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Immunomedics Announces Second Quarter Fiscal 2014 Results And Clinical Program Developments

MORRIS PLAINS, N.J., Feb. 10, 2014 (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, 2013. The Company also highlighted recent key developments and planned activities for its clinical pipeline.

Second Quarter Fiscal 2014 Results

Total revenues for the second quarter of fiscal year 2014, which ended December 31, 2013, were $1.2 million, as compared to total revenues of $0.8 million for the same quarter last fiscal year. The increase of $0.4 million in total revenues this quarter was primarily the result of $0.2 million improvement in LeukoScan sales volume in Europe and $0.2 million higher research and development revenue due to the timing and number of research activities from research grants.

Total costs and expenses for the quarter ended December 31, 2013 were $9.8 million, as compared to $8.4 million for the same period in 2013, representing an increase of $1.4 million or 17%. This increase was driven primarily by $0.8 million increased research and development expenses from increased clinical trials and product costs, which include the initiation of the Phase III PANCRIT-1 registration study of yttrium-90-labeled clivatuzumab tetraxetan for the therapy of patients with advanced pancreatic cancer. In addition, general and administrative expenses were $0.3 million higher due primarily to increased legal expenses incurred as part of the arbitration proceedings with Takeda-Nycomed.

Net loss attributable to our stockholders this quarter was $8.5 million, or $0.10 per share. This compares to net loss attributable to our stockholders of $5.2 million, or $0.07 per share, for the same quarter in fiscal 2013. The $3.3 million increase in net loss this quarter was primarily due to higher research and development expenses and a reduction in other income as a result of $2.5 million of non-recurring insurance proceeds received in fiscal 2013.

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