UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934. For the period ended September 30, 1998
OR
[ ] Transition Report Pursuant to Section 13 or 15(d)of the Securities Exchange
Act of 1934. For the transition period from _______________to__________________
Commission File Number: 0-12104
IMMUNOMEDICS, INC.
(Exact name of registrant as specified in its charter)
Delaware 61-1009366
(State or other jurisdiction of (IRS Employer Identification No.)
incorporation or organization)
300 American Road, Morris Plains, New Jersey 07950
(Address of principal executive offices) (Zip code)
(973) 605-8200
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
[X] Yes [ ] No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
As of November 13, 1998, there were 37,781,632 shares of the registrant's common
stock outstanding.
Page 1 of 15
IMMUNOMEDICS, INC.
INDEX
Page No.
PART I - FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited):
Condensed Consolidated Balance Sheets - 3
September 30, 1998 and June 30, 1998
Condensed Consolidated Statements of Operations 4
and Comprehensive Loss -
three months ended September 30, 1998 and 1997
Condensed Consolidated Statements of Cash Flows - 5
three months ended September 30, 1998 and 1997
Notes to Condensed Consolidated Financial Statements - 6
September 30, 1998
Item 2. Management's Discussion and Analysis of 10
Financial Condition and Results of Operations
PART II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K 14
SIGNATURES 15
Page 2 of 15
IMMUNOMEDICS, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
September 30, June 30,
1998 1998
------------ ------------
ASSETS
Current Assets:
Cash and cash equivalents $ 4,352,340 7,568,147
Marketable securities - 14,845
Accounts receivable 1,556,150 1,039,477
Inventory 956,424 913,927
Other current assets 479,387 345,491
------------ ------------
Total current assets 7,344,301 9,881,887
Property and equipment, net of accumulated
depreciation of $6,068,000 and $5,815,000 at
September 30, 1998 and June 30, 1998, respectively 4,880,141 5,059,935
============ ============
$ 12,224,442 14,941,822
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 2,217,747 1,831,458
Other current liabilities 2,469,221 2,584,769
------------ ------------
Total current liabilities 4,686,968 4,416,227
------------ ------------
Commitments and Contingencies
Stockholders' Equity:
Common stock; $.01 par value, authorized 70,000,000 shares;
issued and outstanding 37,586,087 and 37,586,087 shares
at September 30, 1998 and June 30, 1998, respectively 375,861 375,861
Capital contributed in excess of par 97,987,728 97,987,728
Accumulated deficit (90,766,582) (87,837,979)
Other comprehensive loss (59,533) (15)
------------ ------------
Total stockholders' equity 7,537,474 10,525,595
------------ ------------
$ 12,224,442 14,941,822
=========== ============
<FN>
See accompanying notes to condensed consolidated financial statements.
</FN>
Page 3 of 15
IMMUNOMEDICS, INC.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
Three Months Ended
September 30,
1998 1997
------------ -------------
REVENUES:
Product sales $ 1,667,272 971,299
Royalties and license fee 4,387 5,299
Research and development 86,622 146,039
Interest and other 85,345 177,918
------------ -------------
Total revenues 1,843,626 1,300,555
------------ -------------
COSTS AND EXPENSES:
Cost of goods sold 68,662 24,236
Research and development 2,620,799 3,016,537
Sales and marketing 1,575,694 1,081,968
General and administrative 507,074 608,632
------------ -------------
Total expenses 4,772,229 4,731,373
------------ -------------
Net loss (2,928,603) (3,430,818)
OTHER COMPREHENSIVE LOSS:
Unrealized gain / (loss) on securities available for sale 15 (521)
Unrealized loss on foreign exchange (59,533) -
------------ -------------
Total other comprehensive loss (59,518) (521)
------------ -------------
Comprehensive loss $ (2,988,121) (3,431,339)
============ =============
Net loss per basic and diluted common share $ (0.08) (0.09)
============ =============
Weighted average number of
shares outstanding 37,586,087 36,324,582
============ =============
<FN>
See accompanying notes to condensed consolidated financial statements.
