IDM Pharma Reports 2008 Financi...( IRVINE Calif. March 31 /- IDM Pharma ...)

IRVINE, Calif., March 31 /PRNewswire-FirstCall/ -- IDM Pharma, Inc. (Nasdaq: IDMI) today reported financial results for the fourth quarter and full year ended December 31, 2008. Financial information presented represents the consolidated results of IDM Pharma, Inc. and its subsidiary, IDM Pharma S.A.

Total revenues in the quarter ended December 31, 2008 were $0.3 million, and net loss was $1.8 million or $0.07 per share for the quarter. Total revenues for the year ended December 31, 2008 were $3.1 million, and net loss was $18.6 million or $0.74 per share for the year. Cash and cash equivalents were $12.8 million as of December 31, 2008 compared to $18.4 million on September 30, 2008 and $28.4 million on December 31, 2007. In order to focus on those areas we believe can provide the most near term value to our stockholders and to ensure we have adequate cash to complete our review of strategic options for the Company, we are concentrating our near-term efforts on certain MEPACT pre-launch commercial activities in Europe and the review of such strategic options, including merger or acquisition opportunities, which may involve a change in control of our company. Consequently, we have placed the U.S. mifamurtide NDA amendment submission on hold until we complete our strategic review, which will allow us to operate into the third quarter of 2009. We have engaged JMP Securities, an investment bank, to advise us in exploring alternatives available to us with respect to a possible merger or acquisition transaction.

"2008 was a significant year for the Company with December's recommendation for approval of MEPACT for the treatment of osteosarcoma in Europe and the formal approval of the centralized marketing authorization following in early March of 2009," said Timothy P. Walbert, president and chief executive officer, IDM Pharma. "W
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