Immunomedics Reports Fiscal 1997 Results; Recent Product Launches
Boost Annual Revenues by 125%
PR Newswire - August 04, 1997 10:48
MORRIS PLAINS, N.J., Aug. 4 /PRNewswire/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today reported revenues of $3.8 million and a net loss of $13.9 million, or $0.39 per share, for the fiscal year ended June 30, 1997, as compared to revenues of $1.7 million and a net loss of $13.3 million, or $0.40 per share, for fiscal 1996. Revenues for the fourth quarter were $1.2 million, more than 3 times greater than in the same quarter a year earlier. The net loss for the quarter was $3.1 million, or $0.09 per share, compared to a loss of $3.4 million, or $0.10 per share, in the fourth quarter of fiscal of 1996.
Higher revenues for both the year and the quarter were driven by sales of CEA-Scan(R), the Company's colorectal cancer imaging agent, which received FDA approval a year ago and was launched in October 1996. Initial sales in Europe of LeukoScan(R), the Company's infectious disease imaging agent, launched in April of this year, also contributed to the increase. LeukoScan has been approved in Europe and is under review in the U.S.
"We are pleased that our first two products are growing in the marketplace and are starting to influence our financial results," commented Dr. David Goldenberg, Chairman and Chief Executive Officer of Immunomedics. "We have already begun to add a specialized salesforce to enhance the efforts of our partner, Mallinckrodt, in the U.S.," he said, "and have also been hiring a salesforce to detail LeukoScan in Europe. We are committed to realizing the full potential of these products," he added.
Immunomedics is a biopharmaceutical company focused on the development, manufacture and commercialization of diagnostic imaging and therapeutic products for patients with cancer and infectious diseases. Integral to these products are highly specific monoclonal antibodies and antibody fragments designed to deliver radioisotopes and chemotherapeutic agents to tumors and sites of infection. The Company's first product, CEA-Scan for the detection of colorectal cancer, has been approved in both the U.S. and Europe and is being marketed by Mallinckrodt Inc. and its European affiliate, Mallinckrodt Medical B.V. The Company's second product, LeukoScan, for the detection of infectious disease, is currently being marketed in the European Union by Immunomedics and its European subsidiary in The Netherlands. The product is under regulatory review by the U.S. Food and Drug Administration.
Immunomedics also has several other diagnostic imaging products and two therapeutic products in clinical trials.
This news release contains forward-looking statements that involve risks and uncertainties. The development and commercialization of the Company's imaging and therapeutic programs and products may differ materially from the Company's expectations. Among the factors that could result in a materially different outcome are the inherent uncertainties accompanying new product development and marketing, actions of regulatory authorities concerning product approval, actions of government and private organizations concerning reimbursement, the impact of competitive products and pricing, and the results of further clinical trials.
IMMUNOMEDICS, INC.
Condensed Consolidated Balance Sheets
June 30, June 30,
1997 1996
ASSETS
Current Assets:
Cash and cash equivalent $ 6,013,355 13,646,000
Marketable securities 9,010,275 15,044,821
Inventory 690,695 193,672
Other current assets 1,227,000 725,291
Total Current Assets 16,941,325 29,609,784
Property and equipment, net 5,693,193 6,110,191
Total Assets $ 22,634,518 35,719,975
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 5,188,226 4,566,769
Stockholders' equity 17,446,292 31,153,206
Total Liabilities &Stockholders' Equity $ 22,634,518 35,719,975
Condensed Consolidated Statements of Operations
Three Months Ended Twelve Months Ended
June 30, June 30,
1997 1996 1997 1996
Revenues $ 1,212,543 354,697 3,841,467 1,700,092
Costs and Expenses 4,338,368 3,774,199 17,775,500 14,999,569
Net Loss
Prior to Dividend $(3,125,825) (3,419,502) (13,934,033)(13,299,477)
Dividend on
Preferred Stock 12,498 --- 12,498 ---
Net Loss $(3,138,323) (3,419,502) 3,946,531)(13,299,477)
Net Loss per Share $(0.09) (0.10) (0.39) (0.40)
Weighted average number
of shares outstanding 36,116,780 33,889,452 35,445,033 32,903,764 |
