Navigation Links
AutoImmune Inc. Reports 2009 First Quarter Financial Results
Date:5/7/2009

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.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. QED International Associates Announces Changes to the HealthShares(TM) Autoimmune-Inflammation and Neuroscience Indexes
2. QED International Associates Announces Changes to the HealthShares(TM) Autoimmune-Inflammation and Neuroscience Indexes - Correction
3. AutoImmune Inc. Reports 2007 Fourth Quarter and Year End Financial Results
4. AutoImmune Inc. Reports 2008 Second Quarter Financial Results
5. AutoImmune Inc. Reports 2008 Third Quarter Financial Results
6. Advances in Detection Technology Drive the European Autoimmune Disease Diagnostics Market
7. AutoImmune Inc. Reports 2008 Fourth Quarter and Year End Financial Results
8. EpiCept Reports Expansion of Clinical Development For Licensed Cancer Compound
9. QMed, Inc. Reports July Medicare SNP Enrollments
10. Phlo Affiliate Reports Expanded Coverage to Oregon Border
11. Healthcare Technologies Reports Loss for 2007 Second Quarter & Six Months Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... , June 27, 2016 /PRNewswire/ - BIOREM Inc. (TSX-V: BRM) ... advised by its major shareholders, Clean Technology Fund I, ... United States based venture capital funds which ... Biorem (on a fully diluted, as converted basis), that ... of their entire equity holdings in Biorem to TUS ...
(Date:6/27/2016)... ... June 27, 2016 , ... ... will join the faculty of the University of North Carolina Kenan-Flagler Business ... strategy and entrepreneurship at UNC Kenan-Flagler, with a focus on the school’s international ...
(Date:6/24/2016)... ... June 24, 2016 , ... While the majority of commercial ... Cary 5000 and the 6000i models are higher end machines that use the more ... the spectrophotometer’s light beam from the bottom of the cuvette holder. , FireflySci ...
(Date:6/23/2016)... , June 23, 2016 /PRNewswire/ - FACIT has ... Ontario biotechnology company, Propellon Therapeutics Inc. ... and commercialization of a portfolio of first-in-class WDR5 ... targets such as WDR5 represent an exciting class ... in precision medicine for cancer patients. Substantial advances ...
Breaking Biology Technology:
(Date:5/24/2016)... May 24, 2016 Ampronix facilitates superior patient care by providing unparalleled technology ... LCD display is the latest premium product recently added to the range of products ... ... ... 3d Imaging- LCD Medical Display- Ampronix News ...
(Date:5/3/2016)... , May 3, 2016  Neurotechnology, a ... the MegaMatcher Automated Biometric Identification System (ABIS) ... large-scale multi-biometric projects. MegaMatcher ABIS can process multiple ... using any combination of fingerprint, face or iris ... MegaMatcher SDK and MegaMatcher Accelerator , ...
(Date:4/19/2016)... UAE, April 20, 2016 The ... as a compact web-based "all-in-one" system solution for all ... fingerprint reader or the door interface with integration authorization ... access control systems. The minimal dimensions of the access ... into the building installations offer considerable freedom of design ...
Breaking Biology News(10 mins):