Radiopharmaceutical firm Immunomedics reported fiscal fourth-quarter revenues of $900,000, down 47.1% compared with the $1.7 million posted in the fourth quarter of fiscal 2003. For the period (end-June 30), the Morris Plains, NJ-based firm had a net loss of $6.8 million, up sharply from the net loss of $3.7 million for the same quarter a year ago.
The company attributed the revenue decline to the sale of research and development materials in the first quarter of fiscal 2004; these materials contributed approximately $700,000 in revenues in the fourth quarter of fiscal 2003, Immunomedics said.
Expenses were also higher due to increased research and development activities and a one-time cost associated with warrants issued to Amgen for the return of all rights and clinical results for epratuzumab, a monoclonal antibody-based therapeutic agent, in April.
For fiscal 2004, Immunomedics had revenues of $4.3 million, down 68.6% compared with fiscal 2003 revenues of $13.7 million. The firm had a net loss of $22.4 million for the year, compared with a net loss of $7.9 million a year ago.
By AuntMinnie.com staff writers
September 9, 2004
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