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) May 8, 2012
Immunomedics, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
000-12104 |
61-1009366 |
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer 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: |
||
[ ] | 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 May 8, 2012, Immunomedics, Inc., a Delaware corporation (the "Company"), issued a press release to report the Company's financial results for the quarter ended March 31, 2012. The full text of the press release is attached to this current report on Form 8-K as Exhibit 99.1.*
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1
Press Release of Immunomedics, Inc. dated May 8, 2012 reporting its financial results.
* The information in this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Exhibit No.
Description
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Immunomedics, Inc.
(Registrant) |
||
May 8, 2012
(Date) |
/s/ CYNTHIA L. SULLIVAN
Cynthia L. Sullivan President and Chief Executive Officer |
EXHIBIT 99.1
MORRIS PLAINS, N.J., May 8, 2012 (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, 2012. The Company also highlighted recent key developments and planned activities for its clinical pipeline.
Third Quarter Fiscal 2012 Results
The Company reported total revenues of $1.0 million and a net loss of $7.3 million, or $0.10 per basic share for the third quarter of fiscal year 2012, which ended on March 31, 2012. This compares to total revenues of $1.1 million and a net loss attributable to Immunomedics Inc. stockholders of $7.5 million, or $0.10 per basic share for the same quarter last fiscal year. The slight decrease in revenues was primarily due to lower sales volume of LeukoScan® in Europe.
For the first nine months of the 2012 fiscal year, the Company reported total revenues of $31.8 million as compared to total revenues of $3.6 million for the same period last fiscal year. The increase of $28.2 million this period primarily resulted from the $28.4 million license fee revenue from an amendment to the Licensing Agreement with UCB, which provides UCB the flexibility to sublicense epratuzumab to a third party for non-cancer indications in certain territories.
Net income attributable to Immunomedics Inc. stockholders for the nine-month period ended March 31, 2012 was $8.3 million, or $0.11 per basic share, as compared to a net loss attributable to Immunomedics Inc. stockholders of $17.4 million, or $0.23 per basic share, for the same period in fiscal 2011. The increase in net income of $25.7 million this period was primarily due to the license fee revenue from the UCB sublicensing amendment, offset in part by $2.9 million in other income from the Federal government's Qualifying Therapeutic Discovery Project program during last fiscal period.
As of March 31, 2012, the Company had $39.1 million of cash and cash equivalents.
"We are pleased that expenses this quarter were in line with our expectations and our cash position has been strengthened by the $30 million cash receipt in January 2012 from the UCB sublicensing amendment," commented Gerard G. Gorman, Senior Vice President Finance and Chief Financial Officer. "We have initiated the new Phase Ib trial of clivatuzumab in pancreatic cancer patients who have failed at least two prior therapies. As a result of the further clinical development of clivatuzumab in advanced pancreatic cancer, we expect future cash requirements to be higher."
The Company's key clinical developments and future planned activities:
Epratuzumab tetraxetan
Clivatuzumab tetraxetan
-- 2012 Annual Meeting of the American Society of Clinical Oncology – Monday, June 4, 2012, poster presentation
-- 59th Annual Meeting of SNM – Wednesday, June 13, 2012, oral presentation
-- 14th World Congress on Gastrointestinal Cancer organized by the European Society of Medical Oncology – Wednesday, June 27, 2012, oral presentation.
Veltuzumab
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) methodology 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 199 patents issued in the United States and more than 400 foreign patents, protects our product candidates and technologies. For additional information on us, please visit our website at www.immunomedics.com. 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 for autoimmune indications 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.
IMMUNOMEDICS, INC. | ||
Condensed Consolidated Balance Sheets | ||
March 31, 2012 |
June 30, 2011 |
|
ASSETS | ||
Current Assets: | ||
Cash and cash equivalents | $ 39,050,635 | $ 27,097,610 |
Accounts receivable, net of allowance for doubtful accounts | 618,896 | 736,980 |
Inventory | 499,345 | 289,604 |
Other receivables | 659,981 | 974,331 |
Prepaid expenses | 705,821 | 514,388 |
Other current assets | 656,495 | 644,705 |
42,191,173 | 30,257,618 | |
Property and equipment, net | 2,730,550 | 3,456,150 |
Value of life insurance policies | 609,505 | 581,005 |
Other long-term assets | 30,000 | 30,000 |
$ 45,561,228 | $ 34,324,773 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and other accrued expenses | $ 5,506,301 | $ 5,548,318 |
Other liabilities | 1,276,333 | 1,134,492 |
Stockholders' equity | 38,778,594 | 27,641,963 |
$ 45,561,228 | $ 34,324,773 |
Condensed Consolidated Statements of Operations | ||||
Three Months Ended March 31, |
Nine Months Ended March 31, |
|||
2012 | 2011 | 2012 | 2011 | |
Revenues: | ||||
License fees and other revenues | $ -- | $ 14,350 | $ 28,418,000 | $ 89,350 |
Product sales | 768,362 | 848,819 | 2,692,655 | 2,707,933 |
Research & development | 202,341 | 233,882 | 660,132 | 797,116 |
Total Revenues | 970,703 | 1,097,051 | 31,770,787 | 3,594,399 |
Costs and Expenses | 8,576,746 | 9,109,585 | 23,344,186 | 24,823,051 |
Operating (Loss) Income | (7,606,043) | (8,012,534) | 8,426,601 | (21,228,652) |
Interest and Other Income | 91,343 | 483,294 | 35,462 | 3,851,720 |
(Loss) Income before Income Tax Benefit (Expense) | (7,514,700) | (7,529,240) | 8,462,063 | (17,376,932) |
Income Tax Benefit (Expense) | 216,714 | (73,910) | (220,000) | (119,133) |
Net (Loss) Income | (7,297,986) | (7,603,150) | 8,242,063 | (17,496,065) |
Net Loss attributable on noncontrolling interest | (31,705) | (145,944) | (84,416) | (145,944) |
Net (Loss) Income attributable to Immunomedics, Inc. stockholders | $ (7,266,281) | $ (7,457,206) | $ 8,326,479 | $ (17,350,121) |
Net (Loss) Income per Common Share attributable to Immunomedics, Inc. stockholders: | ||||
Basic | $ (0.10) | $ (0.10) | $ 0.11 | $ (0.23) |
Diluted | $ (0.10) | $ (0.10) | $ 0.11 | $ (0.23) |
Weighted average number of common shares outstanding: | ||||
Basic | 75,490,716 | 75,317,976 | 75,461,341 | 75,291,963 |
Diluted | 75,490,716 | 75,317,976 | 76,135,766 | 75,291,963 |
CONTACT: For More Information: Dr. Chau Cheng Director, Investor Relations & Grant Management (973) 605-8200, extension 123 ccheng@immunomedics.com