Immunomedics Inc – ‘10-K’ for 6/30/95 – EX-13

As of:  Wednesday, 9/27/95   ·   For:  6/30/95   ·   Accession #:  722830-95-6   ·   File #:  0-12104

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                         31    151K 
 2: EX-10.20    Material Contract                                      4     20K 
 3: EX-13       Annual Report for Fiscal Year 1995                    23    105K 
 4: EX-23.1     Consent of Experts or Counsel                          1      6K 
 5: EX-27       Article 5 Fin. Data Schedule for Fiscal Year 1995      1      6K 

EX-13   —   Annual Report for Fiscal Year 1995
Exhibit Table of Contents

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                                IMMUNOMEDICS, INC.                                       
                              Selected Financial Data                                    


in thousands except per share amounts      1995      1994      1993      1992      1991  
______________________________________  ________  ________  ________  ________  ________ 
                                                                                         
Total revenues                          $  3,189  $  4,237  $  5,055  $  8,810  $  2,100 
Total operating expenses                  14,593    19,293    14,482    10,198     6,688 
Net loss                                 (11,404)  (15,056)   (9,427)   (1,388)   (4,588)
Net loss per share                         (0.38)    (0.50)    (0.32)    (0.05)    (0.20)
Weighted average shares outstanding       30,098    30,051    29,420    26,461    23,201 
Cash, cash equivalents and                                                               
  marketable securities                 $ 22,814  $ 25,230  $ 41,813  $ 50,288  $  9,966 
Total assets                              28,224    31,833    46,165    53,687    12,145 
Stockholders' equity<F1>                  23,629    27,395    42,622    51,735     6,376 

<FN>                                                                                     
<F1> The Company has not paid cash dividends on its Common Stock since its inception.    
</FN>                                                                                    

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Management's Discussion and Analysis of Financial Condition and Results of      
Operations                                                                      

Overview                                                                        
Since its inception, the Company has been engaged primarily in the research     
and development of proprietary products relating to the detection,              
diagnosis and treatment of cancer, and more recently infectious diseases.       
In April 1991, the Company filed a Product License Application ("PLA") with     
the U.S. Food and Drug Administration ("FDA") seeking approval to               
manufacture and market, in the United States, CEA-Scan , an in vivo             
colorectal cancer imaging product. In May 1994, the Company received a          
letter from the FDA indicating that the PLA for CEA-Scan  for colorectal        
cancer imaging was not approvable at that time. In July 1994, the Company       
met with FDA officials to review the status of CEA-Scan  and believes it        
reached an understanding with the FDA that the results of the Phase III         
pivotal clinical trial would be further analyzed to ascertain potentially       
approvable claims for the product and what additional steps would need to       
be taken to achieve approvability. In March 1995, the Company submitted a       
response to the FDA's questions, including an analysis suggesting that          
CEA-Scan  will be useful in the pre-surgical evaluation of recurrent            
colorectal cancer patients, particularly in the assessment of tumor             
respectability for these patients. In September 1995, the FDA scheduled the     
Company to present clinical trial data on CEA-Scan  to the Oncology Drugs       
Advisory Committee ("ODAC") on October 17, 1995. At the same time, the FDA      
sent an action letter to the Company requesting clarification of the data,      
additional information, and additional analyses which the Company had           
provided in response to the FDA's May 1994 letter. Accordingly, the status      
of the Company's PLA remained not-yet-approvable at the time of its             
notification of the ODAC presentation. The FDA could delay the meeting if,      
upon receipt of the clarification to be provided by the Company, the FDA        
deems it needs more time to analyze the data or that the data do not            
support the clinical efficacy of the product. It is the Company's intention     
to present data to the ODAC supporting the use of CEA-Scan  to better           
define the spread of colorectal cancer and provide the surgeon with more        
complete diagnostic information, helping to avoid unnecessary surgery in        
patients who would not benefit from the procedure. In February 1992, the        
Company filed with the Health Protection Branch ("HPB") to market CEA-Scan      
in Canada. In March 1992, the Company filed with the Committee for              
Proprietary Medicinal Products ("CPMP") to market the product in Europe. In     
December 1994, the Company received notification from the Department of         
Health Medicines Control Agency ("MCA") in the United Kingdom that the          
Company's manufacturing operations are in general compliance with the           
guidelines of Good Manufacturing Principles ("cGMP"). The Company continues     
to work diligently with the U.S. and foreign regulatory authorities and         
remains fully committed to the eventual approval of CEA-Scan  in the U.S.,      
Europe and Canada. However, no assurance can be given as to if or when any      
such approvals could be forthcoming.                                            

With respect to LeukoScan , an in vivo infectious disease diagnostic        
imaging product, the Company has filed for regulatory approval with the         
European Medicines Evaluation Agency ("EMEA"), seeking approval to market       
the product in all fifteen countries which are members of the European          
Union. The application seeks approval for LeukoScan  to be used in the          
detection and diagnosis of osteomyelitis (bone infection) in long bones and     

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diabetic foot ulcers. In March 1995, the Company held a pre-PLA filing          
meeting with FDA officials to obtain input from the FDA on proposed claims      
for the product. As a result of the meeting, the Company is conducting          
further analysis of its Phase III clinical data for the bone infection and      
diabetic foot ulcer indications and has discussed with the FDA a filing and     
clinical trial strategy, which includes the continued enrollment of             
patients into the Phase III trial for these indications. Accordingly, the       
earliest the Company believes it will be in a position to file a PLA for        
LeukoScan  with the FDA is the fourth quarter of calendar year 1995.            
Meanwhile, Phase III trials for infected prosthesis and appendicitis are        
continuing, and the Company is examining other applications for the             
product. As with all regulatory filings, there can be no assurance that         
such filings will be acceptable for review, or ultimately approved, by the      
FDA.                                                                            

The Company is also engaged in developing other biopharmaceutical           
products, which are in various stages of development and clinical testing.      
The Company has not achieved profitable operations and does not anticipate      
achieving profitable operations during fiscal year 1996. The Company will       
continue to experience operating losses until such time as it is able to        
generate sufficient revenues from sales of its proposed in vivo products.       
Further, the Company's working capital will continue to decrease until such     
time as the Company is able to generate positive cash flow from operations      
or until such time, if at all, as the Company receives an additional            
infusion of cash from the sale of the Company's securities or from              
corporate alliances to finance the Company's operating expenses and capital     
expenditures.                                                                   

