PASADENA, Calif., March 14 /PRNewswire-FirstCall/ -- AutoImmune Inc. (OTC Bulletin Board: AIMM) today reported a net loss of $56,000, or break even per share basic and diluted, for the three months ended December 31, 2007, compared with a net profit of $36,000, or break even per share basic and diluted, for the three months ended December 31, 2006. For the year ended December 31, 2007, the net loss was $118,000, or $0.01 per share basic and diluted, compared with net loss of $481,000, or $0.03 per share basic and diluted for the same period in 2006. As of December 31, 2007, the Company reported $8.8 million in cash and marketable securities, the same amount reported as of December 31, 2006.
Chairman of the Board and Chief Executive Officer Robert C. Bishop, Ph.D. stated, "Product sales at Colloral LLC, our joint venture with Deseret Laboratories, Inc., were up from the third quarter, but results were down compared to the fourth quarter of last year. The response to marketing through The Shopping Channel in Canada is encouraging." AutoImmune consolidates Colloral LLC for financial reporting purposes in accordance with FIN 46 "Consolidation of Variable Interest Entities."
AutoImmune has exclusively licensed certain of its intellectual
property rights to BioMS Medical Corp., a Canadian company. Under the
license agreement, BioMS makes monthly diligence payments to AutoImmune and
will pay royalties to AutoImmune on sales of its lead drug MBP8298, if it
reaches the market. BioMS recently reported that it signed a licensing and
development agreement with Eli Lilly and Company granting them exclusive
worldwide rights to MBP8298. AutoImmune's rights to payments and royalties
are unchanged by this new agreement. Dr. Bishop remarked, "It is comforting
to see Eli Lilly and Company make this commitment to commercializing
MBP8298. Should the product be successful in ongoing Phase III trials,
Lilly's regulatory, marketing and sales capabilities will be of gre
|SOURCE AutoImmune Inc.|
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