MORRIS PLAINS, N.J., Nov. 6 /PRNewswire-FirstCall/ -- Immunomedics,
Inc. (Nasdaq: IMMU), a leading biopharmaceutical company focused on
developing monoclonal antibody-based products, today reported revenues of
$3.3 million and a net loss of $2.5 million, or $0.04 per share, for the
first quarter of fiscal year 2007, which ended September 30, 2006. This
compares to revenues of $0.4 million and a net loss of $8.5 million, or
$0.16 per share, for the same period last year.
The increase in revenues for the first quarter was primarily due to the
recognition of $2.7 million of the $38 million initial payment received
from UCB, S.A., for the licensing of epratuzumab for all autoimmune
diseases worldwide, and increased LeukoScan(R) sales in Europe. The
operating expenses for the first quarter improved due to lower R&D expenses
resulting from the transfer of the ALLEVIATE trials to UCB as part of the
May 9, 2006 agreement. Lower interest expense and higher interest income
have also contributed to the lower net loss for the first quarter. At
September 30, 2006, the Company had $35.0 million in cash and marketable
securities, excluding restricted securities.
"Our burn rate improved this quarter as a result of our licensing
agreement with UCB. We are committed to bringing new antibodies into the
clinic that have the shortest path to commercial success in markets with
unmet medical needs. Consequently, we expect our R&D expenses to moderately
increase in future quarters as these new antibodies enter the clinic,"
commented Gerard G. Gorman, Senior Vice President, Finance and Business
Development, and Chief Financial Officer. "An example of such product
development is our humanized CD74 antibody, which will begin clinical
trials in patients with multiple myeloma in the near future," he added.
"We are working closely with UCB to expedite efforts to remove the
clinical hold status instituted by the FDA and other regulatory agencies,
which would minimize any further delay in making epratuzumab available to
patients," said Cynthia L. Sullivan, President and Chief Executive Officer
of the Company. "We share UCB's enthusiasm in the continued development of
epratuzumab in autoimmune disease indications, and we look forward to
resuming dosing patients with lupus in the near future," she further
remarked.
About Immunomedics
Immunomedics is a New Jersey-based 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 have recently
licensed our lead product candidate, epratuzumab, to UCB, S.A. for the
treatment of all autoimmune disease indications worldwide. We have retained
the rights for epratuzumab in oncology indications for which UCB has been
granted a buy-in option. UCB has development, manufacture and
commercialization rights, and is responsible for all clinical trials
evaluating epratuzumab for the treatment of patients with moderate and
severe lupus. At present, there is no cure for lupus and no new lupus drug
has been approved in the U.S. in the last 40 years. We believe that our
portfolio of intellectual property, which includes approximately 108
patents issued in the United States, and more than 250 other issued patents
worldwide, protects our product candidates and technologies. We also have a
majority ownership in IBC Pharmaceuticals, Inc., which is developing a
novel dock and lock methodology, and a new method of delivering imaging and
therapeutic agents selectively to disease, especially different solid
cancers (colorectal, lung, pancreas, etc.), by proprietary, antibody-based,
pretargeting methods. Visit our web site at http://www.immunomedics.com.
This release, in addition to historical information, may contain
forward- looking statements made pursuant to the Private Securities
Litigation Reform Act of 1995. Such statements, including statements
regarding clinical trials, out-licensing arrangements (including the timing
and amount of contingent payments), 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 required financing and other sources of funds on acceptable
terms, if at all, as well as the risks discussed in the Company's filings
with the Securities and Exchange Commission. 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.
For More Information:
Dr. Chau Cheng
Associate Director, Investor Relations & Business Analysis
(973) 605-8200, extension 123
ccheng@immunomedics.com
IMMUNOMEDICS, INC.
Condensed Consolidated Balance Sheets
September 30, June 30,
2006 2006
ASSETS
Current Assets:
Cash and cash equivalents $16,990,350 $40,877,766
Marketable securities 17,967,550 948,820
Accounts receivable, net of
allowance for doubtful
accounts 606,492 498,612
Inventory, net of reserve for
obsolescence 476,110 541,030
Other current assets 1,396,821 602,736
Restricted securities - current
portion 1,275,200 1,275,200
38,712,523 44,744,164
Property and equipment, net 8,278,773 8,496,060
Restricted securities - long-term
portion 956,400 1,275,200
Other long-term assets 1,606,675 1,362,419
$49,554,371 $55,877,843
LIABILITIES AND STOCKHOLDERS'
DEFICIT
Current liabilities $17,838,417 $19,035,185
Long-term debt 29,486,783 29,525,377
Deferred revenues - long term 23,143,460 25,810,769
Minority interest 156,974 182,000
Stockholders' deficit (21,071,263) (18,675,488)
$49,554,371 $55,877,843
Condensed Consolidated Statements of Operations
Three Months Ended
September 30,
2006 2005
Revenues:
Product sales 661,603 280,074
License fee and other revenues 2,668,031 98,077
Research & development -- 44,762
Total Revenues 3,329,634 422,913
Costs and Expenses 6,065,440 7,898,863
Operating Loss (2,735,806) (7,475,950)
Interest and Other Income (Expense) 272,921 (1,067,378)
Loss before Income Tax Expense (2,462,885) (8,543,328)
Income Tax Expense (19,418) --
Net Loss $(2,482,303) $(8,543,328)
Net Loss per Common Share,
Basic and Diluted (0.04) (0.16)
Weighted average number of common
shares outstanding 57,538,031 54,073,059
SOURCE Immunomedics, Inc.
 back to top
Related links:
http://www.immunomedics.com
http://www.prnewswire.com/comp/113121.html /
CONTACT:
Dr. Chau Cheng, Associate Director, Investor
Relations & Business Analysis of Immunomedics, Inc.,
+1-973-605-8200, ext. 123, ccheng@immunomedics.com
|
