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<<Immunomedics Reports Second Quarter 2000 Results

February 14, 2000 02:27 PM Eastern Time
MORRIS PLAINS, N.J., Feb. 14 /PRNewswire/ -- Immunomedics, Inc. IMMU today announced its financial results for the second quarter of fiscal 2000, which ended December 31, 1999. The Company reported total revenues of $1.2 million for the quarter, which compares to total revenues of $2.1 million for the same period last year. Decreases in product revenues for the second quarter of fiscal 2000 were expected as the Company continues to evaluate sales activities in the U.S. and Europe. There was a significant reduction in costs and expenses, which amounted to $3.3 million for the second quarter as compared to $4.8 million for the same period last year. The net loss allocable to common shareholders for the second quarter of $2.4 million, or $0.06 per share, compared to a net loss allocable to common shareholders of $2.7 million, or $0.07 per share, for the same period last year.
For the first half of fiscal year 2000, the Company reported a net loss allocable to common shareholders of $4.7 million, or $0.12 per share, and revenues of $2.6 million, which compares with a net loss allocable to common shareholders of $5.6 million, or $0.15 per share, and revenues of $4.0 million for the same period last year.

Immunomedics' Chairman and Chief Executive Officer, Dr. David M. Goldenberg, commented, "Our financial results are consistent with the refocusing of our Company into therapeutics by decreasing U.S. efforts in marketing and sales in the diagnostic imaging area. We are pleased with our progress in the clinical development of LymphoCide(TM) and CEA-Cide(TM), our leading cancer therapeutic products," he added.

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). Immunomedics also has several other diagnostic imaging products and three therapeutic products in clinical trials.

This release, in addition to historical information, contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Such statements 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 1999.

Company Contact: Sal Asher, Acting Chief Financial Officer and Controller, 973-605-8200, extension 114. Visit the Company's web site at

Condensed Consolidated Balance Sheets

December 31, June 30,
1999 1999

Current Assets:
Cash and cash
equivalents $4,892,577 3,469,261
Marketable securities 2,165,343 5,952,398
Accounts Receivable 558,607 1,101,820
Inventory 787,286 818,883
Other current assets 461,689 573,420
8,865,502 11,915,782

Property and
equipment, net. 4,393,088 4,818,139

Long-term assets 225,000 225,000

$13,483,590 16,958,921

Current liabilities $3,796,624 4,093,268
Long-term debt 151,314 228,470
Minority interest 182,000 182,000
Stockholders' equity 9,353,652 12,455,183
$13,483,590 16,958,921

Condensed Consolidated Statements of Operations

Three Months Ended Six Months Ended
December 31, December 31,
1999 1998 1999 1998

Revenues $1,211,714 2,106,556 2,598,756 3,950,182

Costs and Expenses 3,267,647 4,774,822 6,771,048 9,547,051

Net Loss $(2,055,933) (2,668,266) (4,172,292) (5,596,869)

Preferred Stock
Dividends 371,684 31,944 496,684 31,944

Net Loss to Common
Shareholders $(2,427,617) (2,700,210) (4,668,976) (5,628,813)

Net Loss per
Common Share $(0.06) (0.07) (0.12) (0.15)

Weighted average number
of common shares
outstanding 41,121,065 37,770,684 39,504,578 37,678,386

SOURCE Immunomedics, Inc. >>


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