Immunomedics Announces Fourth Quarter and Fiscal Year 2018 Results and Provides Corporate Update

Immunomedics (NASDAQ:IMMU) a leading biopharmaceutical company in the area of antibody-drug conjugates (ADC), reported financial results for the fourth quarter and fiscal year ended June 30, 2018.

As quoted in the press release:

“We reached a historical milestone this past quarter when we submitted our first BLA for sacituzumab govitecan, which was accepted for filing and granted Priority Review by the FDA with a Prescription Drug User Fee Act (PDUFA) target action date of January 18, 2019. We are working closely with the FDA as we strive to bring this potential new treatment to metastatic triple-negative breast cancer (mTNBC) patients expeditiously,” stated Michael Pehl, President and Chief Executive Officer of Immunomedics. “Through our recent capital raise we have further strengthened our balance sheet which we believe will allow us to implement our lifecycle management strategy for this valuable asset for the benefit of patients beyond third-line mTNBC while our preparations for commercial launch in the US are progressing well.”

Total revenues were $0.4 million for the fourth fiscal quarter ended June 30, 2018 and $2.2 million for the fiscal year ended June 30, 2018, compared to $0.6 million in the fourth quarter and $3.1 million for the fiscal year ended June 30, 2017. The decreases were due primarily to lower sales volume of LeukoScan^® in Europe. The Company discontinued the sale of LeukoScan^® during the third quarter of fiscal 2018 to focus on its ADC business.

Click here to read the full press release.