LA JOLLA, Calif., March 31 /PRNewswire-FirstCall/ -- Immunosyn Corporation (OTC Bulletin Board: IMYN), a biotechnology firm that has obtained exclusive worldwide marketing, sales and distribution rights to the biopharmaceutical SF-1019, has announced its results for the fiscal year ending December 31, 2007.
For the year ended December 31, 2007, the company incurred $647,000 in general and administrative expenses and $26,000 in interest expense which was funded from advances by affiliates of $641,000, accounts payable of $152,000 and accrued expenses of $17,000. As a result, the company had a Net Loss of $672,837 for the 2007 fiscal year. From the company's inception on August 3, 2006 until December 31, 2006, the company incurred $156,000 in general and administrative expenses and no interest expense and had a net loss of $156,000 for such period. Immunosyn has had no revenue to date as Argyll Biotechnologies, LLC is still in the process of obtaining governmental and regulatory approval for SF-1019.
"We were able to significantly control costs in 2007 and appreciated the advances from affiliates," noted Stephen Ferrone, Immunosyn's CEO. "In 2008, Argyll Biotechnologies, LLC has reported positive research results for SF-1019 and Immunosyn hopes to add shareholder value by striving for financial efficiency in the execution of its marketing and distribution strategy when approvals for SF-1019 are obtained by Argyll Biotechnologies, LLC," added Ferrone.
Research suggests that SF-1019 has analgesic properties with a
perceived ability to reduce the inflammation present in a number of
clinical conditions including Multiple Sclerosis (MS), Chronic Inflammatory
Demyelinating Polyneuropathy (CIDP), Reflex Sympathetic Dystrophy Syndrome,
(RSD or RSDS) and other auto-immune and neurological disorders. A recent,
limited proof of concept trial for SF-1019 in Europe has shown positive
results in effectively treating diabetic ulcers. Immunosyn went public
|SOURCE Immunosyn Corporation|
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