Immunomedics Inc – ‘10-K’ for 6/30/95

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 

10-K   —   Annual Report
Document Table of Contents

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UNITED STATES     

SECURITIES AND EXCHANGE COMMISSION    

Washington, D.C.  20549     

FORM 10-K     

Annual Report Pursuant to Section 13 or 15(d) of the Securities                 
Exchange Act of 1934.                                                           

For the fiscal year ended June 30, 1995.                                        

Commission File Number:       0-12104                                           

IMMUNOMEDICS, INC.                  
(Exact name of registrant as specified in its charter.)               

Delaware                                 61-1009366             
(State or Incorporation)             (IRS Employer Identification No.)          

300 American Road, Morris Plains, New Jersey       07950                        
(Address of principal executive offices)         (Zip code)                     

(201) 605-8200                                                                  
(Registrant's telephone number, including area code)                            

Securities registered pursuant to Section 12(b) of the Act:  None               

Securities registered pursuant to Section 12(g) of the Act:                     

Common Stock, $.01 par value                                                    
(Title of Class)                                                            

Indicate by check mark whether the registrant (1) has filed all reports   
required to be filed by Section 13 or 15(d) of the Securities Exchange          
Act of 1934 during the preceding 12 months (or for such shorter period          
that the registrant was required to file such reports), and (2) has been        
subject to such filing requirements for the past 90 days.                       
 [X] Yes  [ ] No

Indicate by check mark if disclosure of delinquent filers pursuant to 
Item 405 of Regulation S-K is not contained herein, and will not be contained,  
to the best of the registrant's knowledge, in definitive proxy or information   
statements incorporated by reference in Part III of this Form 10-K or any       
amendment to this Form 10-K.   [  ]                                             

As of September 26, 1995, 32,727,749 shares of the registrant's common
stock were outstanding, and the aggregate market value of common stock held     
by non-affiliates of the registrant, computed by reference to the last          
reported sale price for the registrant's common stock on the Nasdaq National    
Market at that date was $171,175,134.                                           

Documents Incorporated by Reference:  Portions of the registrant's definitive   
Proxy Statement to be mailed to stockholders in connection with the Annual      
Meeting of Stockholders of the registrant to be held on November 8, 1995 (the   
"1995 Definitive Proxy Statement"), which will be filed with the Commission     
not later than 120 days after the end of the fiscal year to which this report   
relates, are incorporated by reference in Part III hereof.  Further, portions   
of the registrant's 1995 Annual Report to Stockholders are incorporated by      
reference in Part IV hereof.                                                    

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PART I                                

Item 1.  Business                                                               

Introduction                                                                    

Immunomedics, Inc. (the "Company") is a biopharmaceutical             
company applying innovative proprietary technology in antibody selection,       
modification and chemistry to the development of products for the detection     
and treatment of cancers and infectious diseases.  Integral to these products   
are highly specific monoclonal antibodies designed to deliver radioisotopes,    
chemotherapeutic agents or toxins to tumors and sites of infection.             

The Company is developing a line of in vivo imaging products for      
the detection of various cancers and infectious diseases.  In April 1991, the   
Company filed a Product License Application ("PLA"), to which a                 
supplement was filed in June 1993, with the U.S. Food and Drug                  
Administration ("FDA") seeking approval to manufacture and market, in           
the United States, the Company's proprietary in vivo colorectal cancer          
imaging product, CEA-Scan .  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  would be useful in the pre-surgical          
evaluation of recurrent colorectal cancer patients, particularly in the         
assessment of tumor resectability 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 which the Company had provided in          
response to the FDA's May 1994 letter, along with additional information        
and analyses.  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 deemed it needed more time to analyze          
the data or that the data did 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, and 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's interim manufacturing facility in Newark, New Jersey (the         
"Newark Facility") was certified by the Department of Health Medicines          
Control Agency ("MCA") in the United Kingdom to be in general                   
compliance with the guidelines of Good                                          

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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.  Clinical trials of CEA-Scan  for the           
detection of lung and breast cancers are currently in Phase III and Phase II    
trials, respectively.                                                           

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 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.            
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.   In addition,       
the Company has developed two other in vivo cancer imaging products for         
the detection and diagnosis of liver and germ cell cancers (AFP-Scan ),         
currently in a Phase I/II clinical trial, and lymphomas (LymphoScan ), for      
which a Phase III clinical trial protocol is in development (see "Clinical      
Trial Programs").                                                               

The Company is also applying its expertise in antibody selection,     
modification and chemistry to develop therapeutic products for cancer using     
monoclonal antibodies labeled with radioisotopes or conjugated with drugs.      
The Company has been conducting a multicenter Phase I/II clinical trial for     
ImmuRAIT -LL2, its B-cell lymphoma therapeutic product.  This trial was         
designed to obtain knowledge about antibody targeting and dosing.  The          
Company is working towards advancing its humanized antibody program             
into Phase I clinical trials and accordingly  does not currently plan to        
advance ImmuRAIT -LL2 into Phase III trials with the murine antibody            
form (see "In Vivo Therapeutic Products").                                      

In July 1991, the Company entered into a Development and License      
Agreement  with Pharmacia, Inc. (formerly Adria Laboratories Division of        
Erbamont Inc.) ("Pharmacia"), whose parent is Sweden-based Pharmacia            
AB, for the exclusive marketing and distribution in the United States and       
Canada of the Company's CEA-Scan , AFP-Scan  and LymphoScan  in                 
vivo cancer imaging products.  In June 1994, the Company and Pharmacia,         
in the context of discussions directed towards restructuring their              
relationship, released Pharmacia from certain obligations, whereby the          
Company regained its marketing and selling rights and assumed financial         
responsibility for all future clinical, marketing and selling activities for    

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LymphoScan  and AFP-Scan .  On August 2, 1995, the agreement with               
Pharmacia was terminated, and the Company announced that it had                 
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 Pharmacia's           
remaining obligations.  The Company has assumed financial responsibility        
for all future clinical, marketing and selling activities for CEA-Scan  and     
is now discussing the licensing of certain marketing and selling rights to      
CEA-Scan  with other potential partners.                                        

Immunomedics, Inc. was incorporated in Delaware in 1982.  The         
Company's principal offices are located at 300 American Road, Morris            
Plains, New Jersey 07950.  The Company's telephone number is (201) 605-8200.    

Clinical Trial Programs                                                         

In Vivo Imaging Products                                              

The Company's in vivo imaging products utilize                        
radioimmunodetection.  Radioimmunodetection involves injecting a patient        
with a radioisotope linked (conjugated) to an antibody.  An antibody is a       
protein that can recognize and selectively attach itself to a specific          
substance called an antigen.  Such antigens are present on tumor cells,         
white blood cells which accumulate at the sites of infections, and other        
disease entities.  By attaching a radioisotope to a disease-targeting antibody, 
the radioisotope may be delivered to a disease site for imaging.  A gamma       
camera (standard nuclear medicine equipment used for imaging) is then           
used to display radioisotope concentrations revealing the presence, location    
and approximate size of the site of disease.                                    

The Company's in vivo imaging products utilize only one of the        
upper arms of the antibody, the Fab' fragment.  The Company uses its            
proprietary chemistry to produce the Fab' fragment of a mouse-derived           
antibody capable of direct and virtually instant attachment or "labeling"       
with technetium-99m. Technetium-99m is the radioisotope most frequently         
used in nuclear medicine because of its high quality imaging capabilities,      
short half-life, widespread availability and low cost.  The use of a fragment   
of the antibody, rather than the whole, minimizes the human body's              
immune response to the injection of mouse-derived antibodies.  This benefit     
is enhanced by the low Fab' dosage used in the Company's imaging                
products.  An additional advantage of using technetium-99m and an               
antibody fragment is that imaging is enhanced in the liver, the first site of   
metastasis for many cancers.  Intact antibodies and certain other imaging       
radioisotopes accumulate in the liver, potentially interfering with adequate    
imaging of tumors in this organ.                                                

The Company's in vivo imaging products, contained in single vials,    
can be easily prepared by nuclear medicine technicians without assistance       
from a radiochemist or nuclear pharmacist.  Once the technetium-99m is          
added to the vial, the product is ready for injection in approximately five     
minutes.                                                                        

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Immunomedics has five proposed in vivo imaging products in            
various stages of clinical testing and regulatory review, three for cancer      
imaging, one for imaging infectious diseases in general, and one for            
imaging of  Pneumocystis carinii pneumonia ("PCP").  Phase III clinical         
trials have been completed for CEA-Scan  and a PLA for this product was         
filed with the FDA in April 1991, with the Canadian HPB in February             
1992 and with the European Community CPMP in March 1992, for the use            
of CEA-Scan  in patients with recurrent and/or metastatic colorectal cancer     
(see "Introduction").                                                           

The antibody in CEA-Scan  is directed at carcinoembryonic antigen     
("CEA"), which is abundant at the site of virtually all cancers of the colon    
or rectum (both primary tumors and metastases).  CEA is also associated         
with many other cancers, and the Company estimates that three quarters of       
all human cancer patients have elevated CEA levels at some of their tumor       
sites.  The Company is performing Phase III clinical trials, using CEA-Scan ,   
for imaging lung cancer.  In addition, Phase I/II clinical trials for           
breast cancer imaging are nearing completion (see "Introduction").              

