-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JZOonhu0Cq/vS9kueffXbELXbVZbclAUpQ+0CLOOYvvCGWR0g7XBZP2DlsBEhaOV OxwK8ZyT3fLtWDxCg5L7Ig== 0000914121-04-002292.txt : 20041104 0000914121-04-002292.hdr.sgml : 20041104 20041104165436 ACCESSION NUMBER: 0000914121-04-002292 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041103 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041104 DATE AS OF CHANGE: 20041104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMMUNOMEDICS INC CENTRAL INDEX KEY: 0000722830 STANDARD INDUSTRIAL CLASSIFICATION: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835] IRS NUMBER: 611009366 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12104 FILM NUMBER: 041120194 BUSINESS ADDRESS: STREET 1: 300 AMERICAN RD CITY: MORRIS PLAINS STATE: NJ ZIP: 07950 BUSINESS PHONE: 9736058200 MAIL ADDRESS: STREET 1: 300 AMERICAN ROAD CITY: MORRIS PLAINS STATE: NJ ZIP: 07950 8-K 1 im700942-8k.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): November 3, 2004 Immunomedics, Inc. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Delaware 000-12104 61-1009366 - -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 300 American Road, Morris Plains, New Jersey 07950 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (973) 605-8200 - -------------------------------------------------------------------------------- Not Applicable - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): |_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. On November 3, 2004, Immunomedics, Inc. issued a press release reporting financial results for the fiscal quarter ended September 30, 2004. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in this filing. Item 9.01. Financial Statements and Exhibits. (c) Exhibits: 99.1 - Press Release, dated November 3, 2004 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: November 4, 2004 IMMUNOMEDICS, INC. By: /s/ Gerard G. Gorman ------------------------------------ Name: Gerard G. Gorman Title: Vice President, Finance, and Chief Financial Officer EXHIBIT INDEX EXHIBIT NUMBER DESCRIPTION -------------- ----------- 99.1 Press Release, dated November 3, 2004 EX-99.1 2 im700942-ex99_1.txt PRESS RELEASE EXHIBIT 99.1 IMMUNOMEDICS ANNOUNCES FIRST QUARTER FISCAL 2005 RESULTS Morris Plains, NJ, November 3, 2004 - Immunomedics, Inc. (Nasdaq: IMMU) today reported revenues of $1.1 million and a net loss of $4.2 million, or $0.08 per share, for the first quarter of fiscal year 2005, which ended September 30, 2004. This compares to revenues of $1.2 million and a net loss of $5.2 million, or $0.10 per share, for the same period last year. The decline in net loss was primarily due to the settlement of a patent lawsuit. At September 30, 2004, the Company had $27.1 million in cash and liquid securities, including $4.8 million of restricted securities that collateralize the New Jersey Economic Development Authority financing completed in May 2003 for the construction of the Company's expanded manufacturing facilities. "We are pleased to report that the results for the first quarter were in line with our expectations, before the one-time benefit resulting from the settlement of a patent lawsuit. As part of the income recorded from the settlement, we were able to settle the related legal fees associated with such patent suit and accordingly reversed legal expenses previously accrued for this patent suit. Our cash position was strengthened by approximately $14 million from the net proceeds of a sale of our common stock. We will continue to evaluate opportunities to raise additional capital through licensing of our products and technologies, the sale of debt and/or equity securities, or some combination of the foregoing as they arise," commented Gerard G. Gorman, the Company's Vice President, Finance, and Chief Financial Officer. The Company recently reported updated clinical results from a phase II study of epratuzumab in systemic lupus erythematosus (SLE) at the 68th annual scientific meeting of American College of Rheumatology / Association of Rheumatology Health Professionals (please refer to [http://www.immunomedics.com/7events/SLE%20update.pdf]). "We had a successful meeting with the FDA in which we reviewed these results to advance the development of epratuzumab in SLE. We now have a clinical plan to move this product forward into pivotal trials and we look forward to helping patients, predominantly women, with this life-threatening disease," commented Cynthia L. Sullivan, President and Chief Executive Officer. The Company is also planning future registration trials with epratuzumab in patients with