IMMUNOMEDICS RELEASES FIRST QUARTER EARNINGS;
PROJECTS PROMISING RESULTS FOR 1992 AT ANNUAL MEETING
WARREN, N.J., Nov. 7 /PRNewswire/ -- At today's annual meeting of Immunomedics' (NASDAQ: IMMU) shareholders, chairman of the board, Dr. David M. Goldberg, remarked that "the past year was very successful for our company on all fronts -- fiscal, scientific, clinical, patents and overall corporate development." Russell C. McLauchlan, president, expanded by listing certain accomplishments as "the filing of a product license application with the U.S. Food and Drug Administration for the company's colorectal cancer imaging agent, ImmuRAID(TM)-CEA, forming a relationship with Adria Laboratories for marketing in North America, raising $20 million in capital, and advancing the company's worldwide clinical trial program. Last year was one of outstanding progress for Immunomedics, and I foresee an equally promising performance in 1992 as our products progress towards commercialization," stated McLauchlan.
The company's goals for 1992 include filing with the Committee of Proprietary Medicinal Products for the approval to market ImmuRAID-CEA in Europe, expanding corporate alliances for the company's imaging products, and building a commercial scale manufacturing facility.
The company also announced that revenues for the first quarter ended Sept. 30, 1991 were $5,616,000, as compared to $367,500 for the same period last year. This includes the payment of $5 million received from Adria Laboratories, the first of a series of milestone payments provided by this arrangement.
Amy Factor, vice president, finance and administration, commented, "As of Sept. 30, 1991, working capital was $25.4 million, an increase of over $20 million from the fiscal year ending June 30, 1991. Immunomedics has significantly strengthened its cash position and has the financial ability to realize the objectives established for the coming year. We are now making the transition from an R&D-focused company moving towards product commercialization."
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.
Condensed Balance Sheets
Periods ended Sept. 30, 1991 June 30, 1991
Current assets $30,944,204 $10,732,538
Property & equipment-net 1,339,313 1,350,838
Other assets 58,783 61,522
Total assets 32,342,300 12,144,898
Liabilities & Shareholders' Equity:
Current liabilities 5,618,584 5,392,579
Long-term debt 329,991 376,092
Shareholders' equity 26,393,725 6,376,227
Total liabilities &
shareholders' equity 32,342,300 12,144,898
Summary of Operations
Three months ended Sept. 30: 1991 1990
Revenues $5,601,866 $367,500
Costs & expenses 1,995,674 1,740,009
Net income (loss) 3,606,192 (1,372,509)
Primary earnings (loss)
per common share $.13 ($.06)
/CONTACT: Amy Factor of Immunomedics, 908-647-5400/
(IMMU) CO: Immunomedics, Inc. ST: New Jersey IN: MTC SU: ERN TS-JT -- NY044 -- 2189 11/07/91 11:56 EST