NEW YORK, Feb. 11 /PRNewswire-FirstCall/ -- Immtech Pharmaceuticals, Inc. (the "Company") (Amex: IMM) today announced results for its fiscal third quarter ended December 31, 2007.
For the three months ended December 31, 2007, revenues were $1,835,000, as compared to $546,000 for the three months ended December 31, 2006. The increase was primarily attributable to revenues relating to a licensing agreement and research agreement. Loss from operations for the three months ended December 31, 2007 was $5,305,000, as compared to a loss from operations of $3,946,000 for the three months ended December 31, 2006. The increase was primarily due to an increase in clinical trial costs. Net loss attributable to common stockholders for the three months ended December 31, 2007 was $5,336,000, or $0.34 per share, compared to a loss of $3,966,000, or $0.28 per share, in the previous year.
At December 31, 2007, unrestricted cash and cash equivalents were $9,444,000 as compared to $12,462,000 at March 31, 2007. For the same periods, restricted funds on deposit were $4,962,000 and $3,119,000, respectively.
The Company reported today that it is studying clinical trial data collected in all prior and ongoing clinical trials of pafuramidine in order to address the clinical hold. The clinical hold was made in response to abnormal liver findings in Phase I safety study subjects, as reported in a Company press release dated December 26, 2007.
Information to access a recording of the conference call to be held on February 11, 2008 at 4.30pm will be available starting on February 12th from the Immtech Pharmaceuticals web site (http://www.immtechpharma.com).
About Immtech Pharm
|SOURCE Immtech Pharmaceuticals, Inc.|
Copyright©2008 PR Newswire.
All rights reserved