Exhibit 99.1

             IMMUNOMEDICS REPORTS FISCAL THIRD QUARTER 2003 RESULTS

Morris  Plains,  NJ,  May 8, 2003 -  Immunomedics,  Inc.  (Nasdaq:  IMMU)  today
reported  revenues  of $5.6  million  and net income of  $453,000,  or $0.01 per
share,  for the third  quarter of fiscal year 2003 which  ended March 31,  2003.
This  compares to revenues of $3.3 million and a net loss of $296,000,  or $0.01
per share,  for the same period last year.  The net income was mainly due to the
Company's  recognition of previously  deferred  payments of supply fees from its
licensee,  Amgen,  in the amount of $3.8 million.  Income  recognition  had been
deferred until the Company was able to satisfy certain supply  obligations  that
were satisfied in the third quarter.

For the first nine months of fiscal year 2003, Immunomedics reported revenues of
$12.0 million and a net loss of $4.2 million,  or $0.08 per share. This compares
to revenues of $10.0 million and a net loss of $1.1 million, or $0.02 per share,
for the same period last year.

Mr. Gerard G. Gorman, the Company's Vice President, Finance, and Chief Financial
Officer  commented:  "We are  pleased to report  that the  results for the third
fiscal  quarter  were in line with our  expectations.  At March 31,  2003 we had
$28.4  million  in cash  and  liquid  securities.  The  construction  of our new
manufacturing  facility is nearing  completion  and we intend to  refinance  the
construction  costs of $6.3  million  with a bank  credit  facility  in the near
future to further improve our cash position."

Ms. Cynthia L. Sullivan,  President and Chief Executive Officer of Immunomedics,
added: "Our expanded manufacturing facility will provide the production capacity
needed to develop and support our extensive product  pipeline.  Phase I clinical
trials with our humanized  alpha-fetoprotein antibody for evaluation in patients
with primary  liver cancer are now  beginning,  and we plan to begin  additional
clinical trials with another therapeutic product candidate before the end of the
calendar year.

Other developments of note since the start of the third quarter are as follows:

      o     The Company and Amgen announced their continued focus on the
            development of Immunomedics' proprietary compound, epratuzumab, with
            particular emphasis on its use in combination with Rituximab. "We
            are pleased with the focus of this development program to generate
            additional supportive data for combination therapy and also pleased
            with Amgen's work with cooperative study groups of the National
            Cancer Institute to evaluate the benefits of the antibody
            combination with chemotherapy in aggressive NHL patients," Ms.
            Sullivan added.

      o     The Company announced that an article published in The Journal of
            Nuclear Medicine (Vol. 44, No. 1, January 2003) described an
            improved method of linking yttrium-90 (Y-90) to its antibody,
            epratuzumab in clinical trials for therapy of NHL. "This improved
            conjugation method could potentially reduce the side effect of
            hematological toxicity and should enable higher doses of Y-90 to be
            administered safely," Ms. Sullivan remarked.

      o     The Company met with investors and analysts at the Raymond James
            Equity Conference.

"Our  investments  in  research  and  development  continue  to yield  important
advances for our Company with the  discovery of new  antibodies.  The  continued
growth of our research and development  capabilities in 2003,  together with the
completion of our expanded production facilities by year-end,
<PAGE>

will further  facilitate our aggressive  development  plans for our  therapeutic
product pipeline," Ms. Sullivan remarked.

In a positive  development  for the Company's  majority  owned  subsidiary,  IBC
Pharmaceuticals,  Inc., two distinguished  scientists,  Henry N. Wagner, Jr., M.
D., and John B. Landis, Ph.D., were elected to the IBC Board of Directors.  "Dr.
Wagner  is, in my view,  the best  known  and most  respected  nuclear  medicine
physician-scientist and advocate on an international basis, and Dr. Landis is an
exceptional  chemist and  research  executive  with a proven track record in the
pharmaceutical  industry,"  commented  Dr.  David  M.  Goldenberg,  founder  and
Chairman  of  the  Board  of  Directors  of  IBC  Pharmaceuticals  and  also  of
Immunomedics.

