Pharmaceutical firm Immunomedics reported fiscal third-quarter revenues of $5.6 million, up 69.7% compared with the $3.3 million posted in the same period last year. For the quarter (end-March 31), the Morris Plains, NJ-based vendor had net income of $453,000, compared with a net loss of $296,000 a year ago.
The net income was attributed mainly to the recognition of $3.8 million in previously deferred payments from the firm's licensee, Amgen. Immunomedics said that continued growth of its research and development capabilities in 2003 and expansion of production facilities will facilitate aggressive plans for its therapeutic product pipeline.
By AuntMinnie.com staff writers
May 8, 2003
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