PASADENA, Calif., May 7 /PRNewswire-FirstCall/ -- AutoImmune Inc. (OTC Bulletin Board: AIMM) today reported a net loss of $170,000, or $0.01 per share basic and diluted, for the three months ended March 31, 2009, compared with a net loss of $107,000, or $0.01 per share basic and diluted, for the three months ended March 31, 2008. As of March 31, 2009, the Company reported $8.5 million in cash and marketable securities, the same amount reported as of December 31, 2008.
Chairman of the Board and Chief Executive Officer Robert C. Bishop, Ph.D. stated, "Product sales in the first quarter of 2009 at Colloral LLC, our joint venture with Deseret Laboratories, Inc., were up from the fourth quarter of 2008 and from the first quarter of 2008. The response to marketing through our licensee, Bronson Laboratories, LLC remains 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. We expect results from the second Phase III trial should be available during the last half of 2010.
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. 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, AutoImmune'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 AutoImmune's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission in the section entitled "Risk Factors."
- Financial Chart Follows - AUTOIMMUNE INC. STATEMENT OF OPERATIONS (Unaudited) Three months ended March 31, 2008 2009 ---- ---- Revenue $67,000 $104,000 ------- -------- Costs and expenses: Cost of goods sold 12,000 20,000 Research and development 42,000 71,000 General and administrative 205,000 188,000 ------- ------- Total costs and expenses 259,000 279,000 ------- ------- Interest income 84,000 9,000 84,000 9,000 ------ ----- Net loss (108,000) (166,000) Net income (loss) attributable to noncontrolling interest 1,000 (4,000) ----- ------ Net loss attributable to AutoImmune Inc ($107,000) ($170,000) ========= ========= Net loss per share - basic ($0.01) ($0.01) ====== ====== Net loss per share - diluted ($0.01) ($0.01) ====== ====== Weighted average common shares outstanding - basic 16,997,205 16,999,623 ========== ========== Weighted average common shares outstanding - diluted 16,997,205 16,999,623 ========== ========== CONDENSED BALANCE SHEET (Unaudited) December 31, March 31, 2008 2009 ---- ---- Cash and marketable securities $8,475,000 $8,463,000 Other current assets 195,000 148,000 Total assets $8,670,000 $8,611,000 ========== ========== Current liabilities $147,000 $228,000 Total equity 8,523,000 8,383,000 --------- --------- Total liabilities and equity $8,670,000 $8,611,000 ========== ==========
|SOURCE Autoimmune Inc.|
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