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Immunomedics Announces Second Quarter Fiscal 2013 Results And Clinical Program Developments

MORRIS PLAINS, N.J., Feb. 7, 2013 (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, 2012. The Company also highlighted recent key developments and planned activities for its clinical pipeline.

Second Quarter Fiscal 2013 Results

Total revenues for the second quarter of fiscal year 2013, which ended December 31, 2012, were $0.8 million, as compared to total revenues of $29.7 million for the same quarter last fiscal year. The decrease of $28.9 million this quarter was primarily the result of $28.4 million of non-recurring license fee revenue from an amendment to the Licensing Agreement with UCB during the second quarter of fiscal year 2012. The amendment provided UCB the flexibility to sublicense epratuzumab, upon our consent, to a third party for non-cancer indications in certain territories.There was no licensing fee revenue recorded in this quarter.

A net loss attributable to our stockholders this quarter was $5.4 million, or $0.07 per basic share. This compares to net income attributable to our stockholders of $20.7 million, or $0.27 per basic share, for the same quarter in fiscal 2012. The $26.1 million decrease in net income this quarter resulted from the non-recurring license fee revenue from the UCB sublicensing amendment in 2011, which is partially offset by the $2.5 million of insurance proceeds from business interruption claims received during the fiscal 2013 quarter.

For the first half of fiscal year 2013, total revenues were $1.9 million and a net loss attributable to our stockholders was $12.8 million, or $0.17 per basic share. This compares to total revenues of $30.8 million and net income attributable to our stockholders of $15.6 million, or $0.21 per basic share, for the same period last fiscal year. The $28.9 million decrease in revenues this period, as well as the $28.4 million decrease in net income, was primarily due to the non-recurring license fee revenue from the UCB sublicensing amendment.

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