MORRIS PLAINS, N.J., Sept. 13, 2007 (PRIME NEWSWIRE) -- Immunomedics, Inc. (Nasdaq:IMMU), a biopharmaceutical company focused on developing monoclonal antibodies to treat cancer and other serious diseases, today reported revenues of $0.8 million and a net loss of $4.6 million, or $0.06 per share, for the fourth quarter of fiscal year 2007, which ended June 30, 2007. This compares to revenues of $2.2 million and a net loss of $5.6 million, or $0.10 per share, for the same period last year. Revenues for the three-month period ended June 30, 2007 were impacted by the Company’s decision beginning in the third quarter of fiscal year 2007 to suspend the recognition of deferred revenues derived from the May 2006 agreement with UCB. The impact of lower revenues was more than offset by the benefit of reduced operating expenses in 2007 primarily due to reduced professional and legal expenses and lower clinical trial expense associated with the transfer of the Phase III clinical trials to UCB. Interest expense declined in 2007 as a result of the conversion of the 5% convertible notes. In addition, higher interest income was earned in fiscal 2007 on the $22.3 million net proceeds of common stock sales in May 2007.
