MORRIS PLAINS, N.J., May 11 /PRNewswire-FirstCall/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today reported revenues of $1.2 million and a net loss of $5.5
million, or $0.11 per share, for the third quarter of fiscal year 2004, which
ended March 31, 2004. This compares to revenues of $5.6 million and net
income of $0.5 million, or $0.01 per share, for the same period last year.
For the first nine months of the fiscal year 2004 which ended March 31,
2004, the Company reported revenues of $3.4 million and a net loss of $15.5
million, or $0.31 per share. This compares to revenues of $12.0 million and a
net loss of $4.2 million, or $0.08 per share, for the same period last year.
The decline in revenues and loss for the three and nine-month periods
ended March 31, 2004, resulted primarily from the Company recognizing its
final portion of the $18.0 million up-front licensing payment from Amgen Inc.
in the third quarter of fiscal year 2003. At March 31, 2004, the Company had
$25.0 million in cash and liquid securities, including $5.4 million of
restricted securities that collateralize the New Jersey Economic Development
Authority financing completed in May 2003 for construction of expanded
manufacturing facilities.
"Our financial results for the first nine months of the fiscal year are in
line with our expectations. We have increased our level of spending in the
research and development area for the development and commercialization of our
diagnostic and therapeutic products. In particular, spending for clinical
research and clinical trial manufacturing efforts have increased over the
previous year. With the completion of a private sale of convertible debt
securities in January 2004, we are able to continue to expand our research and
development efforts. We are continuing our review of opportunities to raise
additional capital through licensing of our products and technologies, the
sale of debt and/or equity securities, or some combination of the foregoing as
they arise," commented Gerard G. Gorman, the Company's Vice President,
Finance, and Chief Financial Officer.
In early April, the Company's discussions with Amgen over return of the
North American rights to epratuzumab were concluded. "By regaining rights to
our product, we can now discuss worldwide licensing of this product with other
interested companies. Since epratuzumab is currently being tested in patients
with autoimmune disease, we anticipate that it also may have utility in this
group of indications," remarked the Company's President and Chief Executive
Officer, Cynthia L. Sullivan. To date, epratuzumab has been studied, either
alone or in combination with rituximab, in over 300 patients with indolent or
aggressive non-Hodgkin's lymphomas, which are newly diagnosed in more than
50,000 patients annually in the United States, where there are over 350,000
patients being followed with this disease.
Other developments of note during the third quarter of fiscal year 2004
were as follows:
* The Company and its subsidiary, IBC Pharmaceuticals, Inc., reported an
advance in proprietary pretargeting technology involving a novel
trivalent fusion protein for radioimmunotherapy, whereby the selective
targeting of a tumor is separated from the second step of delivering
the therapeutic.
* The Company was awarded a U. S. patent for humanized CEA antibody
conjugates.
* The Company reported Phase II Colorectal Cancer therapy data at the GI
Cancer Symposium of the American Society of Clinical Oncology in
January.
* The Company presented at the JP Morgan Healthcare Conference and at the
Lehman Brothers Annual Healthcare Conference.
"The Company remains focused on the continued growth of our therapeutic
product pipeline. Our investments in research and development, including the
addition of key personnel to our clinical research and operations departments
and the expansion of our manufacturing capacity, continue to yield important
advances for our Company," Ms. Sullivan added.
Immunomedics is a biopharmaceutical company focused on the development,
manufacture and commercialization of diagnostic imaging and therapeutic
products for the detection and treatment of cancer and other serious diseases.
Integral to these products are highly specific monoclonal antibodies and
antibody fragments designed to deliver radioisotopes and chemotherapeutic
agents to tumors and other sites of disease. Immunomedics has nine
therapeutic product candidates in clinical development and has two marketed
diagnostic imaging products. The most advanced therapeutic product candidates
are LymphoCide(R) (epratuzumab), for which certain Phase II clinical trials
for the treatment of non-Hodgkin's lymphoma have already been completed, and
CEA-Cide(R) (labetuzumab), which is in Phase I/II clinical trials for the
treatment of certain solid tumors.
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, 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 year June 30, 2003. 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: Gerard G. Gorman, Vice President, Finance, and Chief
Financial Officer, (973) 605-8200, extension 278. Visit the Company's
web site at http://www.Immunomedics.com
IMMUNOMEDICS, INC.
Condensed Consolidated Balance Sheets
March 31, June 30,
2004 2003
ASSETS
Current Assets:
Cash and cash equivalents $14,058,703 $13,601,627
Marketable securities 5,492,950 10,194,813
Restricted securities 1,275,200 1,381,466
Accounts receivable 1,313,284 930,134
Inventory 630,795 839,480
Other current assets 1,004,519 825,372
23,775,451 27,772,892
Property and equipment, net 11,743,353 12,298,971
Restricted cash 4,144,400 4,994,534
Other long-term assets 77,788 63,157
$39,740,992 $45,129,554
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $7,044,766 $5,997,212
Long-term debt 14,144,400 4,994,534
Minority interest 406,744 471,044
Stockholders' equity 18,145,082 33,666,764
$39,740,992 $45,129,554
Condensed Consolidated Statements of Operations
Three Months Ended Nine Months Ended
March 31, March 31,
2004 2003 2004 2003
Revenues:
Product sales $1,053,616 1,088,012 2,790,668 2,633,113
License fee and
other revenues 54,043 4,518,709 460,003 9,304,487
Research &
development 43,749 8,428 143,749 33,710
Revenues $1,151,408 5,615,149 3,394,420 11,971,310
Costs and Expenses 6,649,785 6,213,307 19,587,131 17,870,989
Operating Loss (5,498,377) (598,158) (16,192,711) (5,899,679)
Interest and Other
Income 67,446 306,701 392,000 937,537
Net Loss before
Income Tax Benefit (5,430,931) (291,457) (15,800,711) (4,962,142)
Income Tax
(Provision) Benefit (58,187) 744,756 270,850 744,756
Net Loss (Income) $(5,489,118) 453,299 (15,529,861) (4,217,386)
Net Loss per Common
Share,
Basic and Diluted $(0.11) 0.01 (0.31) (0.08)
Weighted average
number of common
shares
outstanding 49,887,644 49,878,193 49,884,120 49,877,788
SOURCE Immunomedics, Inc.
 back to top
Related links:
http://www.Immunomedics.com
Company News On-Call:
http://www.prnewswire.com/comp/113121.html
CONTACT:
Gerard G. Gorman, Vice President, Finance,
and Chief Financial Officer of Immunomedics, Inc.,
+1-973-605-8200, ext. 278
|
