Immunomedics Announces Second Quarter Fiscal 2011 Results And Clinical Program Developments
MORRIS PLAINS, N.J., Feb. 4, 2011 (GLOBE NEWSWIRE) -- Immunomedics, Inc. (Nasdaq:IMMU), a biopharmaceutical company primarily focused on the development of monoclonal antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases, today reported financial results for the second quarter ended December 31, 2010. The Company also highlighted recent key developments and planned activities for its clinical pipeline.
Second Quarter Fiscal 2011 Results
The Company reported total revenues of $1.0 million and a net loss of $3.4 million, or $0.05 per share, for the second quarter of fiscal year 2011, which ended December 31, 2010. This compares to total revenues of $5.1 million and a net income of $0.8 million, or $0.01 per share, for the same period last fiscal year. The decrease of $4.1 million is principally the result of $3.9 million of deferred license fee revenue from the Nycomed Agreement recorded in the three month period ended December 31, 2009. We had completed our obligations under the Agreement and, accordingly, we recorded the final amortization of the upfront fees deferred under this Agreement in fiscal year 2010. Costs and expenses increased $3.0 million in the second quarter of fiscal 2011 principally from higher research and development expenses mainly from lower expense reimbursements under a collaboration agreement, as well as increased clinical trial and patent related expenses. The resulting higher operating loss was partially offset by the $2.9 million of other income reported in the second quarter of fiscal 2011 for the Qualifying Therapeutic Discovery Project (QTDP) program awards from the Internal Revenue Service of the Department of Treasury.For the first half of fiscal year 2011, the Company reported total revenues of $2.5 million and a net loss of $9.9 million, or $0.13 per share. This compares to total revenues of $44.1 million and net income of $32.8 million, or $0.43 per diluted share, for the same period last fiscal year. The decrease in revenue is the result of the fact that the current fiscal period does not reflect any deferred license fee revenues from either the UCB Agreement or the Nycomed Agreement, which were $31.2 million and $10.6 million, respectively, for the six month period ended December 31, 2009. We had recorded the final amortization of the upfront fees under these Agreements in fiscal year 2010 because we completed our obligations under these Agreements. Costs and expenses were $4.0 million higher in the first half of fiscal 2011 primarily due to increased research and development expenses resulting from lower expense reimbursements under a collaboration agreement, increased clinical trial and patent related expenses and higher G&A expenses as a result of higher legal fees. As mentioned above, the resulting higher operating loss was partially offset by the QTDP awards.
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