Exhibit 99.1
Immunomedics Announces First Quarter Fiscal 2004 Results
MORRIS PLAINS, N.J., Nov. 13 /PRNewswire-FirstCall/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today reported revenues of $1.2 million and a net loss of $5.2
million, or $0.10 per share, for the first quarter of fiscal year 2004, which
ended September 30, 2003. This compares to revenues of $3.2 million and a net
loss of $2.9 million, or $0.06 per share, for the same period last year. The
decline in revenues resulted primarily from the fact that the Company
recognized its final portion of the $18.0 million up-front licensing payment
from Amgen in the third quarter 2003. At September 30, 2003, the Company had
$25.8 million in cash and liquid securities, including $6.1 million of
restricted cash associated with the EDA financing completed for the
manufacturing facilities.
Mr. Gerard G. Gorman, the Company's Vice President, Finance, and Chief
Financial Officer, commented: "We are pleased to report that the results for
the first fiscal quarter were in line with our expectations. We will continue
to assess opportunities to raise additional capital through the further
licensing of our products and technologies, the sale of debt and/or equity
securities, or some combination of the foregoing as they arise."
Other developments of note during the first fiscal quarter of 2004 were as
follows:
* The Company completed construction of its large-scale antibody
manufacturing facility at its headquarters in Morris Plains, New
Jersey.
* The Company announced that near-term clinical development plans now
include the evaluation of two proprietary cancer therapeutic
antibodies, humanized CD22 (IMMU-103, epratuzumab) and humanized CD20
(IMMU-106) in the new indication of autoimmune disease therapy.
* Programs have been implemented for the near-term commencement of
clinical trials with IMMU-106 also in patients with non-Hodgkin's
lymphoma, and the development of a new product candidate, humanized
PAM4 (IMMU-107), for the therapy of pancreatic cancer.
* In September, the Company presented at the Bear Stearns 16th Annual
Healthcare Conference and at the UBS Global Life Sciences Conference.
"Our investments in research and development and the addition of key
personnel to our clinical research and operations departments continue to
yield important advances for our Company, with the preclinical and clinical
evaluation of new antibodies and the expansion of existing product candidates
into new indications," commented Company President and Chief Executive
Officer, Cynthia L. Sullivan. "The continued growth of our product pipeline
and progress of our clinical agents, together with the completion of our
large-scale production facilities, will further facilitate our aggressive
development plans for our therapeutic product pipeline," Ms. Sullivan
remarked.
Immunomedics is a biopharmaceutical company focused on the development,
manufacture and commercialization of diagnostic imaging and therapeutic
products for the detection and treatment of cancer and other serious diseases.
Integral to these products are highly specific monoclonal antibodies and
antibody fragments designed to deliver radioisotopes and chemotherapeutic
agents to tumors and other sites of disease. Immunomedics has six therapeutic
product candidates in clinical development and has two marketed diagnostic
imaging products. The most advanced therapeutic product candidates are
LymphoCide(R) (epratuzumab), for which certain Phase II clinical trials for
the treatment of non-Hodgkin's lymphoma have already been completed, and
CEA-Cide(R) (labetuzumab), which is in Phase I/II clinical trials for the
treatment of certain solid tumors.
This release, in addition to historical information, contains
forward-looking statements made pursuant to the Private Securities Litigation
Reform Act of 1995. Such statements, including statements regarding clinical
trials, involve significant risks and uncertainties and actual results could
differ materially from those expressed or implied herein. Factors that could
cause such differences include, but are not limited to, risks associated with
new product development (including clinical trials outcome and regulatory
requirements/actions), competitive risks to marketed products and availability
of financing and other sources of capital, as well as the risks discussed in
the Company's Annual Report on Form 10-K for the year June 30, 2003.
IMMUNOMEDICS, INC.
Condensed Consolidated Balance Sheets
(Unaudited)
September 30, June 30,
2003 2003
ASSETS
Current Assets:
Cash and cash equivalents $9,341,993 $13,601,627
Marketable securities 10,356,676 10,194,813
Accounts receivable 822,121 930,134
Inventory 764,975 839,480
Other current assets 1,612,048 825,372
22,897,813 26,391,426
Property and equipment, net 11,996,873 12,298,971
Restricted Cash 6,057,200 6,376,000
Long-term assets 73,078 63,157
$41,024,964 $45,129,554
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $7,320,394 $5,997,212
Long-term debt 4,782,000 4,994,534
Minority interest 447,988 471,044
Stockholders' equity 28,474,582 33,666,764
$41,024,964 $45,129,554
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
September 30,
2003 2002
Revenues:
Product sales $804,820 $809,288
License fee and other revenues 331,321 2,397,312
Research & development 50,001 25,282
Revenues $1,186,142 $3,231,882
Costs and Expenses 6,484,434 6,504,841
Operating Loss (5,298,292) (3,272,959)
Interest and Other Income 173,488 341,090
Interest Expense (19,902) -
Minority Interest 23,056 17,983
Foreign Currency Transaction (Loss)
Gain (32,551) 27,734
Net Loss before Income Tax (5,154,201) (2,886,152)
Income Tax (28,700) -
Net Loss $(5,182,901) $(2,886,152)
Net Loss per Common Share,
Basic and Diluted $(0.10) $(0.06)
Weighted average number of common
shares outstanding 49,881,563 49,877,443
Company Contact: Gerard G. Gorman, Vice President, Finance, and Chief
Financial Officer, (973) 605-8200, extension 185. Visit the Company's
web site at http://www.Immunomedics.com
SOURCE Immunomedics, Inc.
-0- 11/13/2003
/CONTACT: Gerard G. Gorman, Vice President, Finance, and Chief Financial
Officer of Immunomedics, Inc., +1-973-605-8200, ext. 185/
/Company News On-Call: http://www.prnewswire.com/comp/113121.html /
/Web site: http://www.Immunomedics.com /
(IMMU)
CO: Immunomedics, Inc.
ST: New Jersey
IN: BIO HEA MTC
SU: ERN