MORRIS PLAINS, N.J., Nov. 3 /PRNewswire-FirstCall/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today reported revenues of $1.1 million and a net loss of $4.2
million, or $0.08 per share, for the first quarter of fiscal year 2005, which
ended September 30, 2004. This compares to revenues of $1.2 million and a net
loss of $5.2 million, or $0.10 per share, for the same period last year. The
decline in net loss was primarily due to the settlement of a patent lawsuit.
At September 30, 2004, the Company had $27.1 million in cash and liquid
securities, including $4.8 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.
"We are pleased to report that the results for the first quarter were in
line with our expectations, before the one-time benefit resulting from the
settlement of a patent lawsuit. As part of the income recorded from the
settlement, we were able to settle the related legal fees associated with such
patent suit and accordingly reversed legal expenses previously accrued for
this patent suit. Our cash position was strengthened by approximately $14
million from the net proceeds of a sale of our common stock. We will continue
to evaluate 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.
The Company recently reported updated clinical results from a phase II
study of epratuzumab in systemic lupus erythematosus (SLE) at the 68th annual
scientific meeting of American College of Rheumatology / Association of
Rheumatology Health Professionals (please refer to
http://www.immunomedics.com/7events/SLE%20update.pdf).
"We had a successful meeting with the FDA in which we reviewed these
results to advance the development of epratuzumab in SLE. We now have a
clinical plan to move this product forward into pivotal trials and we look
forward to helping patients, predominantly women, with this life-threatening
disease," commented Cynthia L. Sullivan, President and Chief Executive
Officer.
The Company is also planning future registration trials with epratuzumab
in patients with non-Hodgkin's lymphoma (NHL). The FDA and the European
regulatory authorities have already accepted the NHL trial design.
Other developments of note as reported previously during the first quarter
of fiscal year 2005 were as follows:
* The Company presented five abstracts at the 16th International
Symposium on "Molecular Targets and Cancer Therapeutics" sponsored by
the European Organization for Research and Treatment of Cancer, the
American Association for Cancer Research, and the National Cancer
Institute.
* The Company presented at the Bear Stearns 17th Annual Healthcare
Conference in which a corporate overview was provided, including
comments on the Company's product portfolio.
Immunomedics, Inc. 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 therapeutic product candidates in clinical development and has two
marketed diagnostic imaging products. Our most advanced therapeutic product
candidate is epratuzumab, for which certain Phase II clinical trials for the
treatment of non-Hodgkin's lymphoma have already been completed.
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, 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
September 30, June 30,
2004 2004
ASSETS
Current Assets:
Cash and cash equivalents $11,141,000 $9,133,297
Marketable securities 11,146,213 4,345,891
Accounts receivable 919,725 788,647
Inventory 239,623 340,133
Other current assets 1,411,435 748,921
Restricted securities 1,275,200 1,275,200
26,133,196 16,632,089
Property and equipment, net 11,264,029 11,532,646
Restricted securities 3,506,800 3,825,600
Other long-term assets 53,163 98,243
$40,957,188 $32,088,578
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $5,664,553 $6,296,713
Long-term debt 13,506,800 13,825,600
Minority interest 357,000 382,121
Stockholders' equity 21,428,835 11,584,144
$40,957,188 $32,088,578
Condensed Consolidated Statements of Operations
Three Months Ended
September 30,
2004 2003
Revenues:
Product sales 1,062,693 804,820
License fee and other revenues 52,914 331,321
Research & development - 50,001
Revenues 1,115,607 1,186,142
Costs and Expenses 6,429,803 6,484,434
Operating Loss (5,314,196) (5,298,292)
Interest and Other Income 1,195,624 144,091
Net Loss before Income Tax Expense (4,118,572) (5,154,201)
Income Tax Provision (130,088) (28,700)
Net Loss $(4,248,660) $(5,182,901)
Net Loss per Common Share,
Basic and Diluted (0.08) (0.10)
Weighted average number of common
shares outstanding 52,528,850 49,881,563
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 of
Immunomedics, Inc., Investor Relations & Business Analysis,
+1-973-605-8200, ext. 123
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