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Immunomedics Announces Third Quarter Fiscal 2013 Results And Clinical Program Developments

MORRIS PLAINS, N.J., May 8, 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 third quarter ended March 31, 2013. The Company also highlighted recent key developments and planned activities for its clinical pipeline.

Third Quarter Fiscal 2013 Results

Total revenues for the third quarter of fiscal year 2013, which ended on March 31, 2013, were $1.7 million as compared to total revenues of $1.0 million for the same quarter last fiscal year. The increase of $0.7 million in total revenues this quarter was primarily due to a $0.7 million increase in research and development revenue from the increase in the number of grants as well as the timing of research activities.

Net income attributable to our stockholders this quarter was $8.3 million, or $0.11 per basic share. This compares to a net loss attributable to our stockholders of $7.3 million, or $0.10 per basic share for the same quarter in fiscal 2012. The $15.6 million difference in net income this quarter resulted mainly from the $16.7 million net proceeds from a settlement in our previously disclosed arbitration proceeding before the Financial Industry Regulatory Authority (FINRA) against a broker-dealer relating to our prior investment in certain securities offset in part by higher research and development expenses.

For the nine-month period ended March 31, 2013, total revenues were $3.6 million as compared to total revenues of $31.8 million for the same period last fiscal year. The decrease of $28.2 million this period 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.

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