Navigation Links
Immtech Reports Fiscal Third Quarter 2008 Results
Date:2/11/2008

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 Pharmaceuticals, Inc.

Immtech Pharmaceuticals, Inc. is focused on developing and commercializing drugs to treat infectious diseases, and is expanding its targeted markets by applying its proprietary pharmaceutical platform to treat other disorders. Immtech has advanced clinical programs that include new oral treatments for pneumocystis pneumonia (PCP), malaria, and trypanosomiasis (HAT or African sleeping sickness), and a well-defined, expanding library of compounds targeting drug-resistant Gram-positive bacteria, fungal infections, Hepatitis C and other serious diseases. Immtech holds the exclusive worldwide licenses to certain patents, patent applications and technology for products derived from a proprietary pharmaceutical platform. For additional information, please visit the Company's website at http://www.immtechpharma.com.

This press release contains "forward-looking statements" regarding Immtech Pharmaceuticals, Inc.'s business, including the future prospects for PCP. Except for historical information, the matters discussed in this press release are "forward-looking statements" and are subject to risks and uncertainties. Actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (i) Immtech's ability to develop commercially viable products; (ii) Immtech's ability to achieve profitability; (iii) Immtech's ability to retain key personnel; (iv) the ability of Immtech's scientists and collaborators to discover new compounds; (v) the availability of additional research grants; (vi) Immtech's ability to obtain regulatory approval of its drug candidates, including PCP; (vii) the success of Immtech's clinical trials; (viii) dependence upon and contractual relationship with partners; (ix) Immtech's ability to manufacture or to contract with a third party to manufacture its drug candidates at a reasonable cost; (x) Immtech's ability to protect its intellectual property; (xi) competition and alternative technologies; (xii) Immtech's ability to obtain reimbursement from third party payers for any product it commercializes; and (xiii) potential exposure to significant product liability.

Additional risks are discussed in the Company's current filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Immtech Pharmaceuticals, Inc.

Selected Financial Information (Unaudited)

(in thousands, except per share amounts)

Three Months Ended

December 31,

2007 2006

REVENUES $1,835 $546

OPERATING LOSS $(5,305) $(3,946)

NET LOSS TO COMMON STOCKHOLDERS TO

COMMON STOCKHOLDERS $(5,336) $(3,966)

NET LOSS PER COMMON SHARE

BASIC AND DILUTED $(0.34) $(0.28)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING

Basic and diluted 15,534,138 14,108,835


'/>"/>
SOURCE Immtech Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Immtech Investor Conference Call Scheduled for February 11, 2008
2. Immtech and BioAlliance Sign Licensing Agreement for Pafuramidine
3. Immtech to Present at The Bank of Montreal Healthcare Conference
4. Phlo Affiliate Reports Progress in New York City Metropolitan Area Roll-Out
5. Cryo-Cell International, Inc. Reports Results for Fiscal 2007
6. Uroplasty Reports Record Sales for Third Fiscal Quarter and Nine Months Ended December 31, 2007
7. Bunge Reports Fourth Quarter Net Income of $245 Million
8. Digirad Corporation Reports Financial Results for 2007 Fourth Quarter and Twelve Months
9. ThermoGenesis Corp. Reports 48 Percent Growth in Second Quarter Revenues Year Over Year
10. Senesco Technologies Reports on Results of Preclinical Multiple Myeloma Studies
11. Recent Research Reports and Near-Term Corporate Events
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/11/2017)... LAGUNA HILLS, Calif. , Oct. 11, 2017  SkylineDx ... London (ICR) and University of Leeds ... to risk-stratify patients with multiple myeloma (MM), in a multi-centric ... The University of Leeds is the ... UK, and ICR will perform the testing services to include ...
(Date:10/10/2017)... (PRWEB) , ... October 10, ... ... development-stage cancer-focused pharmaceutical company advancing targeted antibody-drug conjugate (ADC) therapeutics, today confirmed ... targeted HPLN (Hybrid Polymerized Liposomal Nanoparticle), a technology developed in collaboration with ...
(Date:10/10/2017)... ... October 10, 2017 , ... USDM Life ... for the life sciences and healthcare industries, announces a presentation by Subbu Viswanathan ... The presentation, “Automating GxP Validation for Agile Cloud Platforms,” will present a revolutionary ...
(Date:10/9/2017)... Phoenix, Arizona (PRWEB) , ... October 09, 2017 ... ... of Kindred, a four-tiered line of medical marijuana products targeting the needs of ... production and packaging of Kindred takes place in Phoenix, Arizona. , As operators ...
Breaking Biology Technology:
(Date:5/16/2017)... --  Bridge Patient Portal , an enterprise patient ... Systems , an electronic medical record solutions developer ... a partnership to build an interface between the ... products, including Centricity Practice Solution (CPS), Centricity Business ... integrations will allow healthcare delivery networks using GE ...
(Date:4/17/2017)... MELBOURNE, Florida , April 17, 2017 ... security technology company, announces the filing of its 2016 Annual Report ... Securities and Exchange Commission. ... Report on Form 10-K is available in the Investor Relations section ... well as on the SEC,s website at http://www.sec.gov . ...
(Date:4/11/2017)... 2017 No two people are believed ... New York University Tandon School of Engineering and ... that partial similarities between prints are common enough ... phones and other electronic devices can be more ... lies in the fact that fingerprint-based authentication systems ...
Breaking Biology News(10 mins):