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Immunomedics Announces Fiscal 2012 Results

MORRIS PLAINS, N.J., Aug. 23, 2012 (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 fourth quarter and fiscal year ended June 30, 2012. The Company also highlighted recent key developments and planned activities for its clinical pipeline.

Fourth Quarter Fiscal 2012 Results

The Company reported total revenues of $1.0 million for the fourth quarter of fiscal year 2012, which ended June 30, 2012, as compared to revenues of $11.1 million for the same quarter last fiscal year. The decrease in revenues was primarily due to a $10.0 million milestone payment received in the fourth quarter of fiscal 2011 under the terms of the Nycomed Agreement. The lower revenue in fiscal 2012 was the primary reason for the net loss attributable to our stockholders of $7.5 million, or $0.10 per share, for the current quarter, as compared to net income attributable to our stockholders of $2.3 million, or $0.03 per share, for the same period last year.

Fiscal Year 2012 Results

Total revenues for fiscal year 2012 amounted to $32.7 million as compared to $14.7 million for fiscal year 2011. The increase of $18.0 million as compared to the prior fiscal year was primarily the result of $18.3 million in higher license fee revenue in fiscal 2012 due to the $28.4 million in license fee revenue that the Company received in 2012 in connection with an amendment to the Licensing Agreement with UCB, which was partially offset by lower revenue from Nycomed in fiscal 2012 as a result of the non-recurring $10.0 million Nycomed milestone payment received in 2011.

Net income attributable to our stockholders for the fiscal year ended June 30, 2012 was $0.8 million, or $0.01 per share, as compared to a net loss attributable to our stockholders of $15.1 million, or $0.20 per share, in fiscal year 2011. The improvement in profitability this fiscal year was primarily due to the increase in license fee revenue and reduction in operating expenses of $1.9 million, offset in part by a non-recurring grant of $2.9 million from the Federal government's Qualifying Therapeutic Discovery Project program in fiscal 2011.

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