Results of Operations                                                           
Fiscal Year 1995 Compared to Fiscal Year 1994                                   
Revenues for the fiscal year ended June 30, 1995 were $3,189,000 as             
compared to $4,237,000 in fiscal year 1994, representing a decrease of          
$1,048,000. Sales and royalties on the Company's in vitro diagnostic            
products represented $193,000 of the decrease in revenues for fiscal year       
1995 as compared to fiscal year 1994. In June 1994, the Company assigned,       
to an independent third party, all of the Company's manufacturing and           
marketing rights associated with its in vitro diagnostic products,              
excluding those rights relating to the Company's HAMA in vitro diagnostic       
product. In exchange for assigning these rights, the Company is to receive      
royalty payments through June 2003 on annual sales derived from such            
products and recorded $120,000 in royalties during fiscal year 1995.            
Interest income in fiscal year 1995 as compared to fiscal year 1994             
decreased by $321,000, primarily as a result of reduced levels of cash          
available for investments. (See "Liquidity and Capital Resources.")             
Revenues in fiscal year 1995 include $1,665,000 of research and development     
and milestone payments received from Pharmacia, Inc. ("Pharmacia"               
formerly Adria Laboratories Division of Erbamont, Inc.), as compared to         
$2,250,000 of such revenue recorded in fiscal year 1994. (See "Liquidity        
and Capital Resources.")                                                        

Total operating expenses for the fiscal year ended June 30, 1995 were       
$14,593,000 as compared to $19,293,000 in fiscal year 1994, representing a      
decrease of $4,700,000. Research and development costs for the fiscal year      
ended June 30, 1995 decreased by $2,206,000 as compared to the same period      

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in 1994 due to decreased in vivo product manufacturing, clinical and            
regulatory, and research and development costs of $1,263,000, $524,000 and      
$419,000, respectively. The Company's decrease in manufacturing costs of        
$1,263,000 was due principally to the completion of activities directed at      
the validation and qualification of the Company's interim manufacturing         
process and facility for CEA-Scan . The decrease in clinical and regulatory     
costs of $524,000 resulted principally from the lower costs associated with     
patient enrollment in Phase III clinical trials for LeukoScan  in fiscal        
year 1995, as well as the reduced costs associated with regulatory reviews      
for CEA-Scan . The decrease in research and development costs of $419,000       
was due, in part, to reduced support for the Center for Molecular Medicine      
and Immunology ("CMMI") in fiscal year 1995 as compared to fiscal year 1994     
(see Note 9 to Financial Statements).                                           

General and administrative costs for the fiscal year ended June 30,         
1995 decreased by $2,333,000 as compared to the same period in 1994. This       
was largely due to a decrease in legal expenses of $1,631,000, principally      
associated with patent-related activities.                                      

Net loss for the year ended June 30, 1995 was $11,404,000, or $0.38 per     
share, as compared to a net loss of $15,056,000, or $0.50 per share in          
fiscal year 1994. The lower net loss resulted principally from decreased        
expenditures in manufacturing, clinical, and legal activities. Lower            
revenues, as explained above, partly offset the positive impact the lower       
operating expenses had on the net loss.                                         

Fiscal Year 1994 Compared to Fiscal Year 1993                                   
Revenues for the fiscal year ended June 30, 1994 were $4,237,000 as             
compared to $5,055,000 in fiscal year 1993, representing a decrease of          
$818,000. Sales of the Company's in vitro diagnostic products represented       
$655,000 of the decrease in revenues for fiscal year 1994 as compared to        
fiscal year 1993. In vitro product sales in fiscal year 1993 included sales     
of $395,000 through an international distributor whose distribution             
agreement expired in March 1993. Interest income in fiscal year 1994 as         
compared to 1993 decreased by $551,000, primarily as a result of reduced        
levels of cash available for investments. (See "Liquidity and Capital           
Resources.") Revenues in fiscal year 1994 included $2,250,000 of research       
and development and milestone payments received from Pharmacia, as compared     
to $1,000,000 of such revenue recorded in fiscal year 1993. Fiscal year         
1993 revenues also included $1,000,000 of non-refundable license fees           
received from Pharmacia. (See "Liquidity and Capital Resources.")               

Total operating expenses for the fiscal year ended June 30, 1994 were       
$19,293,000 as compared to $14,483,000 in fiscal year 1993, representing an     
increase of $4,810,000. Research and development costs for the fiscal year      
ended June 30, 1994 increased by $4,059,000 as compared to the same period      
in 1993. This increase is due to increased in vivo product manufacturing,       
clinical and regulatory, and research and development costs of $1,155,000,      
$2,190,000 and $1,470,000, respectively. The Company's increase in              
manufacturing costs of $1,155,000 was due to increased pre-commercial           
manufacturing activities, scaling-up and validating the manufacturing           
process for CEA-Scan  for colorectal cancer imaging and LeukoScan  for          
infectious disease imaging. The increase in clinical and regulatory costs       
of $2,190,000 resulted principally from the costs associated with the           

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acceleration and completion of Phase III clinical trials for LeukoScan  and     
the ongoing regulatory reviews for CEA-Scan . The increase in research and      
development costs of $1,470,000 is due, in part, to the Company's antibody      
humanization program.                                                           

General and administrative costs for the fiscal year ended June 30,         
1994 increased by $1,062,000 as compared to the same period in 1993,            
including an increase in legal costs of $1,015,000 associated with              
patent-related activities.                                                      

Net loss for the year ended June 30, 1994 was $15,056,000, or $0.50 per     
share, as compared to $9,427,000, or $0.32 per share in fiscal year 1993.       
This change principally results from expenditures associated with increased     
manufacturing, clinical and regulatory and research and development             
activities, and decreased revenues, as explained above.                         

Liquidity and Capital Resources                                                 
At June 30, 1995, the Company had working capital of $18,907,000,           
representing a decrease of $2,973,000 from June 30, 1994, and had no            
long-term debt other than certain lease obligations (see Note 11 to             
Financial Statements). The decrease in working capital resulted principally     
from the net loss during fiscal year 1995 of $11,404,000, partially offset      
by cash received from a financing transaction in January 1995.                  

On January 18, 1995, the Company completed an equity financing pursuant     
to Regulation S under the Securities Act of 1933, pursuant to which a group     
of investors purchased 150,000 shares of non-dividend paying Series B           
Convertible Preferred Stock (the "Series B Preferred") for $7,500,000. At       
the Company's option, one investor was to purchase, in June 1995, an            
additional 50,000 shares of the Series B Preferred for $2,500,000, under        
substantially the same terms and conditions of the original offering,           
provided that the average price of the Company's common stock was equal to      
or greater than $2.75 per share during the 20-day trading period                
immediately preceding the exercise date of such option. This condition was      
not met, and the additional 50,000 shares of Series B Preferred were not        
purchased by the investor. The terms of the transaction allow the               
investors, at their discretion, to convert the Series B Preferred into          
shares of the Company's common stock during a twenty-two month period           
beginning in March 1995, at pre-determined discounts from the average           
market price per share over a 40-day trading period surrounding the date of     
conversion. As of June 30, 1995, 25,473 shares of Series B Preferred had        
been converted into 544,116 shares of the Company's common stock. In July       
and August 1995, an additional 80,820 shares of Series B Preferred were         
converted into 1,545,929 shares of common stock. The proceeds from this         
financing transaction will assist the Company in fulfilling its plans to        
file for U.S. and European regulatory approval to market LeukoScan ,            
advance CEA-Scan  through the regulatory review process and initiate            
clinical trials for cancer therapeutic products under development.              