</FN>
Page 4 of 15
IMMUNOMEDICS, INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
September 30,
1998 1997
------------ -------------
Cash flows from operating activities:
Net loss $(2,928,603) (3,430,818)
Adjustments to reconcile net loss to net cash used in
operating activities:
Depreciation and amortization 257,923 235,802
Changes in operating assets and liabilities (422,325) (29,861)
Unrealized loss on foreign exchange (59,533) -
------------ -------------
Net cash used in operating activities (3,152,538) (3,224,877)
------------ -------------
Cash flows from investing activities:
Purchase of marketable securities - (5,415,631)
Proceeds from maturities of marketable securities 14,860 8,907,133
Additions to property and equipment (78,129) (71,642)
------------ -------------
Net cash provided by / (used in) investing activities (63,269) 3,419,860
------------ -------------
Cash flows from financing activities:
Exercise of stock options - 12,685
------------ -------------
Net cash provided by investing activities - 12,685
------------ -------------
Increase / (decrease) in cash and cash equivalents (3,215,807) 207,668
Cash and cash equivalents at beginning of period 7,568,147 6,013,355
------------ -------------
Cash and cash equivalents at end of period $ 4,352,340 6,221,023
============ =============
<FN>
See accompanying notes to condensed consolidated financial statements.
</FN>
Page 5 of 15
IMMUNOMEDICS, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
(1) Basis of Presentation
The accompanying unaudited condensed consolidated financial statements
of Immunomedics, Inc. (the "Company"), which incorporate the Company's
wholly-owned subsidiary Immunomedics Europe, have been prepared in
accordance with generally accepted accounting principles for interim
financial information and the instructions to Form 10-Q and Rule 10-01
of Regulation S-X. Accordingly, the statements do not include all of
the information and footnotes required by generally accepted accounting
principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. The
balance sheet at June 30, 1998 has been derived from the audited
financial statements at that date. Operating results for the
three-month period ended September 30, 1998 are not necessarily
indicative of the results that may be expected for the fiscal year
ending June 30, 1999.
For further information, refer to the annual financial statements and
footnotes thereto included in the Company's Form 10-K for the fiscal
year ended June 30, 1998.
(2) Cash Equivalents and Marketable Securities
The Company considers all highly liquid investments with original
maturities of three months or less, at the time of purchase, to be cash
equivalents. Included in other current assets at September 30, 1998 and
June 30, 1998 is accrued interest earned on cash equivalents and
marketable securities of $8,000 and $24,000, respectively.
(3) Income Taxes
The Company has never made payments of Federal or State income taxes
and does not anticipate generating book income in fiscal 1999;
therefore, no income taxes have been reflected for the three-month
period ended September 30, 1998.
(4) Net Loss Per Share
Basic loss per share is based on net loss for the relevant period,
divided by the weighted average number of common shares outstanding
during the period.
Diluted loss per share is based on net loss for the relevant period,
divided by the weighted average number of common shares outstanding
during the period. Common share equivalents, such as outstanding stock
options, are not included in the computations since the effect would be
antidilutive.
Page 6 of 15
IMMUNOMEDICS, INC.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
(5) Comprehensive Income
On July 1, 1998, the Company adopted Statement of Financial Accounting
Standards No. 130, "Reporting Comprehensive Income" ("SFAS 130"), which
establishes standards for reporting and display of comprehensive income
and its components. In accordance with SFAS 130, the Company has
displayed the components of "Other comprehensive income" and
"Comprehensive loss" in the accompanying Financial Statements. All
prior-period data has been reclassified to conform with the provisions
of SFAS No. 130.
(6) Inventory
Inventory is stated at the lower of average cost (which approximates
first-in, first-out) or market, and includes materials, labor and
manufacturing overhead.
(7) Stockholders' Equity
On June 27, 1996, the Company completed an equity financing pursuant to
Regulation S under the Securities Act of 1933 ("Regulation S"),
pursuant to which several foreign investors purchased 200,000 shares of
5% Series D Convertible Preferred Stock (the "Series D Preferred") for
$10,000,000. The terms of the transaction allowed the investors, at
their discretion, to convert the Series D Preferred into shares of the
Company's common stock during a 24-month period which began in June
1996, at a price equal to 89% of the average market price per share
over a 20-day trading period surrounding the date of conversion. As of
June 30, 1998, all 200,000 shares of Series D Preferred had been
converted into 1,795,771 shares of the Company's common stock.