LeukoScan  is a monoclonal antibody fragment which seeks out and      
binds to granulocytes (white blood cells) associated with a potentially wide    
range of infectious diseases.  Phase III clinical trials have been completed    
for LeukoScan , and the Company has recently filed for European                 
regulatory approval to market the product for detecting and diagnosing          
osteomyelitis (bone infection) in long bones and diabetic foot ulcers.  The     
Company has discussed with the FDA  a filing and clinical trial strategy        
which includes the continued enrollment of patients into the Phase III trial    
for the diagnosis of osteomyelitis and diabetic foot ulcer indications.         
Accordingly, the earliest the Company believes it will be in a position to      
file an application for marketing approval is the fourth quarter of calendar    
year 1995.  In addition, Phase III clinical trials are continuing for the use   
of  LeukoScan  in the detection of infected prosthetic joints and in            
appendicitis.                                                                   

Two other imaging products are being studied pursuant to              
Investigational New Drug applications ("IND") submitted to the FDA.  The        
Company also has ongoing clinical trials in Europe for these agents:            

-    LymphoScan , employing an antibody capable of targeting          
an antigen on non-Hodgkin's lymphoma (Phase III clinical    
trial protocol in development).                             

-    AFP-Scan , employing an antibody capable of targeting            
alpha-fetoprotein, a marker on liver cancer and germ cell   
tumors of the ovaries and testes (Phase II clinical trials).

PCP-Scan  is being studied for the imaging and diagnosis of PCP in a pilot      
clinical trial in collaboration with the Center for Molecular Medicine and      
Immunology ("CMMI"), a not-for-profit cancer research center (see               
"Relationship with the Center for Molecular Medicine and Immunology").          
In these trials it has been shown that specific antibodies against a            
pathogenic organism, such as Pneumocystis, can target to the disease site.      
Further studies to evaluate this potential product are in progress. PCP is a    
serious opportunistic infection of immunosuppressed patients, such as organ     
transplant patients and certain patients with cancer or Acquired Immune         
Deficiency Syndrome ("AIDS").                                                   

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  In managing and allocating resources related to its clinical trial
program, the Company's top priorities remain the approval of CEA-Scan           
for colorectal cancer imaging, and the PLA filing for LeukoScan .  It is        
therefore the Company's intention to maintain its diagnostic imaging            
clinical trial program on a  steady course until further feedback is received   
from the FDA on the review process for CEA-Scan  and until the PLA for          
LeukoScan  is filed.                                                            

In Vivo Therapeutic Products                                          

The Company is applying its expertise in antibody selection,          
modification and chemistry to the area of therapy, using monoclonal             
antibodies labeled with therapeutic radioisotopes or conjugated with drugs.     
The Company is engaged in developing products for treating cancer which         
primarily use a technique called radioimmunotherapy.  The principal             
advantage of this technique may be its ability to deliver radioactive           
therapeutic agents to tumor sites more selectively while minimizing             
debilitating side effects.  The Company has been conducting a multicenter       
Phase I/II clinical trial for ImmuRAIT -LL2, its non-Hodgkin's B-cell           
lymphoma proposed therapeutic product for the past four years.  This            
product consists of a monoclonal antibody, highly specific in targeting         
B-cell lymphomas, labeled with the radioisotope iodine-131.  In this Phase      
I/II clinical trial of ImmuRAIT -LL2, several patients, all of whom were        
late-stage and were unresponsive to other therapies, experienced varying        
degrees of tumor regression.  Reversible bone marrow toxicity has also          
been observed.  By conducting this trial the Company has increased its          
knowledge of antibody targeting and dosage.  The Company is working             
towards advancing its humanized antibody program into Phase I clinical          
trials; therefore it does not currently plan to advance ImmuRAIT -LL2 into      
Phase III trials with the murine antibody form.  The Company is currently       
conducting, in collaboration with CMMI, research on murine and                  
humanized forms of targeting antibodies, alternative radioisotopes and new      
conjugation methods (see "Research Programs").                                  

Research Programs                                                               

The Company spent approximately $12,492,000, $14,698,000 and          
$10,639,000  for research and development during its fiscal years ended         
June 30, 1995, 1994 and 1993, respectively.                                     

Antibody Engineering                                                  

A major obstacle in the field of monoclonal antibody therapy has      
been the  patient's immune response to mouse-derived antibodies, making         
repeated use of such products impracticable.  The Company is currently          
researching whether this response may be avoided by clinically altering the     
dose, antibody form, and schedule of administration.  However, this may         
be only a partial solution to the problem and,  consequently, the Company       
is actively investigating methods to engineer the mouse antibody molecule       
in such a way that it retains the desirable targeting features to cancer cells, 
and also minimizes the amount of mouse-derived protein present.  The            
Company has made significant progress in humanizing certain mouse               
antibodies (i.e., replacing certain components of a mouse antibody with         
human antibody components).                                                     

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During fiscal years 1995 and 1994 the Company, in collaboration       
with CMMI, demonstrated successful targeting in patients with the               
Company's humanized monoclonal antibody (hMN-14) against the CEA                
cancer marker, as compared to the murine form (MN-14).  The anticancer          
humanized antibody is about 95% human and has shown very good uptake            
in the patients' tumors.  In August 1995, data were presented from a pilot      
clinical trial which demonostrated that the low immunogenicity and high         
cancer-binding capability of these antibodies allowed repeated                  
administration to increase the amount of therapeutic radiation delivered        
directly to the sites of disease.  As many as three injections were given       
without evoking an immune response to the antibody. Accordingly, the            
Company plans to proceed with clinical testing at therapeutic doses.            

Alternative Radioisotopes                                             

The Company is employing iodine-131 in its proposed lymphoma          
therapy product, currently the subject of a Phase I/II clinical trial.          
Iodine-131 has several limitations for radioimmunotherapy, including, in        
general, difficulty in forming a stable bond between the antibody and the       
radioisotope, an inferior level of radiation for cellular destruction in        
large tumors, and, more particularly in the case of the lymphoma antibody,      
its rapid intake into the cell followed by release of the radioisotope.  The    
Company is researching the use of the radioisotope yttrium-90 as a              
replacement for iodine-131.  Yttrium-90 has the advantage of being              
retained in the tumor cell even after uptake of the antibody.  It also is       
potentially a more effective isotope for killing cancer cells and can           
potentially be used in an out-patient clinic.  The Company had researched       
the use of the radioisotope rhenium-188.  However, yttrium-90 was               
selected over rhenium-188 because it proved superior in eliminating cancer      
grown in immuno-deficient mice.  The Company has several issued patents         
covering methods of attachment of metallic radioisotopes, such as rhenium-188,  
yttrium-90  and technetium-99m, to antibodies and other proteins (see           
"Patents and Proprietary Rights").                                              

New Conjugation Methods                                               

One of the limiting factors to the use of monoclonal antibodies as    
delivery molecules for certain cytotoxic substances is the limited amount of    
the toxic agent which can be "loaded" onto the antibody molecule.  The          
Company is developing a process to load large amounts of                        
chemotherapeutic drugs or other agents onto an intermediate carrier and         
then link the carrier to the antibody molecule.  A patent was issued to         
CMMI in October 1991 relating to certain technology utilized in this            
process.  The Company has a right of first negotiation to market products       
covered by this patent.                                                         

The Company has made additional progress in the development of        
new methods for the construction of immunoconjugates, including the             
discovery of a novel carbohydrate component on the variable region of the       
lymphoma targeting antibody, LL2, which facilitates the creation of more        
efficient immunoconjugates, and which appears to be appropriate for use         
with antibody fragments.  This carbohydrate component is relatively distant     
from the antigen binding site, representing a novel conjugation site which      
would not interfere with the immunoreactivity of the antibody.  This is         

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significant because, to date, efforts to directly link antibodies and drugs     
have been limited by a resulting loss of the antibody's ability to bind to the  
cancer site.  This work supports the Company's hypothesis that by using         
antibody engineering techniques, this carbohydrate component can be             
"grafted" on the corresponding regions of different antibodies and used as      
a conjugation site for the attachment of drugs or radioisotopes, with no        
adverse effects on immunoreactivity.  Furthermore, the Company's                
scientists have been able to engineer this carbohydrate addition site on        
antibody fragments.  The Company believes that this has the advantage of        
greater tumor penetration and less human immune response, potentially           
leading to the creation of fragment-based cancer therapeutics as a central      
part of the Company's future product development efforts.  There can be         
no assurance, however, that these developments will lead to products that       
are successful for treating cancers in patients.                                

