Immunomedics posts Q1 losses

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Immunomedics has reported decreased revenues and increased losses for its fiscal 2008 first quarter (end-Sept. 30).

The Morris Plains, N.J.-based company reported revenues of $800,000 for the first quarter of 2008 compared to revenues of $3.3 million in the same quarter last year.

Immunomedics also posted a net loss of $4.6 million in its 2008 first quarter, compared to a net loss of $2.5 million for the year-ago quarter.

The company attributes the decrease in revenues to the decision in March 2007 to suspend recognition of deferred revenues derived from a May 2006 agreement with the biopharmaceutical company, UCB of Brussels, Belgium.

"We continue to execute our financial strategy of maintaining our cash burn rate at our expected level while expanding our core R &D activities," commented Gerard Gorman, senior vice president, finance and business development, and chief financial officer.  "Two new clinical studies involving veltuzumab, including the use of a subcutaneous formulation, are expected to begin patient enrollment before the end of this calendar year and out-licensing discussions for Phase III development and commercialization of veltuzumab for all indications are ongoing," he added.