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Biotech / Medical : Immunomedics (IMMU)

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To: Josh C. Pleasure, M.D. who wrote (102)	2/6/1997 10:16:00 PM
From: Christopher Moylen	of 371

Lehman Brothers is responible for promoting the company to investors. I believe they will concentrate on selling stock, not marketing the products. Malli. is responsible for marketing and selling the CEA-Scan and so far has done a great job. It usually takes anywhere from 6-8 months to get a new drug exposed nationwide, with a lot of seminars and informational presentations by Malli. This takes time because there are a lot of details that must be covered in these presentations that are dictated by the FDA. Futhermore, IMMU is only receiving a percentage of the sale of each unit of CEA-Scan. This percentage has yet to be disclosed. I would imagine that Mall. sold a decent number of units of the CEA-Scan considering the revenue posted last week. As the cost of marketing the product decreases the percentage of sale for IMMU will most likely increase accordingly. The initial marketing plan for a new drug is always costly in the beginning stages, and profits will appear to be low. I look forward to the next quarterly report as this will give a better indication of sales being that the revenues will reflect a full quater of sales. Also, The approval of the Lueko-scan in Europe should be coming soon.

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