non-Hodgkin's lymphoma (NHL). The FDA and the European regulatory authorities have already accepted the NHL trial design. Other developments of note as reported previously during the first quarter of fiscal year 2005 were as follows: * The Company presented five abstracts at the 16th International Symposium on "Molecular Targets and Cancer Therapeutics" sponsored by the European Organization for Research and Treatment of Cancer, the American Association for Cancer Research, and the National Cancer Institute. * The Company presented at the Bear Stearns 17th Annual Healthcare Conference in which a corporate overview was provided, including comments on the Company's product portfolio. Immunomedics, Inc. is a biopharmaceutical company focused on the development, manufacture and commercialization of diagnostic imaging and therapeutic products for the detection and treatment of cancer and other serious diseases. Integral to these products are highly specific monoclonal antibodies and antibody fragments designed to deliver radioisotopes and chemotherapeutic agents to tumors and other sites of disease. Immunomedics has therapeutic product candidates in clinical development and has two marketed diagnostic imaging products. Our most advanced therapeutic product candidate is epratuzumab, for which certain Phase II clinical trials for the treatment of non-Hodgkin's lymphoma have already been completed. This release, in addition to historical information, contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Such statements, including statements regarding clinical trials, 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 new product development (including clinical trials outcome and regulatory requirements/actions), competitive risks to marketed products and availability of financing and other sources of capital, as well as the risks discussed in the Company's Annual Report on Form 10-K for the year June 30, 2004. 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. Company Contact: Chau Cheng, Associate Director, Investor Relations & Business Analysis, (973) 605-8200, extension 123. Visit the Company's web site at [http://www.immunomedics.com]. IMMUNOMEDICS, INC. Condensed Consolidated Balance Sheets
September 30, June 30, 2004 2004 -------------- -------------- ASSETS Current Assets: Cash and cash equivalents .............. $11,141,000 $9,133,297 Marketable securities .................. 11,146,213 4,345,891 Accounts receivable .................... 919,725 788,647 Inventory .............................. 239,623 340,133 Other current assets ................... 1,411,435 748,921 Restricted securities .................. 1,275,200 1,275,200 -------------- -------------- 26,133,196 16,632,089 Property and equipment, net .................... 11,264,029 11,532,646 Restricted securities .......................... 3,506,800 3,825,600 Other long-term assets ......................... 53,163 98,243 -------------- -------------- $40,957,188 $32,088,578 ============== ============== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities .................... $5,664,553 $6,296,713 Long-term debt ......................... 13,506,800 13,825,600 Minority interest ...................... 357,000 382,121 Stockholders' equity ................... 21,428,835 11,584,144 -------------- -------------- $40,957,188 $32,088,578 ============== ==============
Condensed Consolidated Statements of Operations Three Months Ended September 30, 2004 2003 -------------------------------- Revenues: Product sales .......................... 1,062,693 804,820 License fee and other revenues ......... 52,914 331,321 Research & development ................. -- 50,001 -------------- -------------- Revenues ....................................... 1,115,607 1,186,142 Costs and Expenses ............................. 6,429,803 6,484,434 -------------- -------------- Operating Loss ................................. (5,314,196) (5,298,292) Interest and Other Income ...................... 1,195,624 144,091 -------------- -------------- Net Loss before Income Tax Expense ............. (4,118,572) (5,154,201) Income Tax Provision ........................... (130,088) (28,700) -------------- -------------- Net Loss ....................................... $(4,248,660) $(5,182,901) ============== ============== Net Loss per Common Share, Basic and Diluted .............................. (0.08) (0.10) ============== ============== Weighted average number of common shares outstanding ........................... 52,528,850 49,881,563 ============== ==============
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