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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.

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