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Loss Narrows at Immunomedics

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Immunomedics, Inc.’s (IMMU - Free Report) fourth quarter 2013 (ended Jun 30) loss of 9 cents per share was narrower than both the year-ago loss and the Zacks Consensus Estimate of loss of 10 cents per share.
Total revenues in the final quarter of 2013 were up 41.1% year over year to $1.4 million. The increase was primarily attributable to research and development funding and favorable timing of research activities.

For fiscal 2013, loss was 16 cents per share compared to the year-ago earnings of a penny per share. Loss was narrower than the Zacks Consensus Estimate of a loss of 29 cents per share.

Revenues in fiscal 2013 fell 84.8% year over year to $5.0 million. Revenues in fiscal 2012 benefited from a one-time licensing fee from UCB (UCBJF - Free Report) .

In the fourth quarter of 2013, costs and expenses increased 5.8% to $9 million. The company is currently focusing on the development of its pipeline. Epratuzumab, the most advanced pipeline candidate at Immunomedics, is being evaluated for the treatment of moderate-to-severe systemic lupus erythematosus (SLE).

The company has collaborated with UCB for the candidate. A phase III study on epratuzumab is currently enrolling patients. patient enrollment is expected to continue throughout calendar 2013 with initial results expected in the first quarter of calendar 2015.

The SLE market currently has products like GlaxoSmithKline’s (GSK - Free Report) Benlysta.

Another interesting candidate at Immunomedics is clivatuzumab tetraxetan for the treatment of patients suffering from pancreatic cancer. The company expects to initiate a phase III registration trial on the candidate towards the end of calendar 2013 or early 2014.

Immunomedics currently carries a Zacks Rank #3 (Hold). At present, Biogen Idec (BIIB - Free Report) looks well-positioned with a Zacks Rank #1 (Strong Buy).

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