On August 2, 1995, the Company announced that its Development and           
License Agreement with Pharmacia was terminated. Pursuant to this               
Agreement, which had originated  in July 1991, the Company had granted to       

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Pharmacia an exclusive license to market and sell its CEA-Scan , AFP-Scan       
and LymphoScan  products for certain specified indications in the United        
States and Canada. Also pursuant to this Agreement, in fiscal 1993 the          
Company received non-refundable license fees of $1,000,000, which were          
recorded as revenue when received, and earned research and development          
revenue of $1,665,000 and $2,000,000 during the years ended June 30, 1995       
and 1994, respectively. In June 1994, the Company and Pharmacia, in the         
context of discussions directed towards restructuring their relationship,       
agreed to release Pharmacia from its obligations and for the Company to         
regain its marketing and selling rights for AFP-Scan  and LymphoScan ,          
whereby the Company assumed financial responsibility for all future             
clinical, marketing and selling activities for these products. In August        
1995, the Company regained the North American marketing and selling rights      
for CEA-Scan  from Pharmacia. The Company is discussing with Pharmacia the      
amount of a final payment by Pharmacia to the Company to satisfy remaining      
obligations. Similarly, the Company assumed financial responsibility for        
all future clinical, marketing and selling activities for CEA-Scan . The        
Company is now discussing the licensing of certain North American marketing     
and selling rights to CEA-Scan  with other potential partners.                  

In March 1995, the Company signed a license agreement with Mallinckrodt     
Medical B.V., ("Mallinckrodt"), a leading producer and distributor of           
radiopharmaceuticals in Europe. Under the terms of the agreement,               
Mallinckrodt will market, sell and distribute CEA-Scan  throughout Western      
Europe and in select Eastern European countries, subject to receipt of          
regulatory approval in the specified countries. In addition, the Company        
will manufacture CEA-Scan , for which Mallinckrodt will pay the Company a       
pre-determined royalty.                                                         

In February 1994, the Company entered into a master lease agreement,        
which was subsequently amended, pursuant to which the Company may lease         
equipment for research, development and manufacturing purposes having an        
aggregate acquisition cost of up to $2,200,000. The basic lease payments        
under the master lease agreement are determined based on current market         
rates of interest at the inception of each equipment schedule take-down,        
and are payable in monthly installments over a four-year period. The lease      
agreement contains an early purchase option, at an amount which is deemed       
to be fair value, exercisable no later than ninety days before the              
thirty-sixth installment is due. Under the lease agreement, continued           
compliance with certain financial ratios is required and, in the event of       
default, the Company will be required to provide an irrevocable letter of       
credit which is generally equal to the outstanding balance of lease             
payments due at the time of default. As of June 30, 1995, the Company has       
leased equipment aggregating $1,466,000 under the master lease agreement        
and recorded lease expense for fiscal year 1995 of $332,000.                    

The Company has committed approximately $2,700,000 for the design,          
construction and equipping of a commercial manufacturing facility at its        
Morris Plains, NJ headquarters. The facility will consist of four               
independent antibody manufacturing suites, several support areas, and a         
quality control ("QC") laboratory. The Company is also obligated under two      
operating leases for facilities used for research and development,              
manufacturing, and office space. Total commitments for fiscal year 1996         
under these leases and the equipment lease described above are $878,000.        

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The Company's liquid asset position, as measured by its cash, cash          
equivalents and marketable securities, was $22,814,000 at June 30, 1995,        
representing a decrease of $2,416,000 from June 30, 1994. It is anticipated     
that working capital and cash, cash equivalents, and marketable securities      
will continue to decrease during fiscal year 1996 as a result of planned        
operating expenses and capital expenditures. At present, the Company            
believes that its financial resources will be sufficient to fund                
anticipated operating expenses and capital expenditures through calendar        
year 1996. The Company intends to supplement its financial resources from       
time to time, as market conditions permit, through additional financing and     
through collaborative marketing and distribution agreements. In addition,       
the Company continues to evaluate various programs to raise additional          
capital and to seek additional revenues from the licensing of its               
proprietary technology. At the present time, the Company is unable to           
determine whether any of these activities will be successful and, in such       
cases, the terms and timing of any definitive agreements or financing.          
There can be no assurance that the Company will be able to obtain               
additional funds in the future.                                                 

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                                IMMUNOMEDICS, INC.                               
                                  Balance Sheets                                 


June 30,                                                  1995          1994     
_____________________________________________________ ____________  ____________ 
                                                                                 
ASSETS                                                                           
Current Assets:                                                                  
     Cash and cash equivalents                        $  7,162,837     6,371,245 
     Marketable securities                              15,651,369    18,858,609 
     Other current assets                                  687,674     1,087,452 
                                                      ____________  ____________ 
          Total Current Assets                          23,501,880    26,317,306 

Property and Equipment, net of accumulated                                       
    depreciation of $4,427,000 and $3,490,000 at                                 
    June 30, 1995 and 1994, respectively                 4,722,604     5,515,729 
                                                      ____________  ____________ 
                                                      $ 28,224,484    31,833,035 

LIABILITIES AND STOCKHOLDERS' EQUITY                                             
Current Liabilities:                                                             
     Accounts payable                                    1,932,908     2,191,315 
     Other current liabilities                           2,662,401     2,246,299 
                                                      ____________  ____________ 
          Total current liabilities                      4,595,309     4,437,614 

Commitments and Contingencies                                                    
Stockholders' Equity:                                                            
     Preferred stock; $.01 par value, authorized                                 
      10,000,000 shares; Series B convertible,                                   
      authorized 200,000 shares;                                                 
      issued and outstanding 124,527 shares                                      
      at June 30, 1995                                       1,245             0 
     Common stock; $.01 par value, authorized                                    
      50,000,000 shares; issued and outstanding                                  
      30,624,585 and 30,055,469 shares at                                        
      June 30, 1995 and 1994, respectively                 306,246       300,555 
     Capital contributed in excess of par               72,098,771    64,676,957 
     Accumulated deficit                               (48,781,384)  (37,377,656)
     Accumulated net unrealized gain/(loss)                                      
       on securities                                         4,297      (204,435)
                                                      ____________  ____________ 
                                                        23,629,175    27,395,421 
                                                      ____________  ____________ 
                                                      $ 28,224,484    31,833,035 

<FN>                                                                             
See Accompanying Notes to Financial Statements                                   

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                              IMMUNOMEDICS, INC.                         
                           Statements of Operations                      

Years Ended June 30,              1995           1994           1993     
____________________________ _____________  _____________  _____________ 
                                                                         
REVENUES:                                                                
 Product sales and royalties $     201,006  $     394,039  $   1,049,127 
 Research & development          1,878,500      2,412,500      1,025,000 
 License fees                            0              0      1,000,000 
 Interest                        1,109,721      1,430,276      1,981,074 
                             _____________  _____________  _____________ 
                                 3,189,227      4,236,815      5,055,201 

