Immunomedics shows decline in Q2 revenues

     Immunomedics has posted a net income of $744,547 for the second quarter 2010, or $0.01 per diluted share, compared to net income of $854,695, or $0.01 per diluted share, for the comparable period in 2009.

     Operating income for the second quarter ended 30 June 2010 was $33.93m, compared to $2.48m for the year ago period.

     Operating loss was $645,723, compared to operating income of $2.44m for the comparable period in 2009.

     For the six months ended 30 June 2010, Immunomedics has posted a revenue of $60.93m compared to $30.02m for the year ago period.

    For the six months ended 30 June 2010, Immunomedics has posted a net income of $37m, or $0.49 per diluted share, compared to $2.27m, or $0.03 per diluted share, for the year ago period.

     Immunomedics Finance and Business Development senior vice president and chief financial officer Gerard Gorman said that they were pleased that their cash position this quarter has improved with the second milestone payment from Nycomed and the sale of one of their ARS.

    "Increased spending for research and development and clinical trial activities is expected to raise our level of cash expenditure for fiscal year 2011, however, we expect to maintain our cash burn in the range of $20 to $22m," Gorman said.

    "The company continues to look for funding alternatives, including out-licensing arrangements, to further clinical developments, including the initiation of a Phase III registration trial of Veltuzumab in non-Hodgkin's lymphoma."