On December 23, 1997, the Company entered into a Structured Equity Line
Flexible Financing Agreement (the "Equity Line") with an investor (the
"Investor"), pursuant to which, subject to the satisfaction of certain
conditions, the Company may receive up to an aggregate of $30 million
over a 36-month period. During each three-month period (each, an
"Investment Period"), the Company, subject to the satisfaction of
certain conditions, can require the Investor to purchase shares of the
Company's common stock for an aggregate purchase price of between $1.0
million and $2.5 million, and the Investor, at its option, may purchase
additional shares of common stock for an aggregate purchase price of
$1.0 million. The Company retains the right to provide that no
purchases can be made in any given Investment Period. The Investor may
select the dates on which the purchase of shares of the Company's
common stock will occur. The purchase price per share to be paid by the
Investor for the
Page 7 of 15
IMMUNOMEDICS, INC.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
shares of the Company's common stock acquired under the Equity Line
will equal 98% of the lowest sales price of the common stock during the
three trading days immediately preceding the notice of purchase by the
Investor. The Investor's obligation to purchase shares of the Company's
common stock under the Equity Line is subject to various conditions,
including, among other things, the price of the Company's common stock
being at least such price as the Company may from time to time set as
the minimum purchase price. In addition, the Investor is not required
to purchase, in any Investment Period, an amount in excess of 8% of the
product of the daily average value of open market trading of the common
stock and the number of trading days in the Investment Period during
either the current or immediately preceding Investment Period. As of
November 13, 1998, the Company received a total of $5,050,000 for which
the Company issued 1,252,380 shares of common stock.
In connection with entering into the Equity Line with an Investor, the
Investor received a four-year warrant (the "Warrant") to purchase
50,000 shares of the common stock at an exercise price equal to $7.5375
per share (180% of closing sales price of common stock at the time of
issuance). In addition, the Company has agreed to issue to the
Investor, at the end of each calendar year, an additional four-year
warrant (each, an "Additional Warrant" and collectively, the
"Additional Warrants") to purchase common stock in an amount equal to
5,000 shares for each $500,000 of common stock purchased by the
Investor during such year. The exercise price will be equal to 180% of
the weighted average purchase price of the common stock purchased by
the Investor during the year, provided that the number of shares
issuable upon exercise of all the Additional Warrants will not exceed
125,000.
(8) License and Distribution Agreements
On November 24, 1997, the Company entered into a Distribution Agreement
with Eli Lilly Deutschland GmbH ("Lilly") pursuant to which Lilly will
package and distribute LeukoScan within the countries comprising the
European Union and certain other countries subject to receipt of
regulatory approvals. Also, effective April 6, 1998, Lilly began
packaging and distributing CEA-Scan within the countries comprising the
European Union. The Company pays Lilly a service fee based primarily on
the number of units of product packaged and shipped. The parties
contemplate that other future Company products may be handled under
this arrangement when appropriate.
Effective as of April 6, 1998, the Company appointed a subsidiary of
Bergen Brunswig Specialty Corporation as a non-exclusive distributor of
CEA-Scan in the U.S.. Such subsidiary (currently Integrated
Commercialization Solutions, Inc. ("ICS")) serves as an agent of the
Company in providing product support services, including customer
service, order management, distribution, invoicing and collections.
Page 8 of 15
IMMUNOMEDICS, INC.
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
On November 28, 1997, the Company was awarded $1.8 million, including
interest, from its arbitration claim against Pharmacia for breach of
contract and fiduciary duty arising out of the license agreement with a
predecessor of Pharmacia that had been terminated in 1995.
(9) Commitments and Contingencies
In February 1994, the Company entered into a master lease agreement,
which was subsequently amended, pursuant to which the Company may lease
equipment for research, development and manufacturing purposes having
an aggregate acquisition cost of up to $2,200,000. The basic lease
payments under the master lease agreement are determined based on
current market rates of interest at the inception of each equipment
schedule take-down, and are payable in monthly installments over a
four-year period. The lease agreement contains an early purchase
option, at an amount which is deemed to be fair value. On November 1,
1996, December 9, 1996, April 1, 1997, September 1, 1998 and October
28, 1998 the Company exercised early purchase options on equipment
leased on February 14, 1994, April 1, 1994, June 1, 1994, August 26,
1994, December 21, 1995 and June 21, 1996 respectively. Under the lease
agreement, continued compliance with certain financial ratios is
required and, in the event of default, the Company will be required to
provide an irrevocable letter of credit which is generally equal to the
outstanding balance of lease payments due at the time of default. As of
September 30, 1998, the Company was not in compliance with certain of
these ratios, but the lessor has not yet declared an event of default
or requested a letter of credit. The Company does not believe that such
a request would have a material adverse effect on the Company. As of
October 31, 1998, the Company has leased equipment with a cost basis
aggregating $372,000 under the master lease agreement and recorded
lease expense for the three months ended September 30, 1998 of $82,330.
On October 28, 1998 the Company entered into an Equipment Financing
Agreement with the New England Capital Corporation, pursuant to which
the Company has received $450,000, to be repaid over a 36-month period.
The proceeds of such financing were used to exercise the early purchase
options for the equipment leased on December 21, 1995 and June 21, 1996
through the master lease agreement detailed above. The financing is
secured by various used equipment and an irrevocable letter of credit
in the amount of $225,000. The letter of credit is collateralized by a
cash deposit of an equivalent amount.
(10) Reclassification
Certain amounts previously reported have been reclassified to conform
to current year presentation.
Page 9 of 15
IMMUNOMEDICS, INC.
Part I - Item 2.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Overview
Statements made in this Form 10-Q, other than those concerning historical
information, should be considered forward-looking and subject to various risks
and uncertainties. Such forward-looking statements are made based on
management's belief as well as assumptions made by, and information currently
available to, management pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. The Company's actual results may
differ materially from the results anticipated in these forward-looking
statements as a result of a variety of factors, including those identified in
"Business" and elsewhere in the Company's Annual Report on Form 10-K for the
fiscal year ended June 30, 1998.
Since its inception, the Company has been engaged primarily in the research and
development and, more recently, the commercialization of proprietary products
relating to the detection, diagnosis and treatment of cancer and infectious
diseases. On June 28, 1996, the U.S. Food and Drug Administration ("FDA")
licensed CEA-Scan(R) for use with other standard diagnostic modalities for the
detection of recurrent and/or metastatic colorectal cancer. On October 4, 1996,
the European Commission granted marketing authorization for use of the product
in the 15 countries comprising the European Union for the same indication. On
September 16, 1997, the Company received a notice of compliance from the Health
Protection Branch permitting it to market CEA-Scan in Canada for colorectal
cancer for recurrent and metastatic colorectal cancer.
On February 14, 1997, the Company was granted regulatory approval by the
European Commission to market LeukoScan(R), an in vivo infectious disease
diagnostic imaging product, in all 15 countries which are members of the
European Union, for the detection and diagnosis of osteomyelitis (bone
infection) in long bones and in diabetic foot ulcer patients. On December 19,
1996, the Company filed a Biologics License Application for LeukoScan with the
FDA for the same indication approved in Europe, plus an additional indication
for the diagnosis of acute, atypical appendicitis. As with all filings, there
can be no assurance that regulatory approval for such indications will be
received.
The Company is also engaged in developing other biopharmaceutical products,
which are in various stages of development and clinical testing. The Company has
not achieved profitable operations and does not anticipate achieving profitable
operations during fiscal year 1999. The Company will continue to experience
operating losses until such time, if at all, that it is able to generate
sufficient revenues from sales of CEA-Scan, LeukoScan and its other proposed in
vivo products. Further, the Company's working capital will continue to decrease
until such time, if at all, that the Company is able to generate positive cash
flow from operations or until such time, if at all, that the Company receives an
additional infusion of cash from the sale of the Company's securities, from
other financing or from corporate alliances to finance the Company's operating
expenses and capital expenditures.
Page 10 of 15
Results of Operations
Revenues for the three-month period ended September 30, 1998 were $1,844,000 as
compared to $1,301,000 for the same period in 1997, representing a increase of
$543,000. Product sales for the three-month period ended September 30, 1998
increased by $696,000 as compared to the same period of 1997, mainly due to
increased market acceptance of CEA-Scan and LeukoScan. Research and development
revenue decreased by $59,000 for the three-month period ended September 30, 1998
as compared to same period of 1997, due to lower grant income. Interest income
decreased by $93,000 due to less cash available for investments.
Total operating expenses for the three-month period ended September 30, 1998
were $4,772,000 as compared to $4,731,000 for the same period of 1997,
representing an increase of $41,000. Research and development costs for the
three-month period ended September 30, 1998 decreased by $396,000 as compared to
the same period of 1997, primarily due to a decrease in a level of expenditures
required to obtain validation of the Company's new manufacturing facility. Sales
and marketing expenses for the three-month period ended September 30, 1998 were
$1,576,000 as compared to $1,082,000 for the same period of 1997, representing
an increase of $494,000, primarily due to increased expenses associated with the
Company's full-time oncology sales force in U.S. and increased operating
expenses for Immunomedics Europe as compared to the same period of 1997. General
and administrative costs for the three-month period ended September 30, 1998
decreased by $102,000 as compared to the same period of 1997, primarily due to
reduced legal costs as a result of the conclusion of the Pharmacia arbitration,
which was settled in November 1997.
Net loss for the three-month period ended September 30, 1998 was $2,929,000, or
$0.08 per share, as compared to a loss of $3,431,000, or $0.09 per share, for
the same period in 1997. The lower net loss of $502,000 in 1998 as compared to
1997 principally resulted from higher sales revenues, partially offset by higher
operating expenses, as discussed above. In addition, the net loss per share for
the three-month period ended September 30, 1998 was positively impacted by the
higher weighted average number of common shares outstanding for this period, as
compared to the same period in 1997, which increase was principally due to the
conversion of the Company's preferred stock and the issuance of common stock
pursuant to the Company's Structured Equity Line Flexible Financing Agreement
(see Note 7 to Unaudited Condensed Consolidated Financial Statements).
Liquidity and Capital Resources
At September 30, 1998, the Company had working capital of $2,651,000, which
represents a decrease of $2,814,000 from June 30, 1998, and had no long-term
debt other than certain lease obligations (see Note 9 to Unaudited Condensed
Consolidated Financial Statements). The net decrease in working capital resulted
principally from the funding of operating expenses and capital expenditures.
In February 1994, the Company entered into a master lease agreement, which was
subsequently amended, pursuant to which the Company may lease equipment for
research, development and manufacturing purposes having an aggregate acquisition
cost of up to $2,200,000. The basic lease payments under the master lease
agreement are determined based on current market rates of interest
Page 11 of 15
Liquidity and Capital Resources (Continued)
at the inception of each equipment schedule take-down, and are payable in
monthly installments over a four-year period. The lease agreement contains an
early purchase option, at an amount which is deemed to be fair value. On
November 1, 1996, December 9, 1996, April 1, 1997, September 1, 1998 and October
28, 1998 the Company exercised early purchase options on equipment leased on
February 14, 1994, April 1, 1994, June 1, 1994, August 26, 1994, December 21,
1995 and June 21, 1996 respectively. Under the lease agreement, continued
compliance with certain financial ratios is required and, in the event of
default, the Company will be required to provide an irrevocable letter of credit
which is generally equal to the outstanding balance of lease payments due at the
time of default. As of September 30, 1998, the Company was not in compliance
with certain of these ratios, but the lessor has not yet declared an event of
default or requested a letter of credit. The Company does not believe that such
a request would have a material adverse effect on the Company. As of October 31,
1998, the Company has leased equipment with a cost basis aggregating $372,000
under the master lease agreement and recorded lease expense for the three months
ended September 30, 1998 of $82,330.
On October 28, 1998 the Company entered into an Equipment Financing Agreement
with the New England Capital Corporation, pursuant to which the Company has
received $450,000, to be repaid over a 36-month period. The proceeds of such
financing were used to exercise the early purchase options for the equipment
leased on December 21, 1995 and June 21, 1996 through the master lease agreement
detailed above. The financing is secured by various used equipment and an
irrevocable letter of credit in the amount of $225,000. The letter of credit is
collateralized by a cash deposit of an equivalent amount.