Immunomedics  is  a  biopharmaceutical   company  focused  on  the  development,
manufacture and commercialization of diagnostic imaging and therapeutic products
for the detection and treatment of cancer and infectious  diseases.  Integral to
these products are highly specific monoclonal  antibodies and antibody fragments
designed  to deliver  radioisotopes  and  chemotherapeutic  agents to tumors and
sites of  infection.  Immunomedics  has six  therapeutic  product  candidates in
clinical  trials and has two  marketed  diagnostic  imaging  products.  The most
advanced therapeutic product candidates are LymphoCide(R)  (epratuzumab),  which
is in Phase II clinical trials for the treatment of non-Hodgkin's  lymphoma, and
CEA-Cide(R)  (labetuzumab),  which  is in Phase  I/II  clinical  trials  for the
treatment of certain solid tumors.

This release, in addition to historical  information,  contains  forward-looking
statements  made  pursuant to the Private  Securities  Litigation  Reform Act of
1995. Such statements,  including statements regarding clinical trials,  involve
significant  risks and  uncertainties and actual results could differ materially
from  those  expressed  or  implied  herein.   Factors  that  could  cause  such
differences  include,  but are not limited to, risks associated with new product
development     (including    clinical    trials    outcome    and    regulatory
requirements/actions),  competitive  risks to marketed products and availability
of financing and other sources of capital, as well as the risks discussed in the
Company's Annual Report on Form 10-K for the year June 30, 2002.

Company Contact: Gerard G. Gorman, Vice President, Finance, and Chief Financial
Officer, (973) 605-8200, extension 185. Visit the Company's web site at
http://www.Immunomedics.com (http://www.immunomedics.com/)
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                                IMMUNOMEDICS, INC

                    Condensed Consolidated Balance Sheets

                                                         March 31,     June 30,
                                                           2003          2002
                                                        -----------  -----------

ASSETS
Current Assets:
   Cash and cash equivalents .........................  $11,370,720  $13,062,954
   Marketable securities .............................   17,040,711   31,724,789
   Accounts receivable ...............................      958,361    1,106,716
   Inventory .........................................      972,229      641,686
   Other current assets ..............................      924,535    1,801,979
                                                        -----------  -----------
                                                         31,266,556   48,338,124

Property and equipment, net ..........................   11,873,291    6,561,901

Long-term assets .....................................       57,157       51,157
                                                        -----------  -----------
                                                        $43,197,004  $54,951,182
                                                        ===========  ===========

LIABILITIES AND STOCKHOLDERS' EQUITY
   Current liabilities, including deferred revenue ...  $ 5,268,591  $13,296,060
   Minority interest .................................      492,977      559,222
   Stockholders' equity ..............................   37,435,436   41,095,900
                                                        -----------  -----------
                                                        $43,197,004  $54,951,182
                                                        ===========  ===========

             Condensed Consolidated Statements of Operations

<TABLE>
<CAPTION>
                                                       Three Months Ended                 Nine Months Ended
                                                            March 31,                         March 31,
                                                     2003              2002             2003             2002
                                                 ------------       ----------       ----------       ----------
<S>                                              <C>                <C>              <C>              <C>
Revenues:
   Product sales ...........................     $  1,088,012          964,891        2,633,113        2,838,027
   License fee and other revenues ..........        4,518,709        2,252,888        9,304,487        6,930,491
   Research & development ..................            8,428           65,196           33,710          215,999
                                                 ------------       ----------       ----------       ----------

Revenues ...................................     $  5,615,149        3,282,975       11,971,310        9,984,517

Costs and Expenses .........................        6,213,307        5,169,115       17,870,989       13,861,732
                                                 ------------       ----------       ----------       ----------

Operating Loss .............................         (598,158)      (1,886,140)      (5,899,679)      (3,877,215)

Interest and Other Income ..................          306,701          384,701          937,537        1,611,706
                                                 ------------       ----------       ----------       ----------

Net Loss before Income Tax Benefit .........         (291,457)      (1,501,439)      (4,962,142)      (2,265,509)

Income Tax Benefit .........................          744,756        1,205,530          744,756        1,205,530
                                                 ------------       ----------       ----------       ----------

Net Income (Loss) ..........................     $    453,299         (295,909)      (4,217,386)      (1,059,979)
                                                 ============       ==========       ==========       ==========

Net Income (Loss) per Common Share .........     $       0.01            (0.01)           (0.08)           (0.02)
                                                 ============       ==========       ==========       ==========

Weighted average number of common
   shares outstanding ......................       49,878,193       49,706,146       49,877,788       49,602,377
                                                 ============       ==========       ==========       ==========
</TABLE>

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