updated 5/10/2010 12:24:48 PM ET 2010-05-10T16:24:48

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

  1. Don't miss these Health stories
    1. Splash News
      More women opting for preventive mastectomy - but should they be?

      Rates of women who are opting for preventive mastectomies, such as Angeline Jolie, have increased by an estimated 50 percent in recent years, experts say. But many doctors are puzzled because the operation doesn't carry a 100 percent guarantee, it's major surgery -- and women have other options, from a once-a-day pill to careful monitoring.

    2. Larry Page's damaged vocal cords: Treatment comes with trade-offs
    3. Report questioning salt guidelines riles heart experts
    4. CDC: 2012 was deadliest year for West Nile in US
    5. What stresses moms most? Themselves, survey says

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

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

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

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

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

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

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

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments