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AutoImmune Inc. Reports 2009 Second Quarter Financial Results

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 were no statistically significant differences between dirucotide and placebo on the secondary endpoints of the study. Eli Lilly and BioMS also announced that they would discontinue ongoing clinical trials and review available data. Chairman of the Board and Chief Executive Officer Robert C. Bishop, Ph.D. stated, "We are obviously disappointed by the results and look forward to further announcements from BioMS and Lilly regarding their future plans for this approach to treating SPMS."

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 for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include 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." We have no plans, and disclaim any obligation, to update or revise any forward-looking statements whether as a result of new information, future events or other factors, except as required by law.


- Financial Chart Follows -

                                  AUTOIMMUNE INC.
                              STATEMENT OF OPERATIONS

                                   Three months ended       Six months ended
                                        June 30,                June 30,
                                    2008        2009        2008        2009
                                    ----        ----        ----        ----

    Revenue                      $101,000    $184,000    $168,000    $288,000
                                 --------    --------    --------    --------

    Costs and expenses:
      Cost of goods sold           16,000      50,000      28,000      70,000
      Research and
       development                 48,000      30,000      90,000     101,000
      General and
       administrative             181,000     180,000     386,000     368,000
                                  -------     -------     -------     -------
        Total costs and
         expenses                 245,000     260,000     504,000     539,000
                                  -------     -------     -------     -------

    Interest income                60,000       8,000     144,000      17,000
                                   ------       -----     -------      ------
                                   60,000       8,000     144,000      17,000
                                   ------       -----     -------      ------

    Net loss                      (84,000)    (68,000)   (192,000)   (234,000)
      Net income (loss)
       attributable to
       interest                     2,000      18,000       1,000      22,000
                                    -----      ------       -----      ------

    Net loss attributable
     to AutoImmune Inc           ($86,000)   ($86,000)  ($193,000)  ($256,000)
                                 ========    ========   =========   =========

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

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

    Weighted average
     common shares
     outstanding - basic       16,999,623  16,999,623  16,998,414  16,999,623
                               ==========  ==========  ==========  ==========

    Weighted average
     common shares
     outstanding - diluted     16,999,623  16,999,623  16,998,414  16,999,623
                               ==========  ==========  ==========  ==========

                             CONDENSED BALANCE SHEET

                                                   December 31,  June 30,
                                                      2008        2009
                                                      ----        ----
    Cash and short-term marketable securities     $8,475,000  $6,927,000
    Other current assets                             195,000     232,000
    Long-term marketable securities                        -   1,302,000
                                                   ---------   ---------

      Total assets                                $8,670,000  $8,461,000
                                                  ==========  ==========

    Current liabilities                             $147,000    $122,000
    Total equity                                   8,523,000   8,339,000
                                                   ---------   ---------

    Total liabilities and equity                  $8,670,000  $8,461,000
                                                  ==========  ==========

SOURCE AutoImmune Inc.
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