COSTS AND EXPENSES:                                                      
 Cost of goods sold                 41,829        202,930        514,072 
 Research & development         12,491,847     14,698,025     10,638,998 
 General and administrative      2,059,279      4,391,831      3,329,521 
                             _____________  _____________  _____________ 
                                14,592,955     19,292,786     14,482,591 
                             _____________  _____________  _____________ 
Net loss                     $ (11,403,728)   (15,055,971)    (9,427,390)
                             _____________  _____________  _____________ 
Net loss per share           $       (0.38)         (0.50)         (0.32)
                             _____________  _____________  _____________ 
Weighted average number of                                               
  shares outstanding            30,097,584     30,051,434     29,419,933 

<FN>                                                                     
See Accompanying Notes to Financial Statements                           

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                                IMMUNOMEDICS, INC.                                                                            
                    Statements of Changes in Stockholders' Equity                                                             

                                                                                                   Accumulated                
                                 Convertible                            Contributed                 Realized                  
                               Preferred Stock        Common Stock       in Excess   Accumulated   Gain/(Loss)                
                              Shares     Amount     Shares     Amount     of Par       Deficit    On Securities     Total     
____________________________ _________  ________  __________  ________  ___________  ___________  _____________  ____________ 
                                                                                                                              
Balance, at June 30, 1992       80,000  $    800  28,146,244 $ 281,462   64,347,381  (12,894,295)             0    51,735,348 
 Issuance of common stock in                                                                                                  
    exchange for convertible                                                                                                  
    preferred stock                                                                                                           
    (Series A), net            (80,000)     (800)  1,777,600    17,776      (34,342)           0              0       (17,366)
 Exercise of options to                                                                                                       
    purchase common stock            0         0     116,375     1,164      329,758            0              0       330,922 
 Net loss                            0         0           0         0            0   (9,427,390)             0    (9,427,390)
                              ________  ________  __________ _________  ___________  ___________  _____________  ____________ 
Balance, at June 30, 1993            0         0  30,040,219   300,402   64,642,797  (22,321,685)             0    46,621,514 
 Exercise of options to                                                                                                       
    purchase common stock            0         0      15,250       153       34,160            0              0        34,313 
 Net unrealized loss                                                                                                          
    on securities                    0         0           0         0            0            0       (204,435)     (204,435)
 Net loss                            0         0           0         0            0  (15,055,971)             0   (15,055,971)
                              ________ _________  __________ _________  ___________  ___________  _____________  ____________ 
Balance, at June 30, 1994            0         0  30,055,469   300,555   64,676,957  (37,377,656)      (204,435)   27,395,421 
 Issuance of convertible                                                                                                      
    preferred stock                                                                                                           
    (Series B), net            150,000     1,500           0         0    7,371,000            0              0     7,372,500 
 Issuance of common stock in                                                                                                  
    exchange for convertible                                                                                                  
    preferred stock                                                                                                           
    (Series B), net            (25,473)     (255)    544,116     5,441       (5,186)           0              0             0 
 Exercise of options to                                                                                                       
    purchase common stock            0         0      25,000       250       56,000            0              0        56,250 
 Net unrealized loss                                                                                                          
    on securities                    0         0           0         0            0            0        208,732       208,732 
 Net loss                            0         0           0         0            0  (11,403,728)             0   (11,403,728)
                              ________  ________  __________ _________  ___________  ___________  _____________  ____________ 
Balance, at June 30, 1995      124,527  $  1,245  30,624,585 $ 306,246   72,098,771  (48,781,384)         4,297    23,629,175 

<FN>                                                                                                                          
See Accompanying Notes to Financial Statements                                                                                

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                             IMMUNOMEDICS, INC.                                                  
                          Statements of Cash Flows                                               

Years Ended June 30,                                      1995           1994           1993     
____________________________________________________ _____________  _____________  _____________ 
                                                                                                 

Cash Flows Used In Operating Activities:                                                         

  Net Loss                                           $ (11,403,728)   (15,055,971)    (9,427,390)
  Adjustment to reconcile net loss to net                                                        
   cash used in operating activities:                                                            

    Depreciation and amortization                          937,107      1,042,307        632,898 
    Amortization of bond premium                           113,318        311,245        236,051 
    Changes in operating assets and liabilities:                                                 
      Other current assets                                 399,778        444,619       (419,706)
      Accounts payable                                    (258,407)       716,747        626,255 
      Other current liabilities                            416,102        206,591      1,011,953 
                                                     _____________  _____________  _____________ 
      Net cash used in operating activities          $  (9,795,830)   (12,334,462)    (7,339,939)

Cash Flows Provided By Investing Activities:                                                     

  Purchase of marketable securities                    (11,639,212)   (20,493,754)   (31,118,526)
  Proceeds from maturities of marketable securities     14,691,866     27,097,771     34,802,727 
  Proceeds from sale of marketable securities              250,000      5,274,305      4,235,039 
  Additions to property and equipment                     (143,982)    (1,875,821)    (1,166,514)
                                                     _____________  _____________  _____________ 
      Net cash provided by investing activities          3,158,672      8,140,561      6,752,726 

Cash Flows Provided By Financing Activites:                                                      

  Issuance of convertible preferred                                                              
     stock (Series B), net                               7,372,500              0              0 
  Cost of conversion of preferred stock (Series A)               0              0        (17,366)
  Exercise of stock options                                 56,250         34,313        330,922 
  Principal payments of long-term debt                           0        (29,486)       (45,635)
                                                     _____________  _____________  _____________ 
      Net cash provided by financing activities          7,428,750          4,827        267,921 

Increase/(Decrease) In Cash And Cash Equivalents           791,592     (4,189,074)      (319,292)

Cash And Cash Equivalents, At Beginning Of Year          6,371,245     10,560,319     10,879,611 
                                                     _____________  _____________  _____________ 
Cash And Cash Equivalents, At End Of Year            $   7,162,837      6,371,245     10,560,319 

<FN>                                                                                             
See Accompanying Notes to Financial Statements                                                   

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Notes to Financial Statements                                                   

1. Business Overview                                                            
Immunomedics, Inc. (the "Company") is engaged in researching, developing,       
manufacturing and marketing biopharmaceutical products, particularly            
antibody-based diagnostics and therapeutics for cancer and infectious           
diseases.                                                                       

The Company's operations encompass all the risks inherent in developing     
and expanding a new business enterprise, including: (1) a limited operating     
history and uncertainty regarding the timing and amount of future revenues      
to be derived from the Company's technology; (2) obtaining future capital       
as needed; (3) attracting and retaining key personnel; and (4) a business       
environment with heightened competition, rapid technological change and         
strict government regulation.                                                   

2. Summary of Significant Accounting Policies                                   
Cash Equivalents and Marketable Securities                                      
The Company considers all highly liquid investments with maturities of          
three months or less, at the time of purchase, to be cash equivalents.          