Peptides                                                              

During fiscal year 1995, the Company established a research           
program focused on the development of several peptides designed for             
imaging and treatment of breast, ovarian, prostate, colon, and lung cancers.    
Proprietary methods for rapid radiolabeling of the peptides with                
technetium-99m and rhenium-188 have been developed, and evaluation of           
the first agent in an animal tumor model is underway.                           

Government Grants                                                     

During fiscal year 1995, the Company received a Phase I Small         
Business Innovation Research ("SBIR") grant totaling $100,000, payable          
during fiscal years 1995 and 1996, from the National Cancer Institute           
("NCI") of the National Institutes of Health ("NIH") to support the             
Company's antibody program.  The goal of  the grant is to determine             
whether a humanized, lymphoma-targeting antibody labeled with the               
radioisotope yttrium-90 is potentially a clinically efficacious, commercially   
useful cancer therapeutic. If the results of the Phase I grant are              
encouraging, the Company will be permitted to apply for additional Phase        
II grants which may aggregate up to $750,000 each. The Company has              
applied for, but with no assurance that it will receive, a $750,000 Phase II    
grant covering research for further comparison of several new antibodies        
for better imaging in the area of kidney and quicker blood clearance.           

Relationship With The Center for Molecular Medicine and Immunology              

The Company's product development has involved, to varying            
degrees, CMMI, a specialized cancer research center, for the performance        
of certain basic research and patient evaluations.  CMMI is a not-for-profit    
corporation funded primarily by grants from the NCI.  CMMI is currently         
located adjacent to the Company's Newark facility.  Dr. David Goldenberg,       
Chairman of the Board and Chief Executive Officer of the Company, was           
the founder of, and is currently President and a member of the Board of         
Trustees of CMMI.  Dr. Goldenberg spends substantially more of his time         
working for CMMI than for the Company.  Certain consultants to the              
Company have employment relationships with CMMI, and Drs. Carl                  
Pinsky and Hans Hansen, officers of the Company, are Adjunct Members            
at CMMI.  Despite these relationships, CMMI is independent of the               
Company and CMMI's management and fiscal operations are the                     
responsibility of CMMI's Board of Trustees (see "Certain Relationships          
and Related Transactions").                                                     

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CMMI performs pilot and pre-clinical trials in product areas of       
importance to the Company.  In addition, CMMI conducts basic research           
and patient evaluations in a number of areas of potential interest to the       
Company, the results of which are made available to the Company pursuant        
to a collaborative research and license agreement.                              

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 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 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 the terms        
representing fair market price, to be negotiated in good faith at the time the  
license is obtained.  To date, no products have been licensed from CMMI.        

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          
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 to the license agreement may be             
necessary to satisfy Federal laws and rules, including recently issued NIH      
guidelines.                                                                     

The potential for conflicts of interest exists in the relationship    
between the Company and CMMI, and the provisions of the agreement               
between the Company and CMMI have been designed to prevent such                 
conflicts from occurring.  The Company and CMMI have agreed that                
neither will have any right, title or interest in or to the research grants,    
contracts or other agreements obtained by the other.  The decision as to        
whether a potential product has  reached the stage of development such that     
it must be offered by CMMI to the Company is made by the Board of               
Trustees of CMMI, and Dr. Goldenberg has agreed not to participate in the       
determination of any such issue.  The decision by the Company as to             
whether or not to exercise its right of first negotiation or release any        
potential product offered by CMMI is determined by a majority vote of the       
Board of Directors (or a subcommittee thereof), and Dr. Goldenberg also         
has agreed not to participate in the determination of any such issue.           

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.                                                     

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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.                                   

Business Risks                                                                  

The Company's products are in early and advanced stages of            
development and face a high degree of technological, regulatory and             
competitive risk.  The Company's products must be approved for marketing        
by the FDA, and no assurance can be given as to if or when such approvals       
could be forthcoming.  Product discovery and product development                
activities are capital intensive.  Until the Company's first product is         
successfully commercialized, future revenues will be dependent in large         
part upon the Company entering into new arrangements with collaborative         
partners and upon public and private financings.  It will also need to          
finance the construction of a commercial-scale plant or to find other means     
of securing adequate production capacity before any additional products can     
be launched in the marketplace.  Similarly, the Company does not presently      
have a sales and marketing component.  No assurance can be given that its       
manufacturing costs will be economically viable, or that it can develop an      
effective sales and marketing strategy to promote any marketed product.         
The risks discussed herein reflect the Company's immediate stage of             
development.  Inherent in this stage is a range of additional risks, including  
the Company's history of losses and the need for and uncertainty of future      
financing.  The Company also faces numerous risks stemming from the             
nature of the biopharmaceutical industry, including the risk of competition,    
the risk of regulatory change, including potential changes in health care       
coverage, and uncertainties associated with obtaining and enforcing patents     
and proprietary technology, among others.                                       

Marketing and Sales                                                             

In Vivo Products                                                      

The Company's marketing strategy includes forming corporate           
alliances with nuclear medicine pharmaceutical companies for the sale and       
distribution of its proposed in vivo imaging and therapeutic products.  A       
partner's established marketing, sales and distribution networks will           
minimize the Company's need to expend funds to develop these areas of           
expertise and increase the likelihood that the Company will maximize            
market penetration of its proposed products.  However, the financial return     
to the Company, in the event the product is a commercial success, may not       
be as great had the Company marketed, sold and distributed the proposed         
products on its own.                                                            

Pursuant to its 1991 agreement with Pharmacia, the Company            
granted to Pharmacia an exclusive license to market and sell CEA-Scan ,         
AFP-Scan  and LymphoScan  products for certain specified indications            
in the United States and Canada.  In June 1994, the Company and                 
Pharmacia, in the context of discussions directed towards restructuring their   
relationship, agreed to release Pharmacia from certain obligations, whereby     
the Company regained its marketing and selling rights and assumed               

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financial responsibility for all future clinical, marketing and selling         
activities for LymphoScan  and AFP-Scan .  On August 2, 1995, the               
Company announced that it had 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 Pharmacia's remaining obligations.  Similarly, the       
Company assumed financial responsibility for all future clinical, marketing     
and selling activities for CEA-Scan  and is now discussing the licensing of     
certain 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 regualtory approval in the specified countries.  In       
addition, the Company will manufacture CEA-Scan , for which                     
Mallinckrodt will pay the Company the greater of a pre-determined fixed         
price per vial or a pre-determined percentage of the net selling price.         

The Company's intent, possibly in collaboration with another          
corporate partner, is to combine LymphoScan  with the Company's                 
proposed lymphoma therapy product as companion detection/therapy                
clinical applications to focus on disease management for lymphoma               
patients.                                                                       

In Vitro Products                                                     

Through June 1994, the Company marketed and sold in vitro             
diagnostic products under the name "ImmuSTRIP ".  These products are            
used by clinical laboratories in the detection of circulating immune            
complexes associated with autoimmune diseases, such as rheumatoid               
arthritis and systemic lupus erythematosus.  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 year 1995, the Company recorded royalty          
income of $120,000 on sales of these products by the licensee.                  

The Company has developed and has been distributing for research      
purposes two in vitro diagnostic products to detect levels of human             
anti-mouse antibodies ("HAMA")  produced in patients as an immune response      
when injected with monoclonal antibodies derived from mouse cells.  One         
product is designed to detect response to intact mouse antibodies, and one      
to detect  response to mouse antibody fragments.  In August 1993, the           
Company filed a Pre-Market Application ("PMA") with the FDA seeking             
approval to market its ImmuSTRIP  HAMA-IgG product.  Although the               
Company believes that it can answer the FDA questions posed with regard         
to this submission, it has not yet decided whether it is in its strategic       
interest to continue to pursue approval of this product because of its          
detracting from other product opportunities.                                    

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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, and for the nine months     
ended March 31, 1993, sales through this distributor were $395,000.             

Manufacturing                                                                   

The Company has to date manufactured all materials used in the        
Company's clinical trial programs.  The Company currently performs              
antibody processing and purification of its clinical in vivo products at the    
Newark Facility (see "Properties").  The Company has agreed to                  
manufacture and supply all of Mallinckrodt's  requirements for CEA-Scan ,       
subject to certain conditions and limitations, and will receive                 
transfer fees in consideration therefor.  The Company is finalizing             
manufacturing agreements with Pharmacia and other entities pursuant to          
which Pharmacia, currently the primary site, and a second entity will           
perform certain end-stage portions of the manufacturing process.  Under         
the terms of such agreements, the Company will pay  according to an             
established price structure for these services.                                 