The Company's liquid asset position, measured by its cash, cash equivalents and
marketable securities, was $4,352,000 at September 30, 1998, representing a
decrease of $3,231,000 from June 30, 1998. This decrease was principally
attributable to the funding of operating expenses and capital expenditures as
discussed above. It is anticipated that working capital and cash, cash
equivalents and marketable securities will decrease during the remainder of
fiscal year 1999 as a result of planned operating and capital expenditures. At
present, the Company believes that its projected financial resources and funds
available under the Equity Line (see Note 7 to Unaudited Condensed Consolidated
Financial Statements) will be sufficient to fund anticipated operating expenses
and capital expenditures through fiscal year 1999. However, the Company believes
that it will require additional financial resources by the beginning of fiscal
2000 in order for it to continue its budgeted levels of research and development
and clinical trials of its proposed products and regulatory filings for new
indications of existing products. The Company has commenced the planning process
to raise such funds and anticipates that such funds should be available through
a private placement of securities or other financing alternatives. However,
there can be no assurance that any such additional funds will be available upon
terms acceptable to the Company, or at all. The failure to obtain such terms on
a timely basis would have a material adverse effect on the Company.
In addition, the Company intends to supplement its financial resources from time
to time as market conditions permit through additional financing and through
collaborative marketing and distribution agreements. Also, the Company continues
to evaluate various programs to raise additional capital and
Page 12 of 15
Liquidity and Capital Resources (Continued)
to seek additional revenues from the licensing of its proprietary technology. At
the present time, the Company is unable to determine whether any of these future
activities will be successful and, if so, the terms and timing of any definitive
agreements.
Impact of Year 2000
The Company is in the process of conducting a review of its business systems,
including its computer systems and manufacturing equipment, and has sent written
inquiries to its customers, distributors and vendors as to their progress in
identifying and addressing problems that their systems may face in correctly
interpreting and processing date information as the year 2000 approaches and is
reached. This review is expected to be complete by March 1999. Based on this
review, the Company will implement a plan to achieve year 2000 compliance. The
Company believes that it will achieve year 2000 compliance in a manner which
will be non-disruptive to its operations. In addition, the Company has commenced
work on various types of contingency planning to address potential problem areas
with internal systems, suppliers and other third parties. Year 2000 compliance
should not have a material adverse effect on the Company, including the
Company's financial condition, results of operations or cash flow. The Company
has incurred no costs to date related to year 2000. The Company estimates the
cost of its year 2000 efforts to be approximately $250,000. The total cost
estimate is based on management's current assessment and is subject to change.
However, the Company may encounter problems with supplier and or revenue sources
which could adversely affect the Company's financial condition, results of
operations or cash flow. The Company cannot accurately predict the occurrence
and or outcome of any such problems, nor can the dollar amount of such problem
be estimated. In addition, there can be no assurance that the failure to ensure
year 2000 compliance by a third party would not have a material adverse effect
on the Company.
Page 13 of 15
Item 6. Exhibits and reports on Form 8-K
(a) Exhibits
27 Financial Data Schedule
(b) Reports on Form 8-K
The Company did not file a Current Report on Form 8-K
during the three-month period ended September 30,
1998.
Page 14 of 15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
IMMUNOMEDICS, INC.
(Registrant)
DATE: November 13, 1998
___________________________________
Robert J. DeLuccia,
President and
Chief Executive Officer
(Principal Executive Officer)
DATE: November 13, 1998
___________________________________
Kevin F.X. Brophy,
Vice President, Finance &
Administration (Principal Financial
and Accounting Officer)
Page 15 of 15
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
IMMUNOMEDICS, INC.
(Registrant)
DATE: November 13, 1998 /s/ Robert J. DeLuccia
___________________________________
Robert J. DeLuccia,
President and
Chief Executive Officer
(Principal Executive Officer)
DATE: November 13, 1998 /s/ Kevin F.X. Brophy
___________________________________
Kevin F.X. Brophy,
Vice President, Finance &
Administration (Principal Financial
and Accounting Officer)
Page 15 of 15