PASADENA, Calif., Aug. 6 /PRNewswire-FirstCall/ -- AutoImmune Inc. (OTC Bulletin Board: AIMM) today reported a net loss of $86,000, or $0.01 per share basic and diluted, for the three months ended June 30, 2009, compared with a net loss of $86,000, or $0.01 per share basic and diluted, for the three months ended June 30, 2008. For the six months ended June 30, 2009, the net loss was $256,000, or $0.02 per share basic and diluted, compared with net loss of $193,000, or $0.01 per share basic and diluted for the same period in 2008. As of June 30, 2009, the Company reported $8.2 million in cash and marketable securities as compared to $8.5 million in cash and marketable securities as of December 31, 2008.
Chairman of the Board and Chief Executive Officer Robert C. Bishop, Ph.D. stated, "Product sales in the first six months of 2009 at Colloral LLC, our joint venture with Deseret Laboratories, Inc., more than doubled from the same period in 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 pertaining to an injectable therapy for the treatment of multiple sclerosis to BioMS. Under the license agreement, BioMS makes monthly diligence payments to AutoImmune and will pay royalties to AutoImmune on sales of all products covered by the license agreement. BioMS Medical Corp. and Eli Lilly and Company recently reported that dirucotide, the lead drug covered by AutoImmune's license agreement with BioMS, did not meet the primary endpoint of delaying disease progression, as measured by the Expanded Disability Status Scale (EDSS), during the two-year Phase III trial in patients with secondary progressive multiple sclerosis (SPMS). In addition, there we
|SOURCE AutoImmune Inc.|
Copyright©2009 PR Newswire.
All rights reserved