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IMMUNOMEDICS REPORTS RESULTS OF OPERATIONS AND SIGNIFICANT INCREASE IN WORKING CAPITAL

 IMMUNOMEDICS REPORTS RESULTS OF OPERATIONS AND
 SIGNIFICANT INCREASE IN WORKING CAPITAL
 WARREN, N.J., May 12 /PRNewswire/ -- Immunomedics, Inc. (NASDAQ: IMMU) today reported for the nine month period ended March 31, 1992, net earnings were $624,000 as compared to a net loss of $3,319,000 for the same period in 1991. For the nine month period ended March 31, 1992, the company reported revenues of $7,458,000, compared to revenues of $1,700,000 for the same period in 1991.
 The company's working capital at March 31, 1992, was $51.8 million with virtually no long-term debt as compared to $5.3 million at June 30, 1991. This increase is primarily attributable to net proceeds of $46 million generated from the sale of common stock and $5.5 million in license fees received from Adria Laboratories. Adria Laboratories has the marketing rights in North America to certain of the company's cancer imaging agents.
 Revenues for the third quarter ended March 31, 1992, were $779,000 compared to $978,000 during the same quarter in 1991. For the third quarter ended March 31, 1992, the company had a net loss of $1,978,000 compared to a net loss of $792,000 during the same quarter in 1991.
 "The company's third quarter and nine-month financial results are in line with the company's operating projections," commented Amy Factor, vice president, finance. "As a result of our stronger cash position, we have been able to expand our operations. This expansion includes the addition of key personnel, particularly in our clinical and regulatory departments. Our increased operating expenses have been offset by license fees received from Adria Laboratories and interest income earned from our improved cash position," further stated Factor.
 Immunomedics is a biopharmaceutical company applying innovative technology in antibody selection, modification and chemistry to the development of products for the detection and treatment of cancers and infectious diseases. Integral to these products are highly specific monoclonal antibodies designed to deliver radioisotopes, chemotherapeutic agents or toxins to tumors and sites of infections or other diseases.
 IMMUNOMEDICS, INC.
 Condensed Balance Sheets
 (unaudited)
 3/31/92 6/30/91
 Assets:
 Current assets $53,209,353 $10,732,538
 Property & equipment, net 1,976,607 1,350,838
 Other assets 25,000 61,522
 Total assets 55,210,960 12,144,898
 Liabilities & shareholders' equity:
 Current liabilities $ 1,443,236 $ 5,392,579
 Long-term debt 46,972 376,092
 Shareholders' equity 53,720,752 6,376,227
 Total liabilities & shareholders'
 equity 55,210,960 12,144,898
 IMMUNOMEDICS, INC.
 Condensed Summary of Operations
 (Unaudited)
 Periods Ended Three Months Nine Months
 March 31 1992 1991 1992 1991
 Revenues $ 779,211 $ 978,131 $7,458,419 $1,700,104
 Costs & expenses 2,757,402 1,769,659 6,834,741 5,019,550
 Net income (loss) (1,978,191) (791,528) 623,678 (3,319,446)
 Net income (loss)
 per common & common
 equiv. shares ($0.07) ($0.03) $0.02 ($0.14)
 Weighted avg. com.
 & com. equiv. shrs.
 outstanding 27,147,858 23,116,786 27,791,605 23,088,134
 -0- 5/12/92
 /CONTACT: Amy Factor of Immunomedics, 908-647-5400/
 (IMMU) CO: Immunomedics, Inc. ST: New Jersey IN: MTC SU: ERN


SH-PS -- NY079 -- 9237 05/12/92 15:09 EDT
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Publication:PR Newswire
Date:May 12, 1992
Words:545
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