The Company believes it has enhanced the Newark Facility to meet      
the requirements of the Establishment License Application ("ELA")               
submitted to the FDA (see "Government Regulation") as well as to meet a         
portion of what the Company projects will be initial production                 
requirements for CEA-Scan , subject to FDA licensing of such product and        
approval of the manufacturing facility.  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       
cGMP.  However, there can be no assurances as to if or when the product         
and facility approvals may be received from either the FDA or the               
European authorities.  The Company  continues to scale-up to commercial         
levels its antibody purification and fragmentation manufacturing processes.     
The Company believes that it is in compliance with the regulations              
established by the FDA for good laboratory and manufacturing practices.         

The Company's facility in Morris Plains, New Jersey (see              
"Properties") is  to be the site of a commercial-scale antibody                 
manufacturing facility and currently houses the Company's regulatory,           
medical, research and development, finance, marketing and executive             
offices.  The Company has committed approximately $2,700,000 for the            
design, construction and equipping of this facility, which will consist of      
four independent antibody manufacturing suites, several support areas, and      
a quality control ("QC") laboratory.  There can be no assurance at this time    
that the facility will be approved by the regulatory authorities to meet the    
manufacturing needs of the Company in a timely manner.                          

The Company's proposed monoclonal antibody products are               
currently derived from ascites fluid produced in mice, and the Company          
has entered into an agreement with a third-party supplier as the source for     
the production of ascites fluid.  Regulatory authorities, particularly in       
Europe, have expressed concerns about the use of ascites for the production     
of monoclonal antibodies.  The Company believes that its current quality        

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control procedures help ensure the purity of the ascites used in its products,  
but there can be no assurance that the regulatory authorities will agree that   
these procedures are adequate.  The Company's effort to convert to in vitro     
production (cell fermentation) for  certain monoclonal antibodies is            
progressing.  Products manufactured by in vitro tissue culture processes        
will require FDA approval for this substantial change in process, and will      
require additional manufacturing equipment and resources for this effort.       

Patents and Proprietary Rights                                                  

The Company actively pursues a policy of seeking patent protection,   
both in the United States and abroad, for its proprietary technology.  The      
Company has a diverse patent portfolio, currently consisting of 27 issued       
United States patents and 114 issued foreign patents, with 41 United States     
patent applications and 90 foreign applications pending.  Included in the       
foregoing are 8 United States patents and their foreign counterparts, to        
which the Company has rights pursuant to an exclusive license granted by        
Dr. Goldenberg.  The Company also has certain rights with respect to            
patents and patent applications owned by CMMI, by virtue of a license           
agreement between the Company and CMMI.  That license agreement is              
currently under review to assure compliance with NIH guidelines and to          
assure compliance with certain tax provisions relating to CMMI's tax-exempt     
status (see "Relationship With The Center For Molecular Medicine                
and Immunology").  In addition, one of the Company's in vitro diagnostic        
products and the related antibody are covered by a U.S. patent and foreign      
counterparts that are owned by the Company and included in the totals           
above.                                                                          

The Company owns or has licensed patents which contain broad          
claims covering significant aspects of current radioimmunodetection             
technology for tumor imaging with radiolabeled antibodies and antibody          
fragments.  These United States issued patents expire beginning in 1999,        
subject to extension under certain circumstances.  The Company's patents        
also contain broad claims relating to  tumor therapy with radiolabeled          
antibodies and antibody fragments.  These patents contain claims covering       
the Company's potential in vivo cancer imaging and therapeutic products         
currently under development.                                                    

During fiscal year 1995, the Company was issued several additional    
patents throughout the world.  In July 1994, the Company was awarded a          
U.S. patent covering kits and methods for targeting diagnostic agents to        
various kinds of infections, including those caused by viruses, bacteria, and   
parasites.  The imaging methods involve nuclear or magnetic resonance imaging.  
The former method uses a radioisotope attached to the targeting agent,          
while the latter targets a magnetic resonance enhancer to the infections.       
Whereas virtually all current imaging agents are not specific for particular    
infections, but reveal changes in organ appearance, the patented inventions     
cover agents and methods for disease or organism-specific imaging, which        
could be useful for better diagnosis and detection, as well as for developing   
effective therapies.  The targeting agents are polyspecific antibodies against  
these pathogens, which include such prevalent and threatening organisms as      
the HIV of AIDS and Hepatitis virus; Legionella, Streptococci, Tuberculosis     
and E. Coli bacteria; and Malaria, Toxoplasma, and other dangerous              
parasites.                                                                      

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In August 1994, the Company was awarded a U.S. patent covering a      
method for producing an isotope-labeled monovalent antibody fragment.  The      
small fragment is labeled with technetium-99m, rhenium-186 or rhenium-188       
by a direct, 1-step conjugation process.  The fragments to be used in imaging   
or therapeutic applications are Fab or Fab' forms, which are one-third the size 
of intact IgG antibody molecules, and to which chemical binders can be          
attached to reduce their immunogenicity (rendering the compounds                
hypoimmunogenic).  For therapeutic purposes, the binders can also contain       
radiosensitizing chemicals, so that the radiotherapeutic fragment, such as the  
rhenium-conjugates, can also target the radiosensitizer to a cancer.            

In November 1994, a U.S. patent was awarded to the Company            
covering new methods and compounds to detect certain cardiovascular             
lesions, such as myocardial infarction, clots, and atherosclerosis. In applying 
the patented methods, specific targeting is achieved by an antibody conjugate   
directed against two or more antigens present at the lesion, such as white      
blood cells, platelets, fibrin, or damaged heart cells.                         

In August 1995, the Company was issued three patents in Japan as      
counterparts to the U.S. patents licensed to the Company in 1982.  The          
patents cover (1) compositions of antibody-based cancer imaging and             
therapeutic agents involving radiolabeled antibodies and fragments, (2) the     
imaging of cancers when targeted antigens are either on the surface of, or      
inside, the cancer cell, and (3) the neutron-capture therapy method whereby     
an inert substance (e.g., boron) is attached to radioactive antibodies and then 
activated to produce toxic radiation at a tumor site.                           

Also in August 1995, two additional U.S. patents were issued to the   
Company.  The  first of these involved novel agents and methods for the         
treatment of infectious and inflammatory sites in the body, claiming the use    
of antibodies that bind to white blood cells (granulocytes) which accumulate    
around infectious and inflammatory lesions in order to deliver a therapeutic    
radioisotope or antimicrobial drug to the disease site.  The second U.S. patent 
covered new substances and methods to image and treat sites of disease and      
involves the use of an "immunoconjugate" having a unique carbohydrate site      
attached as a binding site for imaging and therapeutic agents.                  

Two of the Company's granted European patents were involved in        
oppositions at the European Patent Office during fiscal year 1995, and in both  
cases the opposers were unsuccessful.  In an opposition by Behringwerke, the    
Company's patent for CEA-specific antibodies was maintained as originally       
granted.  In an opposition by Akzo, the Company's patent for second             
antibody clearance was maintained in amended form.                              

One of the Company's basic U.S. patent applications for direct        
radiolabeling of antibody fragments was involved in an interference with two    
issued patents owned by RhoMed.  The parties were able to reach a               
settlement of the interference which resulted in limitation of the claims of the
RhoMed patents and termination of the interference with a decision affirming    
the Company's right to a patent for its labeling methodology.                   

Pursuant to a License Agreement between the Company and Dr.           
Goldenberg, certain patent applications owned by Dr. Goldenberg were            
licensed to the Company at the time of the Company's formation in exchange      

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for a royalty in the amount of 0.5% of the first $20,000,000 of annual net      
sales of all products covered by any of such patents and 0.25% of annual net    
sales of such products in excess of $20,000,000.  Dr. Goldenberg's Amended      
and Restated Employment Agreement with the Company dated November 1,            
1993 (the "Employment Agreement") extends the ownership rights of the           
Company, with an obligation to diligently pursue all ideas, discoveries,        
developments and products, into 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    
Employment Agreement (collectively "Goldenberg Discoveries").                   

Further, pursuant to the Employment Agreement, Dr. Goldenberg will    
receive 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 "Revenue Incentive                  
Compensation").  Annual Net Revenue includes the proceeds of certain            
dispositions of assets or interests therein (other than defined Undeveloped     
Assets), including defined Royalties, certain equivalents thereof and, to the   
extent approved by the Board, non-royalty license fees.  Revenue Incentive      
Compensation will be paid with respect to the period of Dr. Goldenberg's        
employment, and two years thereafter, unless he unilaterally terminates his     
employment without cause or he is terminated by the Company for cause.          
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 on, 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 Net Revenue 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 ("Annual Minimum                    
Payment").                                                                      

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.                       

Dr. Goldenberg will not be entitled to any incentive compensation     
with respect to any products, technologies or businesses acquired from third    
parties for a total consideration in excess of $5,000,000, unless the Company   
had made a material contribution to the invention or development of such        
products, technologies or businesses prior to the time of acquisition.  Except  
as affected by a defined Change in Control or otherwise approved by the         

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Board, Dr. Goldenberg will also not be entitled to any Revenue Incentive        
Compensation or Royalty Payments other than the Annual Minimum                  
Payment with respect to any time during the period of his employment (plus      
two years, unless employment is terminated by mutual agreement or by            
Dr. Goldenberg's death or permanent disability) that he is not the direct or    
beneficial owner of shares of the Company's voting stock with an aggregate      
market value of at least twenty times his defined annual cash compensation.     

