Navigation Links
AutoImmune Inc. Reports 2008 Fourth Quarter and Year End Financial Results

PASADENA, Calif., March 16 /PRNewswire-FirstCall/ -- AutoImmune Inc. (OTC Bulletin Board: AIMM) today reported a net loss of $129,000, or $0.01 per share basic and diluted, for the three months ended December 31, 2008, compared with a net loss of $56,000, or break even per share basic and diluted, for the three months ended December 31, 2007. For the year ended December 31, 2008, the net loss was $345,000, or $0.02 per share basic and diluted, compared with net loss of $118,000, or $0.01 per share basic and diluted for the same period in 2007. The primary reason for the increase in losses was the reduction in interest income due to lower market yields. As of December 31, 2008, the Company reported $8.5 million in cash and marketable securities as compared to $8.8 million in cash and marketable securities as of December 31, 2007.

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 and from 2007. The response to marketing through our licensee, Bronson Laboratories, LLC is encouraging." AutoImmune consolidates Colloral LLC for financial reporting purposes in accordance with FIN 46R "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, dirucotide (formerly referred to as MBP8298), if it reaches the market. In December 2007, BioMS sublicensed its rights in this product to Eli Lilly and Company. The FDA has granted the product fast track designation. We expect final trial data will be available during the second half of 2009 from the first of two ongoing Phase III trials of dirucotide for the treatment of secondary progressive multiple sclerosis.

AutoImmune also announced today that its Annual Meeting of Shareholders will be held on Friday, May 22, 2009, at 11:00 a.m. EDT, at the offices of Nutter, McClennen & Fish, 155 Seaport Blvd. in Boston, Massachusetts. AutoImmune is a biopharmaceutical company involved in the development of treatments for autoimmune and cell-mediated inflammatory diseases and conditions.

Statements in this release that are not strictly historical are forward-looking statements including statements about clinical trials and studies and future sales, royalties and revenue. You can identify these forward-looking statements because they involve our expectations, beliefs, projections, anticipations or other characterizations of future events or circumstances. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements as a result of any number of factors. These factors include, but are not limited to the uncertainties of clinical trial results, the Company's dependence on third parties for licensing revenue, and the risks of technological change and competition. These factors are more fully discussed, as are other factors, in the Company's most recent Annual Report on Form 10-KSB filed with the Securities and Exchange Commission in the section entitled "Risk Factors."

- Financial Chart Follows -

                                 AUTOIMMUNE INC.
                             STATEMENT OF OPERATIONS

                                 Three months ended           Year ended
                                     December 31,            December 31,
                                   2007        2008        2007        2008
                                   ----        ----        ----        ----

    Revenue                      $75,000     $91,000    $294,000    $316,000
                                 -------     -------    --------    --------

    Costs and expenses:
      Cost of revenue              1,000      16,000      21,000      45,000
      Research and
       development                49,000      81,000     144,000     174,000
      Selling, general and
       administrative            181,000     136,000     713,000     647,000
                                 -------     -------     -------     -------
        Total costs and
         expenses                231,000     233,000     878,000     866,000
                                 -------     -------     -------     -------

    Interest income              105,000      18,000     440,000     213,000
    Minority interest
     in joint venture             (5,000)     (5,000)      1,000      (8,000)
    Other income                       -           -      25,000           0
                                 100,000      13,000     466,000     205,000
                                 -------      ------     -------     -------

    Net loss                    ($56,000)  ($129,000)  ($118,000)  ($345,000)
                                ========   =========   =========   =========

    Net loss per share -
     basic                         $0.00      ($0.01)     ($0.01)     ($0.02)
                                   =====      ======      ======      ======

    Net loss per share -
     diluted                       $0.00      ($0.01)     ($0.01)     ($0.02)
                                   =====      ======      ======      ======

    Weighted average
     common shares
     outstanding - basic      16,979,623  16,999,623  16,970,558  16,999,022
                              ==========  ==========  ==========  ==========

    Weighted average
     common shares
     outstanding - diluted    16,979,623  16,999,623  16,970,558  16,999,022
                              ==========  ==========  ==========  ==========

                     CONDENSED BALANCE SHEET

                                   December 31, December 31,
                                         2007         2008
                                         ----         ----

    Cash and marketable
     securities                     $8,804,000   $8,475,000
    Other current assets               167,000      195,000

      Total assets                  $8,971,000   $8,670,000
                                    ==========   ==========

    Current liabilities               $128,000     $147,000
    Minority interest in
     joint venture                      11,000       33,000
    Total stockholders'
     equity                          8,832,000    8,490,000
                                     ---------    ---------

    Total liabilities
     and equity                     $8,971,000   $8,670,000
                                    ==========   ==========

SOURCE AutoImmune Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Advances in Detection Technology Drive the European Autoimmune Disease Diagnostics Market
2. AutoImmune Inc. Reports 2008 Third Quarter Financial Results
3. AutoImmune Inc. Reports 2008 Second Quarter Financial Results
4. AutoImmune Inc. Reports 2007 Fourth Quarter and Year End Financial Results
5. QED International Associates Announces Changes to the HealthShares(TM) Autoimmune-Inflammation and Neuroscience Indexes - Correction
6. QED International Associates Announces Changes to the HealthShares(TM) Autoimmune-Inflammation and Neuroscience Indexes
7. Cell Therapeutics, Inc. (CTI) Reports 2008 Fourth Quarter and Year End Financial Results
8. Dendreon Reports Fourth Quarter and 2008 Year End Financial Results
9. Caliper Life Sciences Reports Fourth Quarter and Full Year 2008 Results
10. GeoVax Labs, Inc. Reports Fourth Quarter and Year-End 2008 Financial Results
11. Simcere Pharmaceutical Group Reports Unaudited Fourth Quarter and Fiscal Year 2008 Results
Post Your Comments:
(Date:6/23/2016)... , June 23, 2016   Boston ... of novel compounds designed to target cancer stemness ... has been granted Orphan Drug Designation from the ... treatment of gastric cancer, including gastroesophageal junction (GEJ) ... inhibitor designed to inhibit cancer stemness pathways by ...
(Date:6/23/2016)... 2016 Houston Methodist Willowbrook Hospital has ... Association to serve as their official health care ... Willowbrook will provide sponsorship support, athletic training services, ... coaches, volunteers, athletes and families. "We ... Association and to bring Houston Methodist quality services ...
(Date:6/23/2016)... 2016  The Biodesign Challenge (BDC), a university competition ... harness living systems and biotechnology, announced its winning teams ... New York City . The ... projects at MoMA,s Celeste Bartos Theater during the daylong ... senior curator of architecture and design, and Suzanne ...
(Date:6/23/2016)... ... 2016 , ... STACS DNA Inc., the sample tracking software company, today announced ... has joined STACS DNA as a Field Application Specialist. , “I am thrilled ... COO of STACS DNA. “In further expanding our capacity as a scientific integrator, Hays ...
Breaking Biology Technology:
(Date:6/15/2016)... June 15, 2016 Transparency ... titled "Gesture Recognition Market by Application Market - Global Industry Analysis ... 2024". According to the report, the  global gesture recognition ... 2015 and is estimated to grow at a ... by 2024.  Increasing application of gesture ...
(Date:6/9/2016)... TURKU, Finland , June 9, 2016 ... French National Police deploy Teleste,s video security solution to ensure ... France during the major tournament ... and data communications systems and services, announced today that its ... Police Prefecture to back up public safety across ...
(Date:6/3/2016)... June 3, 2016 ... Nepal hat ein ... hochsicherer geprägter Kennzeichen, einschließlich Personalisierung, Registrierung und ... der Produktion und Implementierung von Identitätsmanagementlösungen. Zahlreiche ... im Januar teilgenommen, aber Decatur wurde als ...
Breaking Biology News(10 mins):