MORRIS PLAINS, N.J., May 7, 2014 (GLOBE NEWSWIRE) -- Immunomedics, Inc., (Nasdaq:IMMU) today reported financial results for the third quarter ended March 31, 2014. The Company also highlighted recent key developments and planned activities for its clinical pipeline.
Third Quarter Fiscal 2014 Results
Total revenues for the third quarter of fiscal year 2014, which ended on March 31, 2014, were $1.2 million as compared to total revenues of $1.7 million for the same quarter last fiscal year. The decrease of $0.5 million in total revenues this quarter was primarily due to a $0.7 million reduction in research and development revenue due to the timing of research activities from research grants, which is partially offset by a $0.2 million increase in LeukoScan sales volume in Europe.Total costs and expenses for the three-month period ended March 31, 2014 were $10.7 million, as compared to $9.9 million for the same period in 2013, representing an increase of $0.8 million or 8%. This increase was driven primarily by $0.7 million higher general and administrative expenses due primarily to increased legal and professional fees ($0.5 million) and increased employee-related costs ($0.2 million). Net loss attributable to our stockholders this quarter was $9.5 million, or $0.11 per basic share. This compares to net income attributable to our stockholders of $8.6 million, or $0.11 per basic share for the same quarter in fiscal 2013, representing a decrease of $18.1 million, or 210%. The decrease in net income this quarter resulted mainly from the non-recurring $16.7 million arbitration settlement in the comparable period in the previous year. Also, operating losses increased by $1.3 million in the third quarter of fiscal 2014 when compared to the comparable quarter in fiscal 2013. Nine Months Fiscal 2014 Results For the nine-month period ended March 31, 2014, total revenues were $7.9 million as compared to total revenues of $3.6 million for the same period last fiscal year. The $4.3 million increase in total revenues this period was primarily due to $4.6 million in license fee revenue earned upon fulfilling the Company's obligations under the Algeta Service Agreement, as amended.