Pursuant to a License Agreement dated July 7, 1983, the Company       
must pay to Dr. F. James Primus, a co-inventor with Dr. Goldenberg of           
certain monoclonal antibodies and immunoassays which are the subject            
matter of a U.S. patent and foreign counterparts thereof that are owned jointly 
by Drs. Primus and Goldenberg, a royalty in the amount of 0.25% of the first    
$20,000,000 of annual net sales of certain products utilizing a CEA-specific    
antibody (e.g., CEA-Scan ), and 0.125% of annual net sales of such              
products in excess of $20,000,000.                                              

The Company has entered into patent license agreements with           
non-affiliated companies, pursuant to which the Company granted to the          
licensee, for an initial non-refundable fee plus royalties, a non-exclusive     
license under the Company's patents to manufacture and sell certain cancer      
imaging products. To date, no royalties have been received under these          
licenses.  In addition, the Company has sought to enter into patent license     
agreements with companies which may be developing or marketing products which   
could infringe on one or more of the patents which the Company owns or has      
licensed.  In certain situations, such companies have declined to enter into    
license agreements with the Company and have raised questions as to the         
scope and validity of certain of the Company's patents.  Discussions are        
continuing with these companies and the Company intends to vigorously           
protect and enforce its patent rights.  Although there can be no assurances as  
to the outcome of any patent disputes, the Company, based upon advice of its    
patent counsel, believes that its patents are valid and will be upheld if       
challenged (see "Legal Proceedings").                                           

On September 16, 1994, the Company and NeoRx Corporation              
("NeoRx") settled a patent infringement lawsuit which NeoRx brought             
against the Company in July 1991.  The settlement also involved the             
Company's counterclaim against NeoRx, which sought certain declarations         
regarding the NeoRx patent.  Under the settlement, the Company obtained         
from NeoRx a non-exclusive, royalty-free license to U.S. Patent No.             
4,877,868 for all of the Company's imaging products.  In addition, NeoRx        
obtained from the Company a non-exclusive, royalty-free license to U.S.         
Patent No. 4,331,647 for certain of NeoRx's imaging products.  Neither party    
will pay or receive cash in consideration for the settlement.                   

The Company also relies in part on trade secrets, unpatented know-how 
and continuing technological advancements to maintain its competitive           
position.  It is the practice of the Company to enter into confidentiality      
agreements with employees, consultants and corporate sponsors.  There can       
be no assurance, however, that these measures will prevent the unauthorized     
disclosure or use of the Company's trade secrets and know-how.                  

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The mark "IMMUNOMEDICS" is registered in 24 foreign countries         
and the Company's logo also is registered in several foreign countries.  The    
Company is currently applying for re-registration of the marks                  
"IMMUNOMEDICS" and "IMMUSTRIP" and for the logo in the United                   
States Patent & Trademark Office.  In addition, the Company has applied for     
registration in the United States of 9 other trademarks for use on products     
now in development or testing, and for corresponding foreign registrations      
in 10 countries for 3 of those marks.                                           

Government Regulation                                                           

The manufacture and marketing of pharmaceutical or biological         
products requires approval of the FDA and comparable agencies in foreign        
countries and, to a lesser extent, state regulatory authorities.  In the        
United States, the regulatory approval process for antibody-based products,     
which are considered "biologics" under FDA regulations, is similar to that      
for any new drug for human use.  The FDA has established mandatory procedures   
and safety standards which apply to the clinical testing, manufacturing and     
marketing of pharmaceutical products.  Noncompliance with applicable            
requirements can result in fines, recalls or seizure of products, total or      
partial suspension of production, refusal of the FDA to approve product         
license applications or to allow the Company to enter into supply contracts,    
and criminal prosecution.  The FDA also has the authority to revoke previously  
granted product licenses and establishment licenses.                            

Generally, there is a substantial period of time between technological
conception of a proposed product and its availability for commercial sale.      
The period between technological conception and product license application     
to the FDA is usually five to ten years for in vivo products and a minimum      
of two to three years for in vitro diagnostic products.  The period between     
the date of submission to the FDA and the date of approval has averaged two     
to four years for in vivo products, although the approval process may take      
longer.   The amount of time taken for this approval process is a function of   
a number of variables, including the quality of the submission and studies      
presented, the potential contribution that the compound will make in            
improving the treatment of the disease in question and the workload at the      
FDA.  There can be no assurance that any new drug will successfully proceed     
through this approval process or that it will be approved in any specific       
period of time.  Depending upon marketing and distribution plans and            
arrangements for a particular product, the Company may require additional       
time before a proposed in vivo product is available for commercial sale.        

The steps required before biological products can be produced and     
marketed usually include preclinical non-human studies, the filing of an IND    
application, human clinical trials and the filing and approval of a PLA.  In    
addition to obtaining FDA approval for each product, an Establishment           
License Application ("ELA") must be filed and the FDA must approve any          
production facilities for the product.                                          

Pre-clinical studies are conducted in the laboratory and in animal    
model systems to gain preliminary information on the drug's effectiveness       
and to identify major safety problems.  The results of these studies are        
submitted to the FDA as part of the IND application before approval can be      
obtained for the commencement of testing in humans.  The human clinical         

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testing program required for a new biologic or pharmaceutical product           
involves several phases.  The initial clinical evaluation, Phase I, consists    
of administering the product and testing for safe and tolerable dosages while   
noting the effectiveness of the product at the various dose levels.  Typically, 
for cancer agents, testing is done with a small group of patients with          
widespread cancers that have been unresponsive to other forms of therapy.       
Phase II involves a study to evaluate the effectiveness of the product for a    
particular indication and to refine optimal dosage and schedule of              
administration and identify possible side effects and risks in a larger patient 
group.  When a product is determined to be effective in Phase II trials, it is  
then evaluated in Phase III clinical trials.  Phase III trials consist of       
additional testing for effectiveness and safety with a further expanded patient 
group, usually at multiple test sites.  A therapeutic cancer product must be    
compared to standard treatments, if such treatments exist, to determine its     
relative effectiveness in randomized trials.                                    

Human clinical trials of in vivo monoclonal antibody products may     
combine Phase I and Phase II trials.  In selected cases, a more traditional     
Phase II study may be performed to examine the effectiveness of a single        
product in one or a limited number of configurations or dose schedules in a     
single tumor type.                                                              

 When Phase III studies are complete, the results of the preclinical and
clinical studies, along with manufacturing information, are submitted to the    
FDA in the form of a PLA.  The PLA involves considerable data collection,       
verification and analysis, as well as the preparation of summaries of the       
production and testing processes, pre-clinical studies and clinical trials.     
The PLA is submitted to the FDA for product marketing approval, and an ELA      
is submitted for licensing of the product production facilities.  The FDA must  
approve the PLA and ELA before the product may be marketed.  The FDA            
may also require post-marketing testing, including extensive Phase IV           
studies, and surveillance to monitor the effects of the product in general use. 
Product approvals may be withdrawn if compliance with regulatory standards      
is not maintained or if problems occur following initial marketing.  In         
addition, the FDA may in some circumstances impose restrictions on the use      
of the drug that may limit its market potential, and also make it difficult and 
expensive to administer, and usually requires prior approval of promotional     
materials.                                                                      

The Company seeks to have its proposed products, when applicable,     
designated as "Orphan Drugs" under the Orphan Drug Act of 1983.  The            
Orphan Drug Act generally provides incentives to manufacturers to develop       
and market products to treat relatively rare diseases or diseases affecting     
fewer than 200,000 persons in the United States.  The Company has received      
Orphan Drug designation for, among others, AFP-Scan , LymphoScan                
and ImmuRAIT -LL2, the Company's liver and germ cell imaging,                   
lymphoma imaging and lymphoma therapeutic products, respectively, and           
has other such applications pending at the FDA.  A drug that receives Orphan    
Drug designation and is the first product to receive FDA marketing approval     
for its product claim is entitled to a seven-year exclusive marketing period in 
the United States for that product's claim.  However, a drug that is considered 
by the FDA to be different from a particular Orphan Drug is not barred from     
sale in the United States during this seven-year exclusive marketing period.    

