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IMMUNOMEDICS ANNOUNCES THIRD QUARTER 1993 FINANCIAL RESULTS IN LINE WITH COMPANY EXPECTATIONS

 MORRIS PLAINS, N.J., April 30 /PRNewswire/ -- Immunomedics, Inc. (NASDAQ: IMMU) today announced its financial results for the third quarter ended March 31, 1993, which were in line with company expectations. The company had a net loss of $2,247,000 or $0.07 per share and revenues of $1,208,000 for the quarter ended March 31, 1993, as compared to a net loss of $1,978,000 or $0.07 per share and revenues of $779,000 during the same period in 1992.
 The company's revenues and expenditures increased as planned during the third quarter of fiscal 1993, as compared to the same period in the prior year. The increased revenues are principally the result of the company receiving $500,000 in research and development fees from a corporate partner. Increased expenditures were due, in part, to increased clinical and regulatory expenses, development of humanized monoclonal antibodies and manufacturing activities relating to preparation for commercialization of its lead product, ImmuRAID(TM)-CEA for imaging of colorectal cancers, which is under U.S. Food and Drug Administration review.
 "During the quarter, we expanded Phase III clinical trials on ImmuRAID(TM)-MN3, for the detection of infectious diseases, and are in the process of completing Phase II trials on three diagnostic imaging products, ImmuRAID-CEA for lung and breast cancer, ImmuRAID(TM)-LL2 for B-cell lymphomas, and ImmuRAID(TM)-AFP for liver and germ-cell cancers," stated David W. Ortlieb, president and CEO of Immunomedics. "This has been an active quarter for Immunomedics. We have reported significant research advances in several important medical journals."
 Immunomedics also reported revenues for the nine-month period ended March 31, 1993, of $3,972,000 with a net loss of $5,921,000, or $0.20 per share. This compares to revenues of $7,458,000 and net income of $624,000, or $0.02 per share during the same period in the prior year which were the result of the company receiving $5.5 million in license fees from a corporate partner.
 As of March 31, 1993, Immunomedics had $43.7 million in cash and cash equivalents and virtually no long-term debt.
 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. The company currently has one therapeutic and five imaging products in human clinical trials. In addition, the company's colorectal cancer imaging agent, ImmuRAID(TM)-CEA, is under review for marketing approval by the U.S. Food and Drug Administration, as well as by regulatory agencies in Europe and Canada.
 IMMUNOMEDICS, INC.
 Condensed Balance Sheets
 (Unaudited)
 3/31/93 6/30/92
 Assets:
 Current assets $45,486,979 $51,370,394
 Property & equipment, net 3,025,117 2,286,143
 Other assets 30,000 30,000
 Total assets 48,542,096 53,686,537
 Liabilities & stockholders' equity:
 Current liabilities $ 2,624,047 $ 1,919,630
 Long-term debt 23,644 31,559
 Stockholders' equity 45,894,405 51,735,348
 Total liabilities &
 stockholders' equity 48,542,096 53,686,537
 Condensed Summary of Operations
 (Unaudited)
 Periods Ended Three months Nine months
 March 31 1993 1992 1993 1992
 Revenues $1,207,649 $ 779,211 $3,971,874 $7,458,419
 Costs and expenses 3,454,539 2,757,402 9,892,641 6,834,741
 Net income (loss) (2,246,890) (1,978,191) (5,920,767) 623,678
 Weighted average number of
 common and common equivalent
 shares outstanding 29,962,754 27,147,858 29,225,585 28,791,605
 Net income (loss) per
 common and common
 equivalent share $(0.07) $(0.07) $(0.20) $0.02
 -0- 4/30/93
 /CONTACT: Debra Wasser, director of corporate communications of Immunomedics, Inc., 201-605-1330, ext. 113/
 (IMMU)


CO: Immunomedics, Inc. ST: New Jersey IN: MTC SU: ERN

PS-WB -- NY032 -- 3177 04/30/93 12:00 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
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