Immunomedics, Inc. (IMMU) saw its loss widen to $59.31 million, or $0.55 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $14 million, or $0.15 a share. Revenue during the quarter surged 47.20 percent to $1.32 million from $0.90 million in the previous year period.
Operating loss for the quarter was $22.12 million, compared with an operating loss of $14.57 million in the previous year period.
"This was clearly a milestone quarter for Immunomedics," stated Behzad Aghazadeh, chairman of the Board of Immunomedics. "While our financial results were generally in-line with expectations, what is most important is that we have made significant progress towards ensuring that the Company has the financial flexibility to focus on optimizing our organization and bringing IMMU-132, our breakthrough therapy candidate to treat metastatic triple-negative breast cancer, to market on our own. Immunomedics now has a clear strategic plan in place to become a recognized leader in the field of antibody-drug conjugates, which we believe will deliver maximum potential value to all stakeholders."
Debt remains almost stable
Immunomedics, Inc. has witnessed an increase in total debt over the last one year. It stood at $97.90 million as on Mar. 31, 2017, up 0.75 percent or $0.73 million from $97.17 million on Mar. 31, 2016. Immunomedics has witnessed an increase in long-term debt over the last one year. It stood at $97.90 million as on Mar. 31, 2017, up 0.75 percent or $0.73 million from $97.17 million on Mar. 31, 2016. Total debt was 185.81 percent of total assets as on Mar. 31, 2017, compared with 143.66 percent on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
