MORRIS PLAINS, N.J., Aug. 28, 2008 (GLOBE NEWSWIRE) (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 $1.0 million and a net loss of $6.9 million, or $0.09 per share, for the fourth quarter of fiscal year 2008, which ended June 30, 2008. This compares to revenues of $0.8 million and a net loss of $4.6 million, or $0.06 per share, for the same period last year. The increase in net loss for the three-month period ended June 30, 2008 was primarily due to impairment losses to reduce the fair market value of the Company’s investments in auction rate securities (ARS), increased research and development spending and increased compensation, principally from higher headcount.
