MORRIS PLAINS, N.J., May 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 revenues of $0.9 million and a net loss of $8.2 million, or $0.11 per share, for the third quarter of fiscal year 2008, which ended March 31, 2008. This compares to revenues of $0.9 million and a net loss of $5.1 million, or $0.08 per share, for the same period last year. The increase in net loss in the current quarter was primarily the result of an adjustment of $2.2 million to reduce the market value of our investments in auction rate securities (ARS). The Company continues to earn interest on its ARS investments in accordance with the corresponding contractual terms. Increased research and development spending of $2.0 million also contributed to the increase in net loss this quarter, which was partially offset by the sale of executive insurance contracts and reduced interest expense.