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Manufacture of a biological product must be in a facility covered by  
an FDA-approved ELA. The manufacture, holding and distribution of both          
biological and nonbiological drugs must be in compliance with Good              
Manufacturing Practices ("GMP").  Manufacturers must continue to expend         
time, money and effort in the area of production and quality control to ensure  
full technical compliance with those requirements.  The labeling, advertising   
and promotion of drug or biological product must be in compliance with          
FDA regulatory requirements.  Failure to comply with applicable                 
requirements relating to manufacture, distribution or promotion can lead to     
FDA demands that production and shipment cease, and, in some cases, that        
products be recalled, or to enforcement actions that can include seizures,      
injunctions and criminal prosecution.  Such failures, or new information        
reflecting on the safety and effectiveness of the drug that comes to light after
approval, can also lead to FDA withdrawal of approval to market the product.    

The drug approval process is similar in other countries and is also   
regulated by specific agencies in each geographic area.  Approval by the FDA    
does not ensure approval in other countries.  Generally, however, products      
which are approved by the FDA in the U.S. will ultimately gain marketing        
approval in other countries, but may require considerable amounts of time.      

The Company's ability to commercialize its products successfully      
may also depend in part on the extent to which reimbursement for the cost of    
such products and related treatment will be available from government health    
administration authorities, private health insurers and other organizations.    
Such third-party payors are increasingly challenging the price of medical       
products and services.  Several proposals have been made that may lead to a     
government-directed national health care system.  Adoption of such a system     
could further limit reimbursement for medical products, and there can be no     
assurance that adequate third-party coverage will be available to enable the    
Company to maintain price levels sufficient to realize an appropriate return    
on this investment in product development.  In addition, there can be no        
assurance that the U.S. government will not implement a system of price         
controls.  Any such system might adversely affect the ability of the Company    
to market its products profitably.                                              

The Company's present and future business is also subject to          
regulation under state and Federal law regarding work place safety,             
laboratory practices, the use and handling of radioisotopes, environmental      
protection and hazardous substance control and to other present and possible    
future local, federal and foreign regulations.  The Company believes its        
operations comply, in all material respects, with applicable environmental      
laws and regulations, and the Company is continuing its efforts to ensure its   
full compliance with such laws and regulations.                                 

Competition                                                                     

The biotechnology industry is highly competitive, particularly in the 
area of cancer diagnostic, imaging and therapeutic products.  The Company       
is likely to encounter significant competition with respect to its proposed     
products currently under development.  A number of companies which are          
engaged in the biotechnology field, and in particular the development of        
cancer diagnostic and therapeutic products, have financial, technical and       
marketing resources significantly greater than those of the Company.  Some      

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companies with established positions in the pharmaceutical industry may be      
better equipped than the Company to develop, refine and market products         
based on technologies applied to the diagnosis and treatment of cancers and     
infectious diseases.  The Company's ability to compete in the future will       
depend, in part, on its ability to foster an environment in which               
multi-disciplinary teams work together to develop low-cost, well-defined        
processes and bring cost-beneficial products successfully through clinical      
testing and regulatory approval.  A significant amount of research and          
antibody-based technology are also carried out at universities and other        
non-profit research organizations, which are becoming increasingly aware of     
the commercial value of their findings and are becoming more active in seeking  
patent and other proprietary rights, as well as licensing revenues.             

The Company is pursuing an area of product development in which       
there is the potential for extensive technological innovation in relatively     
short periods of time.  The Company's competitors may succeed in developing     
products that are safer or more effective than those of the Company's           
potential products. Rapid technological change or developments by others        
may result in the Company's present products and potential products             
becoming obsolete or non-competitive.                                           

The Company believes that the technological attributes of its         
proposed diagnostic imaging products, including the ease of use (e.g., single   
vial, rapid imaging), employment of technetium-99m (the most widely             
available radioisotope) and its use of an antibody fragment (better liver       
imaging, decreased HAMA response) will enable the Company to compete            
effectively in the marketplace.                                                 

Employees and Consultants                                                       

As of September 21, 1995, the Company employed 85 persons on a        
full-time basis, 16 of whom are in research and development departments, 17     
of whom are in medical and regulatory affairs departments, 36 of whom are       
engaged in operations and manufacturing, and 16 of whom are engaged in          
finance, administration and marketing.  Of these employees, 35 hold  M.D.,      
Ph.D. or other advanced degrees.  The Company believes that it has been         
highly successful in attracting skilled and experienced scientific personnel;   
however, competition for such personnel is intensifying.  The Company's         
employees are not covered by a collective bargaining agreement, and the         
Company believes that its relationship with its employees is excellent.         

Item 2.  Properties                                                             

The Company's headquarters are located at 300 American Road,          
Morris Plains, New Jersey where it leases approximately 60,000 square feet.     
The Company has a seven-year lease expiring in May 1999, plus two renewal       
periods for a total of 15 years, at a base annual rental of $410,000 through    
May 1997, $471,000 through May 1998 and $448,000 through May 1999.              
The lease provides for an option to purchase the facility, subject to certain   
terms and conditions as specified in the lease.  The Company's regulatory,      
medical, research and development laboratories, finance, marketing and          
executive offices are currently located in this facility, occupying             
approximately 40,000 square feet.  The Company has committed                    

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approximately $2,700,000 for the design, construction and equipping of a        
commercial-scale manufacturing facility to occupy the remaining 20,000          
square feet at the Morris Plains headquarters.  This facility will consist of   
four independent antibody manufacturing suites, several support areas, and      
a QC laboratory (see "Manufacturing").                                          

The Company also leases approximately 12,000 square feet of office    
and laboratory space on the campus of The University of Medicine and            
Dentistry of New Jersey ("UMDNJ") at 5 Bruce Street, Newark, New Jersey         
at a base annual rental of approximately $93,000 through October 1996.  The     
lease agreement, as amended, expires on October 1, 1996, subject to the         
Company's right to renew the lease through March 1997.  In August 1995, the     
Company notified UMDNJ of its intent to extend this lease through March         
1997.  The annual rental upon renewal is subject to adjustment under certain    
circumstances.                                                                  

Item 3.  Legal Proceedings                                                      

Except as set forth below, the Company is not involved in any         
material pending legal proceedings other than ordinary routine litigation       
incidental to its business.                                                     

In June 1994, the Company and certain of its officers were named in   
a complaint filed in the United States District Court for the District of New   
Jersey relating to public disclosures since June 30, 1992, about the future     
prospects of the Company, particularly as they relate to the Company's ability  
to obtain FDA approval for CEA-Scan  for colorectal cancer imaging.  On         
April 18, 1995, the court granted the Company's motion to dismiss the law       
suit, holding, 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, that the outcome of such claims and litigation will not     
have a material effect on the Company's financial position and results of       
operations.                                                                     

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Item 4.   Submission of Matters to a Vote of Security Holders                   

No matter was submitted to a vote of securities holders during the    
fourth quarter of fiscal year 1995.                                             

Executive Officers of the Registrant                                            

The Executive Officers of the Company and their positions with the    
Company are as follows:                                                         

Name                          Age       Position with the                       
Company                                                                         

David M. Goldenberg           57        Chairman of the Board, CEO              
            and Director

Amy Factor                    37        Executive Vice President                
                       Secretary and Treasurer

Hans J. Hansen                62        Vice President                          
                        Research and Development

Carl M. Pinsky                57        Vice President                          
               Medical Affairs

Christopher Tama              36        Vice President                          
         Marketing

Each of the Executive Officers was elected as such by the Board of    
Directors of the Company and holds his or her office at the discretion of       
the Board of Directors or until his or her earlier death or resignation,        
except that Dr. Goldenberg holds his office pursuant to an employment           
agreement.  (See  "Executive Compensation".)                                    

Dr. David M. Goldenberg founded the Company in July 1982 and,         
since that time, has been Chairman of the Board of the Company.  Dr.            
Goldenberg has served as Chief Executive Officer since February 1994 and        
also served as Chief Executive Officer of the Company from July 1982            
through July 1992.  Dr. Goldenberg was Professor of Pathology at the            
University of Kentucky Medical Center from 1973 until 1983 and Director         
of such University's Division of Experimental Pathology from 1976 until         
1983.  From 1975 to 1980 he also served as Executive Director of the            
Ephraim McDowell Community Cancer Network, Inc., and from 1978 to               
1980 he was President of the Ephraim McDowell Cancer Research                   
Foundation, Inc., both in Lexington, Kentucky.  Dr. Goldenberg is a             
graduate of the University of Chicago College and Division of Biological        
Sciences (S.B.), the University of Erlangen-Nuremberg (Germany) Faculty         
of Natural Sciences (Sc.D.), and the University of Heidelberg (Germany)         
School of Medicine (M.D.).  He has written or co-authored more than 800         
journal articles, book chapters and abstracts on cancer research, detection     
and treatment, and has researched and written extensively in the area of        

