LA JOLLA, Calif., May 16 /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 from its affiliate Argyll Biotechnologies, LLC, has announced its results for the quarter ending March 31, 2008.
For the quarter ended March 31, 2008, the company incurred $175,632.00 in general and administrative expenses and $13,393.00 in interest expense which was funded from advances by affiliates of $179,798.00, accounts payable of $32,249.00 and accrued expenses of $12,151.00. As a result, the company had a Net Loss of $189,025.00 for the first quarter of 2008. During the same period in 2007, the company incurred $162,714.00 in general and administrative expenses and interest expense of $3,714.00 and had a Net Loss of $166,428.00. 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 have continued to significantly control costs this quarter 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 substantially 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 limited proof of concept trial for SF-1019 in Europe has shown
positive results in effectively treating di
|SOURCE Immunosyn Corporation|
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