Immunomedics trims losses, increases sales for FY 2007

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Biopharmaceutical developer Immunomedics said that it has been able to maintain its projected cash-burn rate while expanding its core research and development activities for its fiscal 2007 (end-June 30).

For the year, the company reported revenues of $8.5 million, more than double the prior year’s $4.4 million in revenue. Also on the positive side, the Morris Plains, N.J.-based company stated that it had cut its net losses to $16.7 million, a substantial improvement on the $28.6 million in net losses recorded for fiscal 2006.

Immunomedics is focused on the development of monoclonal, antibody-based products for the targeted treatment of cancer, autoimmune and other serious diseases. The company has created humanized antibodies that can be used either alone in unlabeled form, or conjugated with radioactive isotopes, chemotherapeutics or toxins.