MORRIS PLAINS, N.J., Feb. 7, 2008 (PRIME NEWSWIRE) -- Immunomedics, Inc. (Nasdaq:IMMU), a biopharmaceutical company focused on developing monoclonal antibodies to treat cancer and other serious diseases, today reported revenue of $1.0 million and a net loss of $3.2 million, or $0.04 per share, for the second quarter of fiscal year 2008, which ended December 31, 2007. This compares to revenue of $3.4 million and a net loss of $4.5 million, or $0.08 per share, for the same period last year. The decrease in revenues was primarily due to $2.7 million deferred revenue from the UCB Agreement recognized in the previous year. In January 2007, the Company discontinued recognizing revenue under the UCB Agreement, as a result of our inability to determine our obligation period due to discontinuation of the SLE Phase III trials. This revenue decline was offset by lower interest expense, the benefit from the termination of an executive life insurance agreement, and higher interest income. In addition, during the second quarter of fiscal year 2008, the Company received $1.06 million from the sale of tax benefits through the New Jersey Technology Tax Certificate Transfer Program, as compared to $0.6 million received in the previous year.
