Immunomedics 3Q profit climbs on Nycomed payment

Biopharmaceutical company Immunomedics Inc. said Monday its profit quadrupled in the fiscal third quarter, as it received more payments from partner Nycomed.

Immunomedics said it earned $3.5 million, or 5 cents per share, in the three months ended March 31. That compares with $758,000, or a penny per share, a year earlier. Its revenue rose 29 percent, to $10.7 million from $8.3 million.

The two analysts reporting to Thomson Reuters expected Immunomedics to lose 2 cents per share on $5.7 million in revenue.

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During the third quarter, Nycomed made a $5 million milestone payment to the company after starting a clinical trial of Immunomedics' drug candidate veltuzumab as a treatment for immune thrombocytopenic purpura, a bleeding disorder. Immunomedics received a total of $8.9 million from Nycomed in the quarter.

The company said its results were also boosted by an income tax benefit and gains on the sale of auction-rate securities.

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Immunomedics said that by the end of 2010, it plans to start a mid-stage trial of an injectable form of veltuzumab as a treatment for rheumatoid arthritis. It will also study the drug against non-Hodgkin's lymphoma if it can secure enough funding.

Among other drug candidates, the company is also testing an experimental drug called epratuzumab as a treatment for lupus and cancer.

With stocks rising in morning trading, Immunomedics shares gained 19 cents, or 6 percent, to $3.36.