Immunomedics Announces Third Quarter Fiscal 2013 Results and Clinical Program Developments

Immunomedics Announces Third Quarter Fiscal 2013 Results and Clinical Program

MORRIS PLAINS, N.J., May 8, 2013 (GLOBE NEWSWIRE) -- Immunomedics, Inc.
(Nasdaq:IMMU), a biopharmaceutical company primarily focused on the
development of monoclonal antibody-based products for the targeted treatment
of cancer, autoimmune and other serious diseases, today reported financial
results for the third quarter ended March 31, 2013. The Company also
highlighted recent key developments and planned activities for its clinical

Third Quarter Fiscal 2013 Results

Total revenues for the third quarter of fiscal year 2013, which ended on March
31, 2013, were $1.7 million as compared to total revenues of $1.0 million for
the same quarter last fiscal year. The increase of $0.7 million in total
revenues this quarter was primarily due to a $0.7 million increase in research
and development revenue from the increase in the number of grants as well as
the timing of research activities.

Net income attributable to our stockholders this quarter was $8.3 million, or
$0.11 per basic share. This compares to a net loss attributable to our
stockholders of $7.3 million, or $0.10 per basic share for the same quarter in
fiscal 2012. The $15.6 million difference in net income this quarter resulted
mainly from the $16.7 million net proceeds from a settlement in our previously
disclosed arbitration proceeding before the Financial Industry Regulatory
Authority (FINRA) against a broker-dealer relating to our prior investment in
certain securities offset in part by higher research and development expenses.

For the nine-month period ended March 31, 2013, total revenues were $3.6
million as compared to total revenues of $31.8 million for the same period
last fiscal year. The decrease of $28.2 million this period was primarily the
result of $28.4 million of non-recurring license fee revenue from an amendment
to the Licensing Agreement with UCB during the second quarter of fiscal year

Net loss attributable to our stockholders for the first nine months of fiscal
year 2013 was $4.5 million, or $0.06 per basic share, as compared to net
income attributable to our stockholders of $8.3 million, or $0.11 per basic
share, for the same period in fiscal 2012. The decrease in net income of $12.8
million in the nine months ended March 31, 2013 was primarily due to the
non-recurring license fee revenue from the UCB sublicensing amendment in the
2012 period, offset in part by the net proceeds from the FINRA settlement and
the business insurance claims in the 2013 period.

The Company has no long-term debt and as of March 31, 2013, the Company had
$47.8 million of cash and cash equivalents.

"The significant cash infusion this quarter has allowed us to continue the
development of our diverse pipeline of clinical products, as well as maintain
our operations according to plan," commented Gerard G. Gorman, Senior Vice
President Finance and Chief Financial Officer. "Clivatuzumab remains our top
priority in our clinical pipeline and we look forward to reporting results
from the Phase Ib study at upcoming medical conferences," Mr. Gorman added.

The Company's key clinical developments and future planned activities:

Clivatuzumab tetraxetan

  *The Phase Ib trial of ^90Y-labeled clivatuzumab tetraxetan has completed
    enrolling patients with pancreatic cancer who have failed at least two
    prior therapies.
  *Results from this study will be reported in an oral presentation at the
    15^th World Congress on Gastrointestinal Cancer organized by the European
    Society of Medical Oncology in July 2013.


  *First results from a Phase I study of labetuzumab-SN-38 in patients with
    advanced colorectal cancer were presented in a late-breaking poster at the
    2013 Annual Meeting of the American Association for Cancer Research. (For
    more information, please refer to the Company's press release at

Epratuzumab tetraxetan

  *Updated Phase I results of ^90Y-labeled epratuzumab tetraxetan combined
    with veltuzumab in patients with aggressive lymphoma will be presented at
    the 2013 Annual Meeting of the Society of Nuclear Medicine & Molecular
    Imaging ("2013 SNMMI Annual Meeting") on Monday, June 10, 2013.
  *At the 2013 SNMMI Annual Meeting, a multicenter, Phase II trial evaluating
    yttrium-90-labeled epratuzumab tetraxetan given in small fractions as a
    consolidation therapy after first-line chemotherapy in patients older than
    60 with disseminated diffuse large B-cell lymphoma will be updated in an
    oral presentation.


  *During this quarter, Takeda-Nycomed's management approved the strategic
    decision to pursue clinical development in systemic lupus erythematosis
    (SLE) as the lead indication with subcutaneous veltuzumab. A Phase II dose
    range finding trial is under preparation. Applications seeking scientific
    advice in the EU and a pre-IND meeting request in the US have been filed.
  *This decision to proceed with the SLE indication as opposed to the
    rheumatoid arthritis (RA) indication comes after careful analysis of the
    current RA market. Takeda-Nycomed believes that the RA market is very
    competitive, with a CD20-antibody product already approved for use, and
    with many additional therapeutic options for patients that suffer from RA.
    Conversely, Takeda-Nycomed believes that the SLE market has fewer
    therapeutic options for patients that suffer from SLE, and that the SLE
    market offers greater commercial potential for veltuzumab than the RA
    market at this time.


  *A Phase I study to assess the safety and tolerability of milatuzumab when
    added to a standard regimen to prevent acute graft-versus-host disease in
    patients with hematologic malignancies undergoing stem cell transplant is
    expected to begin patient enrollment before the end of fiscal year 2013.


  *A Phase I dose-escalation study of subcutaneously administered IMMU-114, a
    humanized anti-HLA-DR antibody, as a monotherapy for patients with
    relapsed or refractory non-Hodgkin's lymphoma and chronic lymphocytic
    leukemia is planned for the first half of fiscal 2014. An IND for this
    trial has been accepted by the FDA.