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radioimmunodetection using radiolabeled antibodies.  In addition to his         
position with the Company, Dr. Goldenberg is President of CMMI, an              
independent non-profit research center, and its clinical unit, the Garden       
State Cancer Center.  He also holds the positions of Adjunct Professor of       
Surgery with The University of Medicine and Dentistry of New Jersey             
(New Jersey Medical School) and Adjunct Professor of Microbiology and           
Immunology with the New York Medical College.  In 1985 and again in             
1992, Dr. Goldenberg received an "Outstanding Investigator grant" award         
from the National Cancer Institute ("NCI") for his work in                      
radioimmunodetection, and in 1986, he received the New Jersey Pride             
Award in Science and Technology.  Dr. Goldenberg was honored as the             
ninth Herz Lecturer of the Tel Aviv University Faculty of Life Sciences.        
In addition, Dr. Goldenberg received the 1991 Mayneord 3M Award and             
Lectureship of the British Institute of Radiology for his contributions to the  
development of radiolabeled monoclonal antibodies used in the imaging and       
treatment of cancer.  He was also named the co-recipient of the 1994            
Abbott Award by the International Society for Oncodevelopmental Biology         
and Medicine.                                                                   

Amy Factor has been Executive Vice President since February 1994      
and prior thereto had been Vice President - Finance and Administration          
since October 1988 and Secretary and Treasurer since October 1989.  From        
May 1986 to October 1988, Ms. Factor was Vice President, Finance and            
Administration for The Vista Organization, Ltd., an entertainment               
company, and prior thereto was associated with the accounting firm of           
KPMG Peat Marwick LLP. Ms. Factor is a New Jersey Certified Public              
Accountant and received her Masters in Business Administration from             
Rutgers University and is a member of the Board of Trustees of the              
Biotechnology Council of New Jersey.                                            

Dr. Hans J. Hansen has been Vice President - Research and             
Development since March 1987.  Prior to joining the Company in 1985 as          
Director of Cell Biology, he was for three years the Director of Product        
Development at Ortho Diagnostic Systems, Inc., a subsidiary of Johnson          
& Johnson Corporation, where he developed monoclonal antibodies for the         
diagnosis of leukemia and other cancers.  From 1969 to 1982, Dr. Hansen         
was with Hoffmann-La Roche in a variety of positions, becoming Director         
of the Department of Immunology in 1982.  While at Hoffmann-La Roche,           
he developed the first in vitro diagnostic CEA immunoassay and had a            
major role in establishing its clinical importance in the diagnosis and         
management of cancer.  Dr. Hansen has spent 36 years conducting clinical        
and basic research in the fields of cancer and autoimmune disease.  His         
work has resulted in the issuance of eight United States patents and over 90    
publications relating to cancer and autoimmune diseases.                        

Dr. Carl M. Pinsky has been Vice President - Medical Affairs since    
May 1989.  From August 1988 through May 1989, Dr. Pinsky was the                
Vice President, Medical Affairs of IMRE Corp., a pharmaceutical                 
company.   From 1985 through 1988, Dr. Pinsky was a Branch Chief and            
Chief Medical Officer at the Biological Response Modifiers Program              
("BRMP") of the National Cancer Institute of the National Institutes of         
Health, where he directed a $25 million program of grants and contracts         
covering both basic science and clinical trials involving biological response   
modifiers.  At the BRMP, Dr. Pinsky directed the formulation of the initial     
plan for NCI's extramural development of monoclonal antibodies.                 

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Following his formal training at the University of Pennsylvania (A.B.),         
Jefferson Medical College (M.D.) and the University of Kentucky Medical         
School (Intern/Resident), Dr. Pinsky has 29 years of diversified experience     
in basic and clinical cancer research, including 19 years at Memorial           
Sloan-Kettering Cancer Center, where he conducted major studies evaluating      
immunodeficiency in cancer patients and helped pioneer the development          
of immunotherapy for these patients.                                            

Christopher Tama joined Immunomedics in July 1995 as Vice             
President - Marketing.  Prior to joining the Company, he served as Vice         
President, Marketing, U.S. Operations at the G.D. Searle Division of            
Monsanto.  From 1981 to 1994, Mr. Tama held various marketing, sales            
and strategic planning positions at Pharmacia.  Mr. Tama's positions            
included Director, Marketing and Sales for the Peptide Hormone Division,        
National Sales Manager, Regional Sales Manager and Product Manager in           
the areas of cancer and autoimmune disease.  Mr. Tama has extensive             
international experience in Europe, where he lived and worked from 1985         
through 1988.  During this period, Mr. Tama held positions in international     
product management and strategic business planning where he was                 
responsible for the launch and re-launch of several products in the U.S. and    
international markets.  Mr. Tama received his Bachelor of Arts degree           
from Villanova University.                                                      

PART II                             

Item 5.  Market for the Registrant's Common Equity and Related                  
Stockholder Matters                                                             

The Information appearing under the caption "Price Range of           
Common Stock" on page 16 in the Company's 1995 Annual Report to                 
Stockholders is incorporated herein by reference.                               

Item 6.   Selected Financial Data                                               

The information appearing under the caption "Selected Financial       
Data" on page 1 in the Company's 1995 Annual Report to Stockholders is          
incorporated herein by reference.                                               

Item 7.   Management's Discussion and Analysis of                               
Financial Condition and Results of Operations                       

The information appearing under the caption "Management's           
Discussion and Analysis of Financial Condition and Results of Operations"       
on pages 2,3, and 4 in the Company's 1995 Annual Report to Stockholders         
is incorporated herein by reference.                                            

Item 8.  Financial Statements and Supplementary Data                            

See Index to Financial Statements and Schedules on page F-1 of      
this Annual Report on Form 10-K for financial data incorporated herein by       
reference.                                                                      

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Item 9.   Changes in and Disagreements with Accountants                         
on Accounting and Financial Disclosure                      

None                                              

PART III                              

Item 10.  Directors and Executive Officers of the Registrant                    

 The information required for this item is incorporated herein
by reference to the 1995 Definitive Proxy Statement. See also "Executive        
Officers of the Registrant" in Part I, following Item 4.                        

Item 11.  Executive Compensation                                                

The information required for this item is incorporated herein by    
reference to the 1995 Definitive Proxy Statement.                               

Item 12.  Security Ownership of Certain Beneficial Owners and                   
Management                                                  

The information required for this item is incorporated herein by    
reference to the 1995 Definitive Proxy Statement.                               

Item 13.  Certain Relationships and Related Transactions                        

The information required for this item is incorporated herein by    
reference to the 1995 Definitive Proxy Statement.                               

PART IV                             

Item 14.  Exhibits, Financial Statement Schedules, and Reports on               
Form 8-K                                                                        

(a)  Documents filed as part of this Report:                                    

(1)  Financial Statements (see index to Financial Statements on     
page  F-1 of this Annual Report on Form 10-K for financial data                 
incorporated herein by reference):                                              

Report of Independent Auditors - KPMG Peat Marwick LLP      

Balance Sheets at June 30, 1995 and 1994                    

Statements of Operations for the years ended June 30, 1995, 
1994 and 1993                                               

Statements of Changes in Stockholders' Equity for the years 
ended June 30, 1995, 1994 and 1993                          

Statements of Cash Flows for the years ended June 30,       
1995, 1994, and 1993                                        

Notes to Financial Statements                               

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(2)  Financial Statement Schedules:                                 

Financial statement schedules not included in this Annual   
Report on Form 10-K have been omitted because they are not applicable or        
the required information is shown in the financial statements or notes          
thereto.                                                                        

(3)  Exhibits:                                                      

3.   Articles of incorporation and by-laws                                      

3.1(a)    Certificate of Incorporation of the Company, as filed with  
        the Secretary of State of the State of Delaware on July 6,
1982 [e]                                          

3.1(b)    Certificate of Amendment of the Certificate of              
         Incorporation of the Company as filed with the Secretary of
 State of the State of Delaware on April 4, 1983 [e]

3.1(c)    Certificate of Amendment of the Certificate of              
         Incorporation of the Company as filed with the Secretary of
     State of the State of Delaware on December 14, 1984 [e]

3.1(d)    Certificate of Amendment of the Certificate of              
         Incorporation of the Company as filed with the Secretary of
  State of the State of Delaware on March 19, 1986 [e]
3.1(e)    Certificate of Amendment of the Certificate of              
         Incorporation of the Company as filed with the Secretary of
     State of the State of Delaware on November 17, 1986 [e]

3.1(f)    Certificate of Amendment of the Certificate of Incorpora-   
         tion of the Company as filed with the Secretary of State of
the State of Delaware on November 21, 1990 [f]    

3.1(g)    Certificate of Designation of Rights and Preferences and    
     with the Secretary of State of the State of Delaware on
March 1, 1991 [g]                                 

3.1(h)    Certificate of Amendment of the Certificate of Incorpora-   
       tion of the Company  filed with the Secretary of State of
the State of Delaware on December 7, 1992 [k]     

3.1(i)    Certificate of Designation of Rights and Preferences of the 
   Registrant's Series B Convertible Preferred Stock (m)

3.2  Amended and Restated By-Laws of the Company [k]                  

4.  Instruments defining the rights of security holders, including indentures   

4.1  Specimen Certificate for Common Stock [e]                        

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10.  Material contracts                                                         

10.1(a)   1983 Stock Option Plan, as amended [h]                      