The Company's investments in marketable securities are available for        
sale to fund growth in operations as the Company moves toward                   
commercialization of its products. The Company, subject to changes in           
market conditions, does not intend to hold all marketable securities to         
their maturity dates and, accordingly, the portfolio has been classified as     
a current asset. The portfolio primarily consists of U.S. government            
securities, corporate bonds, and equity securities.                             

Concentration of Credit Risk                                                    
The Company invests its cash in U.S. government securities and debt             
instruments of financial institutions and corporations with strong credit       
ratings. The Company has established guidelines relative to diversification     
and maturities that are designed to help ensure safety and liquidity. These     
guidelines are periodically reviewed to take advantage of trends in yields      
and interest rates.                                                             

Property and Equipment                                                          
Property and equipment are stated at cost and are depreciated on a              
straight-line basis over the estimated useful lives (5 -10 years) of the        
respective assets.                                                              

Revenue Recognition                                                             
Payments received under contracts to fund certain research activities are       
recognized as revenue in the period in which the research activities are        
performed. Payments received in advance which are related to future             
performance are deferred and recognized as revenue when the research            
projects are performed.                                                         

Non-refundable payments received under licensing arrangements are           
recognized as revenue in the period in which they are received.                 

Revenue from the sale of in vitro diagnostic products is recognized at      
the time of shipment.                                                           

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Research and Development Costs                                                  
Research and development costs are expensed as incurred.                        

Income Taxes                                                                    
Effective July 1, 1993, the Company adopted Statement of Financial              
Accounting Standards Number 109 ("SFAS No. 109") relating to the accounting     
for income taxes. SFAS No. 109 requires the recognition of deferred tax         
assets and liabilities relating to the expected future tax consequences of      
events that have been recognized in the Company's financial statements and      
tax returns. The Company has not recorded any tax benefits associated with      
its net deferred tax assets, and therefore the implementation of this           
Statement did not have a material effect on the Company's financial             
position or results of operations. Prior years' financial statements have       
not been restated (see Note 8).                                                 

Net Loss Per Share                                                              
Net loss per share is based upon the weighted average number of common          
shares outstanding. Common share equivalents, consisting of outstanding         
stock options and convertible preferred stock, are not included in the          
computations since the effect would be antidilutive.                            

Reclassification                                                                
Certain 1994 and 1993 balances have been reclassified to conform to the         
1995 presentation.                                                              

3. Marketable Securities                                                        
Effective June 30, 1994, the Company adopted Statement of Financial             
Accounting Standards Number 115 ("SFAS No. 115"), "Accounting for Certain       
Investments in Debt and Equity Securities." The effect of adopting this         
statement was not material. Under this new accounting standard, securities      
for which there is not the positive intent and ability to hold to maturity      
are classified as available-for-sale and are carried at fair value.             
Unrealized holding gains and losses on securities classified as                 
available-for-sale are carried as a separate component of stockholders'         
equity. The Company considers all of its current investments to be              
available-for-sale. Consequently, pursuant to SFAS No. 115, a $4,000            
unrealized holding gain and a $204,000 unrealized holding loss have been        
recorded in a separate component of stockholders' equity as of June 30,         
1995 and 1994, respectively. Marketable securities at June 30, 1995 and         
1994 consist of the following:                                                  

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                                                        Fair      Unrealized
                                            Cost      Market     Holding
June 30, 1995:                                  Basis     Value    Gain/(Loss)  
__________________________________________ ___________ ___________ ___________  
Securities with contractual maturities                                          
from date of acquisition of one year                                        
or less:                                                                    
U.S. Debt Securities                       $ 5,631,000   5,676,000      45,000  
Equity Securities                              541,000     479,000     (62,000) 
                                         ___________ ___________ ___________
                                          $ 6,172,000   6,155,000     (17,000)

Securities with contractual maturities                                          
from date of acquisition greater than                                       
one year:                                                                   
U.S. Debt Securities                       $ 6,722,000   6,721,000      (1,000) 
Corporate Debt Securities                    2,753,000   2,775,000      22,000  
                                         ___________ ___________ ___________
                                            9,475,000   9,496,000     (21,000)
                                         ___________ ___________ ___________
Total Marketable Securities                $15,647,000  15,651,000       4,000  

                                                        Fair      Unrealized
                                            Cost      Market     Holding
June 30, 1994:                                  Basis     Value    Gain/(Loss)  
__________________________________________ ___________ ___________ ___________  
Securities with contractual maturities                                          
from date of acquisition of one year                                        
or less:                                                                    
U.S. Debt Securities                       $ 8,116,000   8,128,000      12,000  
Corporate Dept Securities                    2,693,000   2,688,000      (5,000) 
Equity Securities                              534,000     450,000     (84,000) 
                                         ___________ ___________ ___________
                                          $11,343,000  11,266,000     (77,000)

Securities with contractual maturities                                          
from date of acquisition greater than                                       
one year:                                                                   
U.S. Debt Securities                       $ 4,952,000   4,843,000    (109,000) 
Corporate Debt Securities                    2,768,000   2,750,000     (18,000) 
                                         ___________ ___________ ___________
                                            7,720,000   7,593,000    (127,000)
                                         ___________ ___________ ___________
Total Marketable Securities                $19,063,000  18,859,000    (204,000) 

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4. Other Current Assets                                                         
Included in other current assets is accrued interest income earned on           
marketable securities and cash equivalents of approximately $231,000 and        
$306,000 at June 30, 1995 and 1994, respectively. Also included in other        
current assets at June 30, 1994 is a receivable for $500,000 from a             
corporate partner, which was recorded as income in fiscal year 1994 for         
research and development funding pursuant to a Development and License          
Agreement (see Note 10). The Company received the $500,000 payment in July      
1994.                                                                           

5. Property and Equipment                                                       
Property and equipment consists                                                 
of the following at June 30:                 1995          1994           
_________________________________________  ____________  ____________           
Machinery and equipment                    $  2,936,000     2,962,000           
Leasehold improvements                        5,199,000     5,101,000           
Furniture and fixtures                          530,000       520,000           
Computer equipment                              485,000       423,000           
                                ____________  ____________
                                   9,150,000     9,006,000

Accumulated depreciation and amortization    (4,427,000)   (3,490,000)          
                                $  4,723,000     5,516,000

6. Other Current Liabilities                                                    
Included in other current liabilities are amounts payable to medical            
institutions participating in the Company's clinical trial programs of          
approximately $468,000 and $612,000 at June 30, 1995 and 1994,                  
respectively. Also included are amounts payable to various legal counsel of     
approximately $284,000 and $400,000, and accrued health insurance               
liabilities of approximately $252,000 and $130,000 at June 30, 1995 and         
1994, respectively. Further, included at June 30, 1995 is $912,000 received     
from a corporate partner for the funding of ongoing clinical trials (see        
Note 10).                                                                       

