Immunomedics, Inc. (IMMU) saw its loss widen to $24.45 million, or $0.23 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $13.75 million, or $0.15 a share.
Revenue during the quarter plunged 42.76 percent to $0.38 million from $0.67 million in the previous year period.
Operating loss for the quarter was $15.36 million, compared with an operating loss of $15.70 million in the previous year period.
Michael R. Garone, vice president finance and chief financial officer, said, "We continue to make significant progress in our efforts to initiate a Phase 3 trial and file a Biologics License Application (BLA) to the U.S. Food and Drug Administration (FDA) for accelerated approval of IMMU-132 in patients with metastatic triple-negative breast cancer (TNBC) in mid-2017. As always, we are committed to taking all actions to realize the full potential of our pipeline, including a robust strategic process, and delivering on the significant promise it holds for cancer patients."
Debt remains almost stable
Immunomedics, Inc. has witnessed an increase in total debt over the last one year. It stood at $97.72 million as on Dec. 31, 2016, up 0.75 percent or $0.73 million from $96.99 million on Dec. 31, 2015. Total debt was 183.94 percent of total assets as on Dec. 31, 2016, compared with 118.33 percent on Dec. 31, 2015.
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