PASADENA, Calif., Nov. 7 /PRNewswire-FirstCall/ -- AutoImmune Inc. (OTC Bulletin Board: AIMM) today reported a net loss of $23,000, or break even per share basic and diluted, for the three months ended September 30, 2008, compared with a net loss of $8,000, or break even per share basic and diluted, for the three months ended September 30, 2007. For the nine months ended September 30, 2008, the net loss was $216,000, or $0.01 per share basic and diluted, compared with net loss of $62,000, or break even per share basic and diluted for the same period in 2007. As of September 30, 2008, the Company reported $8.6 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 during the third quarter were unchanged from the same period prior year." 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. In December 2007, BioMS sublicensed its rights in this product to Eli Lilly and Company. During the third quarter just completed, BioMS announced the product was granted fast track designation by the FDA and that it had received a milestone payment from Eli Lilly for successfully passing an interim analysis for safety and futility in its pivotal phase II/III trial of MBP8208 for treatment of secondary progressive multiple sclerosis. We expect the final trial data will be available during the second half of 2009.
AutoImmune is a biopharmaceutical company involved in the development
|SOURCE AutoImmune Inc.|
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