7. Stockholders' Equity                                                         
On November 8, 1990, at the Company's Annual Meeting of Stockholders, the       
Company's stockholders ratified a proposal to amend the Certificate of          
Incorporation of the Company to authorize 10,000,000 shares of preferred        
stock at $.01 par value per share. The preferred stock may be issued from       
time to time in one or more series, with such distinctive serial                
designations, rights and preferences as shall be determined by the Board of     
Directors.                                                                      

In March 1991, the Company completed a $4 million private placement of      
80,000 shares of non-dividend paying Series A Convertible Preferred Stock       
("Series A Preferred") at $50 per share. On October 9, 1992, the holders of     
the Company's Series A Preferred (the "Preferred Shareholders")  converted      
all 80,000 outstanding preferred shares into common stock of the Company.       
Each share of Series A Preferred was convertible into 22.22 shares of           
common stock of the Company; accordingly, 1,777,600 shares of common stock      
were issued to the Preferred Shareholders in exchange for the 80,000 shares     
of Series A Preferred, all of which were canceled.                              

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On January 18, 1995, the Company completed an equity financing pursuant     
to Regulation S under the Securities Act of 1933, pursuant to which a group     
of investors purchased 150,000 shares of non-dividend paying Series B           
Convertible Preferred Stock (the "Series B Preferred") for $7,500,000. At       
the Company's option, one investor was to purchase, in June 1995, an            
additional 50,000 shares of the Series B Preferred for $2,500,000, under        
substantially the same terms and conditions of the original offering,           
provided that the average price of the Company's common stock was equal to      
or greater than $2.75 per share during the 20-day trading period                
immediately preceding the exercise date of such option. This condition was      
not met, and the additional 50,000 shares of Series B Preferred were not        
purchased by the investor. The terms of the transaction allow the               
investors, at their discretion, to convert the Series B Preferred into          
shares of the Company's common stock during a twenty-two month period           
beginning in March 1995, at pre-determined discounts from the average           
market price per share over a 40-day trading period surrounding the date of     
conversion. As of June 30, 1995, 25,473 shares of Series B Preferred had        
been converted into 544,116 shares of the Company's common stock. In July       
1995, an additional 16,632 shares of Series B Preferred were converted into     
376,244 shares of common stock.                                                 

Under the terms of the Company's 1983 Stock Option Plan, as amended         
(the "1983 Plan"), stock options were granted to employees and members of       
the Board of Directors, as determined by the Compensation Committee of the      
Board of Directors, at fair market value, become exercisable at 25% per         
year on each of the first through fourth anniversaries of the date of           
grant, and terminate if not exercised within ten years. In June 1993, the       
1983 Plan expired. On November 5, 1992, at the Company's Annual Meeting of      
Stockholders, adoption of the Company's 1992 Stock Option Plan (the "1992       
Plan") was ratified. The basic terms of the 1992 Plan are substantially         
similar to those under the Company's 1983 Plan. Under the 1992 Plan,            
3,000,000 shares were originally reserved for possible future issuance upon     
exercise of stock options, of which 1,777,000 were still available at June      
30, 1995 for future grant. At June 30, 1995, 3,577,000 shares of common         
stock were reserved for possible future issuance upon exercise of stock         
options outstanding and future stock option grants.                             

Pursuant to the terms of the 1992 Plan, each outside Director of the        
Company who had been a Director prior to July 1 is granted, on the first        
business day of July each year, an option to purchase 10,000 shares of the      
Company's common stock at fair market value. On July 3, 1995, 60,000 stock      
options were granted to these Directors.                                        

On April 11, 1995, the Compensation Committee of the Board of Directors     
granted the Company's employees the opportunity to terminate their existing     
options and receive new options at fair market value of the Company's           
common stock on April 11, 1995, with a corresponding recommencement of          
vesting. Accordingly, options to purchase 790,000 shares were terminated        
and an equal number of new options were issued, which is reflected in the       
table below.                                                                    

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Information concerning options for the years ended June 30, 1995, 1994      
and 1993 is summarized as follows:                                              
                          1995
                                     Shares         Option Price Range
                                 ___________        __________________
Outstanding, July 1, 1994               1,655,750          $ 2.25 - 10.75       
Granted                                 1,214,000            2.63 - 13.38       
Exercised                                 (25,000)                   2.25       
Terminated                             (1,044,750)           2.25 - 19.13       
                                 ___________        __________________
Outstanding, June 30, 1995              1,800,000          $ 2.25 - 10.75       
       ___________
Exercisable, June 30, 1995                558,750                               

                          1994
                                     Shares         Option Price Range
                                 ___________        __________________
Outstanding, July 1, 1993               1,675,500          $ 2.25 - 10.75       
Granted                                   461,000            3.63 - 17.12       
Exercised                                 (15,250)                   2.25       
Terminated                               (465,500)           2.25 - 10.75       
                                 ___________        __________________
Outstanding, June 30, 1994              1,655,750          $ 2.25 - 10.75       
       ___________
Exercisable, June 30, 1994                771,000                               

                          1993
                                     Shares         Option Price Range
                                 ___________        __________________
Outstanding, July 1, 1992               1,656,750          $ 2.25 - 18.13       
Granted                                   380,000            6.12 - 10.75       
Exercised                                (116,375)           2.25 - 17.88       
Terminated                               (244,875)           2.25 - 19.63       
                                 ___________        __________________
Outstanding, June 30, 1993              1,675,500          $ 2.25 - 10.75       
       ___________
Exercisable, June 30, 1993                462,750                               

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8. Income Taxes                                                                 
The Company adopted SFAS No. 109 effective July 1, 1993. Pursuant to the        
accounting standard, the tax effects of temporary differences that give         
rise to significant portions of the Company's deferred tax assets as of         
June 30, 1995 and 1994 are presented below:                                     

                                 1995           1994
                              _____________  _____________
Deferred tax assets:                                                            
Net operating loss carry forwards      $  18,882,000     14,100,000         
Research and development credits           2,640,000      2,693,000         
Property and equipment                       226,000        160,000         
Other                                         62,000          6,000         
                              _____________  _____________
Total                                     21,810,000     16,959,000         
Valuation allowance                        (21,810,000)   (16,959,000)          
                              _____________  _____________
Net deferred taxes                       $           0              0           

The valuation allowances for fiscal year 1995 and 1994 have been            
applied to offset the deferred tax assets in recognition of the uncertainty     
that such tax benefits will be realized. The June 30, 1994 valuation            
allowance includes $6,500,000 relating to fiscal year 1994 operations.          

At June 30, 1995, the Company has available net operating loss              
carryforwards for Federal and state income tax reporting purposes of            
approximately $47,289,000 and $46,730,000, respectively. These                  
carryforwards expire beginning in 1998. The Company made no payments of         
Federal or state income taxes during the years ended June 30, 1995, 1994        
and 1993.                                                                       

9. Related-Party Transactions                                                   
The Center for Molecular Medicine and Immunology ("CMMI") is a                  
not-for-profit corporation, established in 1983 by Dr. David M. Goldenberg,     
Chairman of the Board, Chief Executive Officer and the major shareholder of     
the Company. CMMI is devoted primarily to cancer research.                      