Conference Call

The Company will host a conference call and live audio webcast on Thursday,
May 9, 2013 at 10:00 a.m. Eastern Time to discuss financial results for the
third quarter of fiscal year 2013, and review key clinical developments and
future planned activities. To access the conference call, please dial (877)
303-2523 or (253) 237-1755 using the Conference ID 36544680. The conference
call will be webcast via the Investors page on the Company's website at Approximately two hours following the live event, a
webcast replay of the conference call will be available on the Company's
website for 30 days through June 8, 2013.

About Immunomedics

Immunomedics is a New Jersey-based biopharmaceutical company primarily focused
on the development of monoclonal antibody-based products for the targeted
treatment of cancer, autoimmune and other serious diseases. We have developed
a number of advanced proprietary technologies that allow us to create
humanized antibodies that can be used either alone in unlabeled or "naked"
form, or conjugated with radioactive isotopes, chemotherapeutics, cytokines or
toxins, in each case to create highly targeted agents. Using these
technologies, we have built a pipeline of therapeutic product candidates that
utilize several different mechanisms of action.We also have a majority
ownership in IBC Pharmaceuticals, Inc., which is developing a novel
DOCK-AND-LOCK™ (DNL™) method with us for making fusion proteins and
multifunctional antibodies, and a new method of delivering imaging and
therapeutic agents selectively to disease, especially different solid cancers
(colorectal, lung, pancreas, etc.), by proprietary, antibody-based,
pretargeting methods. We believe that our portfolio of intellectual property,
which includes approximately 222 active patents in the United States and more
than 400 foreign patents, protects our product candidates and
technologies.Our strength in intellectual property has resulted in the top-10
ranking in the 2012 IEEE Spectrum Patent Power Scorecards in the Biotechnology
and Pharmaceuticals category.For additional information on us, please visit
our website at The information on our website does not,
however, form a part of this press release.

This release, in addition to historical information, may contain
forward-looking statements made pursuant to the Private Securities Litigation
Reform Act of 1995. Such statements, including statements regarding clinical
trials, out-licensing arrangements (including the timing and amount of
contingent payments), forecasts of future operating results, potential
collaborations, and capital raising activities, 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 any cash payment that the Company might
receive in connection with a sublicense involving a third party and UCB, which
is not within the Company's control, new product development (including
clinical trials outcome and regulatory requirements/actions), our dependence
on our licensing partners for the further development of epratuzumab and
veltuzumab for non-cancer indications, competitive risks to marketed products
and availability of required financing and other sources of funds on
acceptable terms, if at all, as well as the risks discussed in the Company's
filings with the Securities and Exchange Commission.The Company is not under
any obligation, and the Company expressly disclaims any obligation, to update
or alter any forward-looking statements, whether as a result of new
information, future events or otherwise.

Condensed Consolidated Balance Sheets
                                                  March 31,     June 30,
                                                   2013          2012
Current Assets:                                                 
Cash and cash equivalents                         $47,797,686 $32,838,096
Accounts receivable, net of allowance for         517,385      659,958
doubtful accounts
Inventory                                         1,147,957    415,876
Other receivables                                 1,124,217    389,002
Prepaid expenses                                  798,959      582,601
Other current assets                              183,612      593,900
                                                  51,569,816   35,479,433
Property and equipment, net                        2,175,462    2,527,500
Value of life insurance policies                   611,138      598,288
Other long-term assets                             30,000       30,000
                                                  $54,386,416 $38,635,221
LIABILITIES AND STOCKHOLDERS' EQUITY                            
Accounts payable, accrued expenses and deferred   $9,477,771  $5,594,800
Other long-term liabilities                       1,375,849    1,301,212
Stockholders' equity                              43,532,796   31,739,209
                                                  $54,386,416 $38,635,221

Condensed Consolidated Statements of Operations
                     Three Months Ended        Nine Months Ended
                     March 31,                 March 31,
                     2013       2012         2013         2012
License fee and      $126,667   $--         $126,667     $28,418,000
other revenues
Product sales        751,617     768,362       2,218,797     2,692,655
Research &           858,182     202,341       1,254,571     660,132
Total Revenues        1,736,466   970,703       3,600,035     31,770,787
Costs and Expenses    10,273,823  8,576,746     27,525,765    23,344,186
Operating (Loss)      (8,537,357) (7,606,043)   (23,925,730)  8,426,601
Interest and Other    16,754,433  91,343        19,358,892    35,462
(Loss) Income before  8,217,076   (7,514,700)   (4,566,838)   8,462,063
Income Tax Expense
Income Tax Expense    19,879      216,714       (19,496)      (220,000)
Net (Loss) Income    8,236,955   (7,297,986)   (4,586,334)   8,242,063
Less Net Loss
attributable on       (27,783)    (31,705)      (77,045)      (84,416)
Net (Loss) Income
attributable to       $8,264,738 $(7,266,281) $(4,509,289) $8,326,479
Immunomedics, Inc.
Net (Loss) Income per
Common Share
attributable to                                               
Immunomedics, Inc.
Basic                $0.11      $(0.10)      $(0.06)      $0.11
Diluted             $0.11      $(0.10)      $(0.06)      $0.11
Weighted average
number of common                                              
Basic                78,195,891  75,490,716     76,479,971    75,461,341
Diluted             75,447,065  75,490,716     76,179,941    76,135,766

CONTACT: For More Information:
         Dr. Chau Cheng
         Senior Director, Investor Relations & Grant Management
         (973) 605-8200, extension 123
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