Immunomedics shows improvement

September 1, 1999

Radiopharmaceutical developer Immunomedics is beginning to show some results from its restructuring and the refocusing of its operations (SCAN 4/28/99). The Morris Plains, NJ-based company reported a 28.6% increase in its fourth-quarter revenues

Radiopharmaceutical developer Immunomedics is beginning to show some results from its restructuring and the refocusing of its operations (SCAN 4/28/99). The Morris Plains, NJ-based company reported a 28.6% increase in its fourth-quarter revenues (end-June). Revenues were $1.8 million, compared with the $1.4 million reported in the same quarter a year ago. The firm’s net loss also narrowed to $2.6 million, compared with a loss of $3.4 million in the fourth quarter last year.

The improved fourth quarter results weren’t enough to buoy the firm to an improved performance for the year, however. For 1998, revenues were $7.6 million, showing no growth over the $7.6 million posted last year. The firm trimmed its losses slightly, however, recording a net loss of $11.2 million, compared with $11.8 million in fiscal 1998.

In other Immunomedics news, vice president for global marketing and business development Philippe Barzin has left the company. The firm had announced just last month that Barzin, formerly general manager, was relocating to the U.S. to assume his new post (SCAN 8/4/99). In the meantime, Joop Meijer has taken over for Barzin in Europe as general manager of Immunomedics BV, which manages marketing and sales of the company’s CEA-Scan and LeukoScan imaging agents in Europe. Meijer previously held sales and marketing positions at Mallinckrodt and ADAC Laboratories.