This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Immunomedics Announces Fiscal 2014 Results And Clinical Program Developments

MORRIS PLAINS, N.J., Aug. 25, 2014 (GLOBE NEWSWIRE) -- Immunomedics, Inc., (Nasdaq:IMMU) today reported financial results for the fourth quarter and fiscal year ended June 30, 2014. The Company also highlighted recent key developments and planned activities for its clinical pipeline.

Fourth Quarter Fiscal 2014 Results

Total revenues for the fourth quarter of fiscal year 2014, which ended on June 30, 2014, were $1.2 million as compared to total revenues of $1.4 million for the same quarter last fiscal year. The decrease of $0.2 million in total revenues this quarter was primarily due to $0.1 million lower research and development revenue from reduced grant activity.

Total costs and expenses for the three-month period ended June 30, 2014 were $13.1 million, as compared to $9.0 million for the same period in 2013, representing an increase of $4.1 million, or 46%. This increase was driven primarily by $3.4 million higher research and development expenses mostly related to the Phase III clinical trial of clivatuzumab tetraxetan for the treatment of patients with pancreatic cancer and increased manufacturing costs for materials used for the antibody-drug conjugates' clinical trials. Additionally, there was a $0.7 million increase in legal and professional fees.

Net loss attributable to our stockholders this quarter was $11.8 million, or $0.13 per basic share, compared with a net loss attributable to our stockholders of $7.7 million, or $0.09 per basic share for the same quarter in fiscal 2013. The increase in net loss this quarter was primarily due to higher costs in research and development from increased clinical trial expenses, and increased legal and professional fees.

Fiscal Year 2014 Results

Total revenues for fiscal year 2014 were $9.0 million as compared to $5.0 million for fiscal year 2013. The $4.0 million increase in total revenues this fiscal year was primarily due to $4.6 million of license fee revenue earned during fiscal 2014 from fulfilling the Company's obligations under the Algeta Service Agreement, as amended.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs