Investor Relations (IR) Questions: Immunomedics IMMU
Click here to return to the biotech IRQ Index
Answers received: April 2013
1) When is the last time IMMU raised cash through an offering (diluted)?
-a- IMMU's most recent offering closed on February 27, 2013. The company sold 7 million shares at $2.30 per share. Gross proceeds to the company before expenses were approximately $16.1 million.
2) How much cash (not cash equivalents) does IMMU have?
-b- As of December 31, 2012, the company reported $21.4 million of cash and cash equivalents.
-a- Subsequent to December 31, 2012, the company raised an additional $16.1 million (prior to fees) through a public offering.
-c- In March 2013, the company reached a settlement in an arbitration proceeding before FINRA against a broker-dealer relating to IMMU's prior investment in certain securities for a net amount of $17 million.
-d- “In January 2013, the Company and F. Hoffmann-La Roche agreed on a settlement payment to be made to Immunomedics.” This was in reference to a patent infringement suit. The dollar amount of the settlement was not disclosed.
3) What and approximately when is the next known catalyst?
-e- “For epratuzumab, additional cash payments are expected from UCB if they consummate a sublicensing agreement. In addition, the Phase III studies in lupus are ongoing, with top-line results expected in the first half of 2014.”
-f- “For 90Y-labeled clivatuzumab with or without low dose gemcitabine, we expect to complete the new Phase Ib study in patients with pancreatic cancer who have received at least 2 prior therapies in the first half of 2013. An abstract from this study has been submitted for presentation at an upcoming medical conference.”
-g- “Updated Phase I results of 90Y-labeled epratuzumab combined with veltuzumab in patients with aggressive lymphoma will be presented at the 2013 Annual Meeting of the Society of Nuclear Medicine& Molecular Imaging in June.”
-h- We also plan to launch 2 new studies. The first study will be milatuzumab in graft-versus-host disease, which we plan to launch in the first half of 2013. The second study will be on IMMU-114, a humanized anti-HLA-DR antibody, which we plan to investigate as a monotherapy for NHL and CLL. An IND for this trial has been accepted by the FDA
-i- Labetuzumab-SN-38: This is the second agent from IMMU's ADC program to have entered clinical testing. A new study with more frequent dosing of this ADC is expected to enroll patients in the second half of fiscal 2013.
4) What is IMMU's quarterly cash burn?
-j- Cash requirements in fiscal year 2013 are expected to be in the $22.0–$24.0 million range.
Note: IMMU's fiscal year ends on June 30, 2013.
5) Does IMMU have an existing line of credit and if so how much can they draw against it?
-k- I could not find anything referencing a credit line/facility in the most recent Form 10-Q or Company Presentation however, I was able to confirm that IMMU carries no debt.
A complete archive of IR responses and research posts by @MikeOinSATX can be found at http://www.biotechduediligence.com/ir-questions.html
SOURCES:
-a- IMMU press release: http://www.immunomedics.com/pdfs/news/2013/pr02272013.pdf
-b-,-j- Page 5, IMMU Form 10-Q For the quarterly period ended December 31, 2012.
-c- Page 16, IMMU Form 10-Q For the quarterly period ended December 31, 2012.
-d-,-k- Slide 29, IMMU Company Presentation: http://www.immunomedics.com/pdfs/company-presentation.pdf
-e-,-f-,-g-,-h- Slide 30, IMMU Company Presentation:http://www.immunomedics.com/pdfs/company-presentation.pdf
-i- Page 23, Page 23, IMMU Form 10-Q For the quarterly period ended December 31, 2012.
1) When is the last time IMMU raised cash through an offering (diluted)?
-a- IMMU's most recent offering closed on February 27, 2013. The company sold 7 million shares at $2.30 per share. Gross proceeds to the company before expenses were approximately $16.1 million.
2) How much cash (not cash equivalents) does IMMU have?
-b- As of December 31, 2012, the company reported $21.4 million of cash and cash equivalents.
-a- Subsequent to December 31, 2012, the company raised an additional $16.1 million (prior to fees) through a public offering.
-c- In March 2013, the company reached a settlement in an arbitration proceeding before FINRA against a broker-dealer relating to IMMU's prior investment in certain securities for a net amount of $17 million.
-d- “In January 2013, the Company and F. Hoffmann-La Roche agreed on a settlement payment to be made to Immunomedics.” This was in reference to a patent infringement suit. The dollar amount of the settlement was not disclosed.
3) What and approximately when is the next known catalyst?
-e- “For epratuzumab, additional cash payments are expected from UCB if they consummate a sublicensing agreement. In addition, the Phase III studies in lupus are ongoing, with top-line results expected in the first half of 2014.”
-f- “For 90Y-labeled clivatuzumab with or without low dose gemcitabine, we expect to complete the new Phase Ib study in patients with pancreatic cancer who have received at least 2 prior therapies in the first half of 2013. An abstract from this study has been submitted for presentation at an upcoming medical conference.”
-g- “Updated Phase I results of 90Y-labeled epratuzumab combined with veltuzumab in patients with aggressive lymphoma will be presented at the 2013 Annual Meeting of the Society of Nuclear Medicine& Molecular Imaging in June.”
-h- We also plan to launch 2 new studies. The first study will be milatuzumab in graft-versus-host disease, which we plan to launch in the first half of 2013. The second study will be on IMMU-114, a humanized anti-HLA-DR antibody, which we plan to investigate as a monotherapy for NHL and CLL. An IND for this trial has been accepted by the FDA
-i- Labetuzumab-SN-38: This is the second agent from IMMU's ADC program to have entered clinical testing. A new study with more frequent dosing of this ADC is expected to enroll patients in the second half of fiscal 2013.
4) What is IMMU's quarterly cash burn?
-j- Cash requirements in fiscal year 2013 are expected to be in the $22.0–$24.0 million range.
Note: IMMU's fiscal year ends on June 30, 2013.
5) Does IMMU have an existing line of credit and if so how much can they draw against it?
-k- I could not find anything referencing a credit line/facility in the most recent Form 10-Q or Company Presentation however, I was able to confirm that IMMU carries no debt.
A complete archive of IR responses and research posts by @MikeOinSATX can be found at http://www.biotechduediligence.com/ir-questions.html
SOURCES:
-a- IMMU press release: http://www.immunomedics.com/pdfs/news/2013/pr02272013.pdf
-b-,-j- Page 5, IMMU Form 10-Q For the quarterly period ended December 31, 2012.
-c- Page 16, IMMU Form 10-Q For the quarterly period ended December 31, 2012.
-d-,-k- Slide 29, IMMU Company Presentation: http://www.immunomedics.com/pdfs/company-presentation.pdf
-e-,-f-,-g-,-h- Slide 30, IMMU Company Presentation:http://www.immunomedics.com/pdfs/company-presentation.pdf
-i- Page 23, Page 23, IMMU Form 10-Q For the quarterly period ended December 31, 2012.
Answers received: September 2012
1) When is the last time IMMU raised cash through an offering (diluted)? May 2007.
2) How much cash (not cash equivalents) does IMMU have? At the end of 6/30/2012, we reported cash and cash equivalent of $32.8 million.
3) What and approximately when is the next known catalyst? Our partner UCB is presenting at the annual meeting of ACR in October long-term safety and efficacy of epratuzumab in lupus from the ALLEVIATE trials. Top-line data from their EMBODY trials are expected in the first half of 2014. In addition, we have submitted abstracts to ASH in December and will hear back from the conference next month if these abstracts have been accepted. We also expect to complete the Phase Ib study of clivatuzumab in pancreatic cancer in the first half of 2013.
4) What is IMMU's quarterly cash burn? In fiscal 2013, we expect to burn about $24 to $26 million.
5) Does IMMU have an existing line of credit and if so how much can they draw against it? No.
1) When is the last time IMMU raised cash through an offering (diluted)? May 2007.
2) How much cash (not cash equivalents) does IMMU have? At the end of 6/30/2012, we reported cash and cash equivalent of $32.8 million.
3) What and approximately when is the next known catalyst? Our partner UCB is presenting at the annual meeting of ACR in October long-term safety and efficacy of epratuzumab in lupus from the ALLEVIATE trials. Top-line data from their EMBODY trials are expected in the first half of 2014. In addition, we have submitted abstracts to ASH in December and will hear back from the conference next month if these abstracts have been accepted. We also expect to complete the Phase Ib study of clivatuzumab in pancreatic cancer in the first half of 2013.
4) What is IMMU's quarterly cash burn? In fiscal 2013, we expect to burn about $24 to $26 million.
5) Does IMMU have an existing line of credit and if so how much can they draw against it? No.