Navigation Links
AutoImmune Inc. Reports 2009 Second Quarter Financial Results
Date:8/6/2009

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.

Website: http://www.autoimmuneinc.com

- Financial Chart Follows -

                                  AUTOIMMUNE INC.
                              STATEMENT OF OPERATIONS
                                    (Unaudited)

                                   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
       noncontrolling
       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
                                    (Unaudited)

                                                   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.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. AutoImmune Inc. Reports 2009 First Quarter Financial Results
2. AutoImmune Inc. Reports 2008 Fourth Quarter and Year End Financial Results
3. Advances in Detection Technology Drive the European Autoimmune Disease Diagnostics Market
4. AutoImmune Inc. Reports 2008 Third Quarter Financial Results
5. AutoImmune Inc. Reports 2008 Second Quarter Financial Results
6. AutoImmune Inc. Reports 2007 Fourth Quarter and Year End Financial Results
7. QED International Associates Announces Changes to the HealthShares(TM) Autoimmune-Inflammation and Neuroscience Indexes - Correction
8. QED International Associates Announces Changes to the HealthShares(TM) Autoimmune-Inflammation and Neuroscience Indexes
9. Synthetech Reports First Quarter Fiscal 2010 Results
10. GenVec Reports Second Quarter 2009 Financial Results
11. InterMune Reports Second Quarter 2009 Financial Results and Business Highlights
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/3/2016)... LONDON , May 3, 2016 ... Report Assessing Developers and Producers of Those Competitor Biologics  ... Guide to Companies, Activities and Prospects ,  ... drug companies? And what are their sales potentials? ... There you see results, trends, opportunities and revenue forecasting. ...
(Date:5/2/2016)... -- Q BioMed Inc. (QBIO), a biotechnology ... Inc. will be attending the Association for Research in ... 1-5, 2016 in Seattle Washington . ... and research partners. The meeting provides organizations the opportunity ... opportunities for the MAN-01 program for treatment of glaucoma. ...
(Date:4/29/2016)... ... 2016 , ... The MIT bioLogic design team has won multiple A' ... properties can be applied to fabric and formed into living interfaces between body and ... humidity change. The team harvested Natto cells and applied them to fabric with custom ...
(Date:4/29/2016)... ... April 29, 2016 , ... During a ... technology into a viable company, CereScan’s CEO, John Kelley, joined other Denver business ... leader and mentor in the Denver area business community, shared his top fundamental ...
Breaking Biology Technology:
(Date:3/23/2016)... March 23, 2016 ... Sicherheit Gesichts- und Stimmerkennung mit Passwörtern ... (NASDAQ: MESG ), ein führender Anbieter ... Unternehmen mit SpeechPro zusammenarbeitet, um erstmals dessen ... wird die Möglichkeit angeboten, im Rahmen mobiler ...
(Date:3/18/2016)... --> --> Competitive Landscape Analysis ... Physical infrastructure and Perimeter Surveillance & Detection Systems ... and the continuing migration crisis in the Middle ... led visiongain to publish this unique report, which is crucial ... & security companies in the border security market and the ...
(Date:3/14/2016)... , March 14, 2016 NXTD ) ... mobile commerce market, announces the airing of a new series ... the week of March 21 st .  The commercials will ... its popular Squawk on the Street show. --> ... the growing mobile commerce market, announces the airing of a ...
Breaking Biology News(10 mins):