MORRIS PLAINS, N.J., Nov. 4, 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 first quarter ended September 30, 2013. The Company also highlighted recent key developments and planned activities for its clinical pipeline.
First Quarter Fiscal 2014 Results
Total revenues for the first quarter of fiscal year 2014, which ended on September 30, 2013, were $5.5 million as compared to total revenues of $1.1 million for the same quarter last fiscal year. The increase of $4.4 million in total revenues this quarter was primarily due to a $4.6 million in license fee revenue recognized from the service agreement, and subsequent amendment to the service agreement, with Algeta ASA for the supply of clinical-grade epratuzumab for Algeta's preclinical and Phase I development purposes. There were no license fee revenues for the same period in the previous year.Total costs and expenses for the three-month period ended September 30, 2013 were $9.9 million as compared to $8.6 million for the same period in 2012, representing an increase of $1.3 million or 15%. This increase was driven primarily by $1.2 million for the cost of license fee and other revenue resulting from the recognition of deferred manufacturing costs related to the Algeta service agreement (which was completed during the three-month period ended September 30, 2013) and $0.3 million of general and administrative expenses as part of arbitration proceedings with Takeda/Nycomed. Research and development expenses for the three-month period ended September 30, 2013 were $6.7 million as compared to $7.0 million for the same period in 2012, a decrease of $0.3 million or 4%. This decrease was primarily due to a $1.2 million reversal of clinical trial related accruals. This decrease was partially offset by the increased costs for the clinical trials with the Company's antibody-drug conjugates.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV