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IMMUNOMEDICS REPORTS FISCAL 1992 FINANCIAL RESULTS

 IMMUNOMEDICS REPORTS FISCAL 1992 FINANCIAL RESULTS
 MORRIS PLAINS, N.J., Aug. 21 /PRNewswire/ -- Immunomedics, Inc.


(NASDAQ: IMMU) today reported for the fiscal year ended June 30, 1992 revenues of $8.8 million, an increase of $6.7 million, as compared to $2.1 million in 1991 primarily attributable to license fees received from a corporate partner. For the fiscal year ended June 30, 1992 the company reported a net loss of $1.4 million or $.05 per share, a decrease of $3.2 million compared to the net loss of $4.6 million or $.20 per share reported for fiscal 1991. The net loss for fiscal 1992 was in line with analysts expectations.
 The company's working capital at June 30, 1992 was $49.5 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 $46.2 million generated from the sale of common stock, interest income earned of $1.8 million and the aforementioned license fees.
 Revenues for the fourth quarter ended June 30, 1992 were $1.4 million compared to $.4 million for the same period in fiscal 1991. For the fourth quarter ended June 30, 1992 the company had a net loss of $2 million compared to a net loss of $1.3 million during the same quarter of 1991. The net loss was in line with analysts expectations. This increase is attributable to, in part, the move of the company's headquarters to a larger facility and clinical costs.
 "During fiscal 1992, Immunomedics has significantly strengthened its financial position through the sale of common stock as well as license fees received from Adria Laboratories. As a result of our stronger cash position, we have been able to expand our operations, and continued growth is projected for fiscal 1993," stated Amy Factor, vice president, finance.
 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)
 June 30 1992 1991
 Assets:
 Current assets $51,370,394 $10,732,538
 Property & equipment - net 2,286,143 1,350,838
 Other assets 30,000 61,522
 Total assets 53,686,537 12,144,898
 Liabilities & Shareholders' Equity:
 Current liabilities 1,919,630 5,392,579
 Long term debt 31,559 376,092
 Shareholders' equity 51,735,348 6,376,227
 Total liabilities & shareholders'
 equity 53,686,537 12,144,898
 Condensed Summary of Operations
 (Unaudited)
 Periods ended Three months Year
 June 30 1992 1991 1992 1991
 Revenues $1,351,190 $ 400,326 $ 8,809,609 $2,100,430
 Costs and expenses 3,362,925 1,668,368 10,197,666 6,687,918
 Net loss (2,011,735) (1,268,042) (1,388,057) (4,587,488)
 Net loss per
 common share (0.07) (0.05) (0.05) (0.20)
 Weighted average number
 of common shares
 outstanding 28,135,695 23,609,382 26,461,274 23,201,070
 -0- 8/21/92
 /CONTACT: Amy Factor of Immunomedics, 201-605-8200/
 (IMMU) CO: Immunomedics, Inc. ST: New Jersey IN: MTC SU: ERN


TS-OS -- NY014 -- 2073 08/21/92 10:45 EDT
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Date:Aug 21, 1992
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