MORRIS PLAINS, N.J., Feb. 9, 2009 (GLOBE NEWSWIRE) -- Immunomedics, Inc. (Nasdaq:IMMU), a biopharmaceutical company focused on developing monoclonal antibodies to treat cancer and other serious diseases, today reported revenue of $8.5 million and net income of $2.9 million, or $0.04 per share, for the second quarter of fiscal year 2009, which ended December 31, 2008. This compares to revenue of $1.0 million and a net loss of $3.2 million, or $0.04 per share, for the same period last year. The improvement in revenues for the second quarter of fiscal 2009 was primarily the result of recording $7.3 million of license fee revenue from the Nycomed Agreement as compared to no license fee revenues for the same period last year. The improvement in net income for the second quarter of fiscal 2009 was due to the increase in license fee revenue, partially offset by the impact of the $1.2 million benefit from the termination of an executive life insurance agreement recorded in the second quarter of fiscal 2008, increased research and development expenses and the impairment charge to reduce the book value of the Company's investments in auction rate securities (ARS) to their estimated fair value. Net income was also positively impacted by the $1.4 million the Company received during the second quarter of fiscal year 2009 from the sale of tax benefits through the New Jersey Technology Tax Certificate Transfer Program, as compared to $1.0 million received in the second quarter of fiscal 2008.
