Immunomedics Reports Third Quarter Results
MORRIS PLAINS, N.J., May 3 /PRNewswire/ -- Immunomedics, Inc.
(Nasdaq: IMMU) today announced its financial results for the third quarter of
fiscal 1999 which ended March 31, 1999. The Company reported product revenues
of $1.5 million for the quarter, a 59% increase versus the prior year's third
quarter. Product revenues were the same as the second quarter of fiscal 1999,
due to the Company refocusing its marketing strategy for CEA-Scan(R) and
recently re-deploying its US sales force to implement the new colorectal
cancer "Centers of Excellence" program. This program emphasizes proper
technical acquisition and interpretation of nuclear images in selected
hospitals. Total revenues of $1.8 million for the quarter compare to total
revenues of $1.3 million for the same period last year. The net loss to common
shareholders for the current period of $3.3 million, or $0.09 per share,
compares to a net loss of $3.3 million or $0.09 per share, for the same period
last year.
For the first nine months of fiscal year 1999, the Company reported a net
loss to common shareholders of $9.0 million, or $0.24 per share and revenues
of $5.8 million, which compares with a net loss of $8.4 million, or $0.23 per
share and revenues of $6.2 million, for the same period last year.
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 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(R) for the detection of colorectal cancer, is being marketed in the
United States and Europe (approved in Canada). The Company's second
diagnostic imaging product, LeukoScan(R), is being marketed in Europe for the
diagnosis of osteomyelitis (bone infection). This product is presently 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 release, in addition to historical information, contains certain
forward-looking statements made pursuant to the Private Securities Litigation
Reform Act of 1995. Such statements may 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, new product development (including clinical trials outcome and
regulatory requirement/actions), competitive risks to marketed products and
availability of financing and other sources of capital as well as those
discussed in the Company's Annual Report on Form 10-K for the year ended June
30, 1998.
IMMUNOMEDICS, INC.
Condensed Consolidated Balance Sheets
March 31, June 30,
1999 1998
ASSETS
Current Assets:
Cash and cash equivalents $4,448,408 7,568,147
Marketable securities 6,904,604 14,845
Accounts Receivable 1,450,276 1,039,477
Inventory 888,086 913,927
Other current assets 621,454 345,491
Total Current Assets 14,312,828 9,881,887
Property and equipment, net 4,997,825 5,059,935
Long-term assets 225,000 --
Total Assets $ 19,535,653 14,941,822
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $4,109,585 4,416,227
Long-term debt 265,697 --
Minority interest 182,000 --
Stockholders' equity 14,978,371 10,525,595
Total Liabilities
Stockholders' Equity $ 19,535,653 14,941,822
Condensed Consolidated Statements of Operations
Three Months Ended Nine Months Ended
March 31, March 31,
1999 1998 1999 1998
Revenues $1,811,381 1,259,870 5,761,563 6,171,090
Costs and Expenses 4,938,151 4,595,965 14,485,202 14,562,619
Net Loss $(3,126,770) (3,336,095) (8,732,639) (8,391,529)
Preferred Stock
Dividends 204,050 -- 235,994 --
Net Loss to Common
Shareholders $(3,330,820) (3,336,095) (8,959,633) (8,391,529)
Net Loss per Share $(0.09) (0.09) (0.24) (0.23)
Weighted average number
of shares
outstanding 37,888,090 36,448,634 37,747,267 36,378,635
Contact: Cynthia L. Sullivan, Executive Vice President of Immunomedics,
973-605-8200 ext. 109
SOURCE Immunomedics, Inc.
CO: Immunomedics, Inc.
ST: New Jersey
IN: MTC
SU: ERN
05/03/99 08:58 EDT prnewswire.com
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