Dr. Goldenberg currently serves as the President of CMMI pursuant to an     
employment agreement and devotes substantially more of his working time to      
CMMI than to the Company. Allocations between CMMI and the Company              
regarding research projects are overseen by the Board of Trustees of CMMI       
and the Board of Directors of the Company, excluding Dr. Goldenberg, to         
minimize potential conflicts of interest. Certain employees of CMMI serve       
as consultants to the Company.                                                  

CMMI is currently conducting basic research and patient evaluations in      
a number of areas of potential interest to the Company. Effective in July       
1995, the Company amended its license agreement with CMMI to assist CMMI in     
complying with Internal Revenue Service criteria for their recently             
completed tax-exempt financing. Under the original terms of the license         
agreement, the Company had the right to an exclusive, worldwide license to      
manufacture and market potential products developed by CMMI (other than         
those funded by third parties) for specified royalty payments and on other      

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specified terms. Under the amended license agreement, the Company maintains     
the right of first negotiation to obtain exclusive, worldwide licenses from     
CMMI to manufacture and market potential products and technology covered by     
the license agreement under terms representing fair market price, to be         
determined at the time the license is obtained.                                 

The amended license agreement terminates on December 31, 1999, with the     
Company having the right to seek good-faith negotiation to extend the           
agreement for an additional five-year period. The Company retains such          
amended licensing rights to inventions made during the term of the              
agreement for a period of five years from the time of disclosure. Prior to      
amendment, the license agreement terminated on December 11, 2010, with the      
Company having the right to extend the agreement for two additional             
five-year periods with specified minimum annual royalties to be paid during     
these two periods. The Company is in the process of evaluating what             
additional amendments to the license agreement may be necessary to satisfy      
Federal laws and rules, including recently issued National Institutes of        
Health Guidelines.                                                              

The Company has reimbursed CMMI for expenses incurred on behalf of the      
Company, including amounts incurred pursuant to research contracts, in the      
amount of approximately $57,000, $548,000 and $426,000 during the years         
ended June 30, 1995, 1994 and 1993, respectively. The Company also provides     
CMMI with laboratory materials and supplies in connection with research         
conducted in areas of potential interest to the Company at no cost to CMMI.     

During the years ending June 30, 1995, 1994 and 1993, the Board of          
Directors of the Company authorized grants to CMMI of $300,000, $200,000        
and $200,000, respectively, to support research and clinical work being         
performed at CMMI, such grants to be expended in a manner deemed                
appropriate by the Board of Trustees of CMMI.                                   

10. License and Distribution Agreements                                         
In July 1991, the Company entered into a Development and License Agreement      
(the "Agreement") with Pharmacia, Inc. ("Pharmacia"   formerly Adria            
Laboratories Division of Erbamont, Inc.), whose parent company is               
Sweden-based Pharmacia AB. Pursuant to the Agreement, the Company granted       
to Pharmacia an exclusive license to market and sell its CEA-Scan ,             
AFP-Scan , and LymphoScan  products for certain specified indications (the      
"products") in the United States and Canada. Also pursuant to the               
Agreement, in fiscal year 1993 the Company received non-refundable license      
fees of $1,000,000, which were recorded as revenue when received, and           
earned research and development revenue of $1,665,000 and $2,000,000 during     
the years ended June 30, 1995 and 1994, respectively.                           

In June 1994, the Company and Pharmacia, in the context of discussions      
directed towards restructuring their relationship, agreed for the Company       
to regain its marketing and selling rights, whereby the Company assumed         
financial responsibility for all future clinical, marketing  and selling        
activities for AFP-Scan  and LymphoScan .                                       

On August 2, 1995, the Company announced that it had regained the North     
American marketing and selling rights for CEA-Scan  from Pharmacia. The         

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Company is discussing with Pharmacia the amount of a final payment by           
Pharmacia to the Company to satisfy remaining obligations. Payments which       
have been received from Pharmacia to fund ongoing clinical trials for           
CEA-Scan  will be recorded as income as the trials are conducted (see Note      
6).                                                                             

In March 1995, the Company signed a License Agreement with Mallinckrodt     
Medical B.V., ("Mallinckrodt"), a leading producer and distributor of           
radiopharmaceuticals in Europe. Under the  terms of the agreement,              
Mallinckrodt will market, sell and distribute CEA-Scan  throughout Western      
Europe and in select Eastern European countries, subject to receipt of          
regulatory approval in the specified countries. In addition, the Company        
will manufacture CEA-Scan , for which Mallinckrodt will pay the Company a       
pre-determined royalty on Mallinckrodt sales.                                   

Domestic sales of the Company's in vitro diagnostic products                
represented approximately 76%, 27% and 19% of total sales during fiscal         
years 1995, 1994 and 1993, respectively. A distribution agreement with an       
international distributor expired in March 1993. For the nine months ended      
March 31, 1993, sales with this distributor were $395,000. In June 1994,        
the Company assigned to an independent third party all of the Company's         
manufacturing and marketing rights associated with its in vitro diagnostic      
products, excluding those rights relating to the Company's HAMA in vitro        
diagnostic product. In exchange for assigning these rights, the Company is      
to receive royalty payments through June 2003 on annual sales derived from      
such products. In fiscal 1995, the Company recorded royalty income of           
$120,000 on sales of these products by the licensee.                            

11. Commitments and Contingencies                                               
On November 1, 1993, the Company and Dr. Goldenberg entered into a              
five-year employment agreement (the "Agreement") with an additional             
one-year assured renewal and thereafter automatically renewable for             
additional one-year periods unless terminated by either party as provided       
in the Agreement. Dr. Goldenberg will receive an annual base salary of not      
less than $220,000, subject to increases as determined by the Board of          
Directors.                                                                      

Pursuant to the Agreement, Dr. Goldenberg may engage in other business,     
general investment and scientific activities, provided such activities do       
not materially interfere with the performance of any of his obligations         
under the Agreement, allowing for those activities he presently performs        
for CMMI. The Agreement extends the ownership rights of the Company, with       
an obligation to diligently pursue all ideas, discoveries, developments and     
products, in the entire medical field, which, at any time during his past       
or continuing employment by the Company (but not when performing services       
for CMMI), Dr. Goldenberg has made or conceived or hereafter makes or           
conceives, or the making or conception of which he has materially               
contributed to or hereafter contributes to, all as defined in the Agreement     
(collectively "Goldenberg Discoveries").                                        

Further, pursuant to the Agreement, Dr. Goldenberg will receive,            
subject to certain restrictions, incentive compensation of 0.5% on the          
first $75,000,000 of all defined annual net revenue of the Company and          
0.25% on all such annual net revenue in excess thereof (collectively            