10.1(b)   Form of Stock Option Agreement [e]                          

10.2  Exclusive License Agreement with David M. Goldenberg            
dated as of July 14, 1982 [a]                             

10.3  Agreement among The University of Medicine and Den-             
tistry of New Jersey,  the Center of Molecular Medicine   
and Immunology, Inc. and Immunomedics, Inc., dated        
September 16, 1983, including Lease Agreement [a]         

10.4  Agreement among the Company, David M. Goldenberg                
and the Center for Molecular Medicine and Immunology,     
Inc. dated May 1983 [a]                                   

10.5  Memorandum of Understanding with David M. Golden-               
berg dated September 10, 1984 [b]                         

10.6  Immunomedics, Inc. 401(k) Retirement Plan [c]                   

10.7  Executive Supplemental Benefits Agreement with David            
M. Goldenberg dated as of July 18, 1986 [c]               

10.8  License Agreement between Hoffmann-La Roche, Inc. and           
David M. Goldenberg dated as of April 29, 1986 [c]        

10.9  License Agreement with F. James Primus dated July 7,            
1983 [d]                                                  

10.10 Employment Letter with Carl Pinsky dated April 29, 1989 [e]     

10.11 Convertible Preferred Stock Purchase Agreement dated            
March 4, 1991 [g]                                         

10.12 Amended and Restated License Agreement among the                
Company, CMMI and David M. Goldenberg dated               
December 11, 1990 [h]                                     

10.13 Development and License Agreement with Adria                    
Laboratories Division of Erbamont Inc. (Confidential      
treatment has been requested for certain portions of this 
Exhibit.) [h]                                             

10.14 Lease Agreement with Baker Properties Limited                   
partnership dated January 16, 1992 [i]                    

10.15 Amendment to Lease between the University of Medicine           
and Dentistry of New Jersey and Immunomedics, Inc.        
dated August 13, 1992 [j]                                 

10.16 Immunomedics, Inc. 1992 Stock Option Plan [k]                   

10.17 Amended and Restated Employment Agreement dated                 
November 1, 1993 between the Company and Dr. David        
M. Goldenberg [l]                                         

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10.18 Convertible Stock Purchase Agreement, dated as of               
January 6, 1995, between the purchasers named therein     
[n]                                                       

10.19 License Agreement, dated as of March 10, 1995, between          
the Registrant and Mallinckrodt Medical, B.V.             
Confidentiality has been requested for certain portions of
the Agreement [o]                                         

10.20 Amendment, dated March 11, 1995, to the Amended and             
Restated License Agreement among the Company, CMMI,       
and David M. Goldenberg dated December 11, 1990.          

11. Statement re computation of per share earnings - Not required since         
such computation can be clearly determined from the material            
contained in this Annual Report on Form 10-K.                           

12. Statements re computation of ratios - Not applicable.                       

13. Immunomedics, Inc. 1995 Annual Report to Stockholders, portions of          
which are incorporated by reference into this Annual Report on Form     
10-K.                                                                   

21. Subsidiaries of the registrant - None.                                      

23. Consent of Experts and Counsel                                              

23.1  Consent of Independent Auditors - KPMG Peat Marwick LLP               

27. Financial Data Schedule                                                     

[a]   Incorporated by reference from the Exhibits to Registrant's       
Registration Statement on Form S-1 effective October 6, 1983 (Commission        
File No. 2-84940).                                                              

[b]   Incorporated by reference from the Exhibits to Registrant's       
Annual Report on Form 10-K for the year ended June 30, 1985.                    

[c]   Incorporated by reference from the Exhibits to Registrant's       
Annual Report on Form 10-K for the fiscal year ended June 30, 1986.             

[d]   Incorporated by reference from the Exhibits to Registrant's       
Annual Report on Form 10-K for the fiscal year ended June 30, 1988.             

[e]   Incorporated by reference from the Exhibits to Registrant's       
Annual Report on Form 10-K for the fiscal year ended June 30, 1990.             

[f]   Incorporated by reference from the Exhibits to Registrant's       
Quarterly Report on Form 10-Q for the fiscal quarter ended December 31,         
1990.                                                                           

[g]   Incorporated by reference from the Exhibits to Registrant's       
Quarterly Report on Form 10-Q for the fiscal quarter ended March 31,            
1991.                                                                           

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[h]   Incorporated by reference from the Registrant's Registration      
Statement on Form S-2 effective July 24, 1991 (Commission File No. 33-41053).   

[i]   Incorporated by reference from the Registrant's Registration      
Statement on Form S-2 effective January 30, 1992 (Commission File No.           
33-44750).                                                                      

[j]   Incorporated by reference from the Exhibits to Registrant's       
Annual Report on Form 10-K for the fiscal year ended June 30, 1992.             

[k]   Incorporated by reference from the Exhibits to the                
Registrant's Annual Report on Form 10-K for the fiscal year ended June          
30, 1993.                                                                       

[l]   Incorporated by reference to the Registrant's Quarterly           
Report on Form 10-Q for the fiscal quarter ended September 30, 1993.            

[m]   Incorporated by reference to the Registrant's Quarterly           
Report on Form 10-Q for the fiscal quarter ended December 31, 1994.             

[n]   Incorporated by reference to Amendment No. 1 to                   
Registrant's Quarterly Report on Form 10-Q/A for the fiscal quarter ended       
December 31, 1994.                                                              

[o]   Incorporated by reference to the Registrant's Quarterly           
Report on Form 10-Q for the fiscal quarter ended March 31, 1995.                

(b)  Reports on Form 8-K:                                                       

No Current Reports on Form 8-K were filed by the Company during         
the fourth quarter of its fiscal year ended June 30, 1995.                      

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SIGNATURES                              

Pursuant to the requirements of Section 13 or 15(d) of the Securities           
Exchange Act of 1934, the Registrant has duly caused this report to be          
signed on its behalf by the undersigned, thereunto duly authorized.             

IMMUNOMEDICS, INC.      

Date:   September 26, 1995   By:     /s/ David M. Goldenberg                    
David M. Goldenberg,  
              Chairman and Chief Executive Officer
       (Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this       
report has been signed below by the following persons on behalf of the          
Registrant and in the capacities and on the dates indicated.                    

Date:   September 26, 1995   By:      /s/ David M. Goldenberg                   
       David M. Goldenberg, Director

Date:   September 26, 1995   By:      /s/ Albert D. Angel                       
   Albert D. Angel, Director

Date:   September 26, 1995   By:      /s/ A.E. Cohen                            
A.E. Cohen, Director  

Date:   September 26, 1995   By:      /s/ Marvin E. Jaffe                       
   Marvin E. Jaffe, Director

Date:   September 26, 1995   By:      /s/ Richard R. Pivirotto                  
        Richard R. Pivirotto, Director

Date:   September 26, 1995   By:      /s/ Warren W. Rosenthal                   
       Warren W. Rosenthal, Director

Date:   September 26, 1995   By:      /s/ Richard C. Williams                   
       Richard C. Williams, Director

Date:   September 26, 1995   By:      /s/ Amy Factor                            
              Amy Factor, Executive Vice President
                      (Principal Accounting and Financial Officer)

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Immunomedics, Inc.                              
Index to Financial Statements                               

Financial Statements:                                              Page         

Balance Sheets - June 30, 1995 and 1994                      *  
Statements of Operations for the years                       *  
ended June 30, 1995, 1994 and 1993                
Statements of Stockholders' Equity for the years             *  
ended June 30, 1995, 1994 and 1993                
Statements of Cash Flows for the years                       *  
ended June 30, 1995, 1994 and 1993                
Notes to Financial Statements                                *  
Report of Independent Auditors - KPMG Peat Marwick LLP       *  

__________________________                                                      
*  The information required appears on pages 5 through 16 of the                
Company's 1995 Annual Report to Stockholders and is incorporated by             
reference into this Annual Report on Form 10-K.                                 

All schedules are omitted, as the required information is inapplicable or the   
information is presented in the financial statements or related notes.          

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-K’ Filing		Date		First		Last			Other Filings
		12/11/10		9
		12/31/99		9					10-Q
		10/1/96		21
		11/8/95		1
		10/17/95		2
Filed on:		9/27/95
		9/26/95		1		30
		9/21/95		20
		8/2/95		4		11
For Period End:		6/30/95		1		31
		4/18/95		21
		3/31/95		29					10-Q,  10-Q/A
		3/11/95		28
		3/10/95		28
		1/6/95		28
		12/31/94		29					10-Q/A
		9/16/94		16
		6/30/94		6		31
		11/1/93		15		27
		9/30/93		29
		6/30/93		6		31
		3/31/93		12
		12/7/92		26
		8/13/92		27
		6/30/92		21		29
		1/30/92		29
		1/16/92		27
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