financial Officer.
"The mission of Immunomedics at this juncture is to bring to market a
product that will benefit the lupus population. We now have sufficient
resources to conduct the pivotal trials on our own. Our strategy, however,
remains to partner the product for further development," commented Cynthia L.
Sullivan, President and Chief Executive Officer.
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
March 31, June 30,
2005 2004
ASSETS
Current Assets:
Cash and cash equivalents $8,527,138 $9,133,297
Marketable securities 3,313,474 4,345,891
Accounts receivable 702,323 788,647
Inventory 519,828 340,133
Other current assets 1,015,418 748,921
Restricted securities 1,275,200 1,275,200
15,353,381 16,632,089
Property and equipment, net 10,455,917 11,532,646
Restricted securities 2,869,200 3,825,600
Other long-term assets 59,361 98,243
$28,737,859 $32,088,578
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $11,613,182 $6,296,713
Long-term debt 7,869,200 13,825,600
Minority interest 298,005 382,121
Stockholders' equity 8,957,472 11,584,144
$28,737,859 $32,088,578
Condensed Consolidated Statements of Operations
Three Months Ended Nine Months Ended
March 31, March 31,
2005 2004 2005 2004
Revenues:
Product
sales $947,386 1,053,616 2,806,171 2,790,668
License fee
and other
revenues 74,457 54,043 263,386 460,003
Research &
development 67,143 43,749 134,286 143,749
Revenues $1,088,986 1,151,408 3,203,843 3,394,420
Costs and
Expenses 7,114,180 6,649,785 21,396,453 19,587,131
Operating Loss (6,025,194) (5,498,377) (18,192,610) (16,192,711)
Interest and
Other Income 69,963 67,446 1,180,941 392,000
Net Loss before
Income Tax
Expense (5,955,231) (5,430,931) (17,011,669) (15,800,711)
Income Tax
(Expense)
Benefit (103,792) (58,187) 347,565 270,850
Net Loss $(6,059,023) $(5,489,118) $(16,664,104) $(15,529,861)
Net Loss per
Common Share,
Basic and
Diluted $(0.11) (0.11) (0.31) (0.31)
Weighted average
number of
common shares
outstanding 54,073,059 49,887,644 53,554,566 49,884,120
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, 973-605-8200, extension 123
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