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"Revenue Incentive Compensation").  With respect to the period that Dr.         
Goldenberg is entitled to receive Revenue Incentive Compensation on any         
given products, it will be in lieu of any other percentage compensation         
based on sales or revenue due him with respect to such products under this      
Agreement or the existing License Agreement between the Company and Dr.         
Goldenberg. With respect to any periods that Dr. Goldenberg is not              
receiving such Revenue Incentive Compensation for any products covered by       
patented Goldenberg Discoveries or by certain defined prior inventions of       
Dr. Goldenberg, he will receive 0.5% on cumulative annual net sales of,         
royalties, certain equivalents thereof, and, to the extent approved by the      
Board, other consideration received by the Company for such products, up to     
a cumulative annual aggregate of $75,000,000 and 0.25% on any cumulative        
annual aggregate in excess of $75,000,000 (collectively "Royalty                
Payments"). A $100,000 annual minimum payment will be paid in the aggregate     
against all Revenue Incentive Compensation and Royalty Payments. Dr.            
Goldenberg will also receive a percent, not less than 20%, to be determined     
by the Board, of net consideration (including license fees) which the           
Company receives for any disposition, by sale, license or otherwise             
(discussions directed to which commence during the term of his employment       
plus two years) of any defined Undeveloped Assets of the Company which are      
not budgeted as part of the Company's strategic plan.                           

On February 1, 1994, the Company entered into a master lease agreement,     
which was subsequently amended, pursuant to which the Company may lease         
equipment for research, development and manufacturing purposes having an        
aggregate acquisition cost of up to $2,200,000. The basic lease payments        
under the master lease agreement are determined based on current market         
rates of interest at the inception of each equipment schedule take-down,        
and payable in monthly installments over a four-year period. The lease          
agreement contains an early purchase option, at an amount which is deemed       
to be fair value, exercisable no later than ninety days before the              
thirty-sixth installment is due. Under the lease agreement, continued           
compliance with certain financial ratios is required and, in the event of       
default, the Company will be required to provide an irrevocable letter of       
credit which is generally equal to the outstanding balance of lease             
payments due at the time of default. As of June 30, 1995, the Company has       
leased equipment aggregating $1,466,000 under the master lease agreement        
and recorded lease expense for fiscal 1995 of $332,000.                         

The Company is obligated under two operating leases for facilities used     
for research and development, manufacturing and office space. The leases        
expire in October 1996 and May 1999, and contain renewal provisions as          
specified in the respective leases. The lease expiring in May 1999 provides     
for escalating lease payments and an option to purchase the facility,           
exercisable by the Company any time after December 1993, subject to certain     
terms and conditions as specified in the lease. Lease expense was               
approximately $495,000, $484,000 and $439,000 in fiscal years 1995, 1994        
and 1993, respectively. Minimum lease commitments for facilities and            
equipment are as follows:                                                       

1996             $878,000                       
1997             $814,000                       
1998             $804,000                       
1999             $521,000                       
Thereafter              0                       

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The Company has committed approximately $2,700,000 for the design,          
construction and equipping of a commercial manufacturing facility at its        
Morris Plains, New Jersey headquarters.                                         

On April 18, 1995, the Company announced that the United States             
District Court for the District of New Jersey granted the Company's motion      
to dismiss the shareholder lawsuit that was filed June 2, 1994. The             
complaint alleged that public disclosures from January 30, 1992 through May     
25, 1994 about the future prospects of the Company were fraudulent and          
misleading. The court held, among other things, that the claims made by the     
Plaintiff were "simply an insufficient basis on which to bring a securities     
fraud action." In May 1995, the Plaintiff filed an appeal, which is             
currently pending before the U.S. Court of Appeals for the Third Circuit.       

The Company is involved in various other claims and litigation arising      
in the normal course of business. Management believes, based on the opinion     
of counsel representing the Company in such matters, that the outcome of        
such claims and litigation will not have a material effect on the Company's     
financial position and results of operations.                                   

Independent Auditors' Report                                                    

KPMG Peat Marwick LLP                                                           
To the Board of Directors and Stockholders of Immunomedics, Inc.:               

We have audited the accompanying balance sheets of Immunomedics, Inc. as of     
June 30, 1995 and 1994, and the related statements of operations, changes in    
stockholders' equity and cash flows for each of the years in the three-year     
period ended June 30, 1995.  These financial statements are the                 
responsibility of the Company's management.  Our responsibility is to express   
an opinion on these financial statements based on our audits.                   

We conducted our audits in accordance with generally accepted auditing      
standards.  Those standards require that we plan and perform the audit to       
obtain reasonable assurance about whether the financial statements are free     
of material misstatement.  An audit includes examining, on a test basis,        
evidence supporting the amounts an disclosures in the financial statements.     
An audit also includes assessing the accounting principles used and             
significant estimates made by management, as well as evaluating the overall     
financial statement presentation.  We believe that our audits provide a         
reasonable basis for our opinion.                                               

In our opinion, the financial statements referred to above present fairly,  
in all material respects, the financial position of Immunomedics, Inc. as of    
June 30, 1995 and 1994, and the results of its operations and its cash flows    
for each of the years in the three-year period ended June 30, 1995, in          
conformity with generally accepted accounting principles.                       

Short Hills, New Jersey                                                         
July 27, 1995, except for the                                                   
third paragraph of Note 10                                                      
which is as of August 2, 1995                                                   

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Price Range of Common Stock                                                     
The Company's Common Stock is traded on The Nasdaq National Market under    
the symbol "IMMU".  The table below sets forth for the periods indicated the    
high and low sales prices for the Company's Common Stock, as reported by The    
Nasdaq Stock Market.                                                            

As of September 1, 1995, there were approximately 1,150 holders of record   
of the Company's Common Stock.                                                  

Fiscal Quarter Ended            High      Low                                   
________________________________________________                                
September 30, 1993              8        5 3/4                                  
December  31, 1993              7 5/8    5                                      
March     31, 1994              6 1/2    4 3/8                                  
June      30, 1994              5 7/8    2 7/8                                  
________________________________________________                                
September 30, 1993              5 3/8    3                                      
December  31, 1993              5 1/8    3                                      
March     31, 1994              4 1/8    2 3/4                                  
June      30, 1994              3 5/8    2 1/8                                  

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
		12/11/10		19
		12/31/99		19					10-Q
		10/17/95		2
Filed on:		9/27/95
		9/1/95		23
		8/2/95		5		22
		7/27/95		22
		7/3/95		16
For Period End:		6/30/95		3		22
		4/18/95		22
		4/11/95		16
		1/18/95		5		16
		6/30/94		4		22
		6/2/94		22
		5/25/94		22
		2/1/94		21
		11/1/93		20
		7/1/93		13		18
		6/30/93		17		19
		3/31/93		20
		11/5/92		16
		10/9/92		15
		1/30/92		22
									List all Filings