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Immunomedics Announces Fiscal 2013 Results

MORRIS PLAINS, N.J., Aug. 22, 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 fourth quarter and fiscal year ended June 30, 2013. The Company also highlighted recent key developments and planned activities for its clinical pipeline.

Fourth Quarter Fiscal 2013 Results

Total revenues for the fourth quarter of fiscal year 2013, which ended on June 30, 2013, were $1.4 million as compared to total revenues of $1.0 million for the same quarter last fiscal year. The increase of $0.4 million in total revenues this quarter was primarily due to a $0.5 million increase in research and development revenue from the increase in the number of National Cancer Institute grants as well as the timing of research activities.

Net loss attributable to our stockholders this quarter was $7.7 million, or $0.09 per basic share, compared with a net loss attributable to our stockholders of $7.5 million, or $0.10 per basic share, for the same quarter in fiscal 2012. The increase in net loss this quarter was primarily due to $0.3 million higher cost in research and development from increased clinical trial expenses.

Fiscal Year 2013 Results

Total revenues for fiscal year 2013 were $5.0 million, as compared to $32.7 million for fiscal year 2012. The decrease of $27.7 million this fiscal year was primarily the result of $28.4 million of non-recurring license fee revenue from an amendment to the Licensing Agreement with UCB earned in fiscal year 2012.

Net loss attributable to our stockholders for the fiscal year ended June 30, 2013 was $12.2 million, or $0.16 per diluted share, as compared to a net income attributable to our stockholders of $0.8 million, or $0.01 per diluted share, in fiscal year 2012. The change in net income of $13.0 million in fiscal 2013 was primarily due to the non-recurring license fee revenue from the UCB sublicensing amendment in fiscal 2012, partially offset in 2013 by the $16.7 million net proceeds from a settlement in our arbitration proceeding before the Financial Industry Regulatory Authority against a broker-dealer relating to our prior investment in certain securities, and $2.6 million in business insurance claims in fiscal 2013. In addition, in fiscal 2013 we incurred $4.3 million of higher research and development expenses.

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