IDM Pharma Reports 2008 Financi...(ith the approval of MEPACT in Europe man...)

Date:3/31/2009

ith the approval of MEPACT in Europe, many young patients and their families have a new treatment option for this devastating disease for the first time in nearly 20 years. We wish to thank the many patients, their families, patient advocates, clinicians and the European regulators who were instrumental in the approval of MEPACT. As we complete our evaluation of the strategic options available to the Company, we continue to believe that the survival benefit of MEPACT warrants U.S. regulatory approval as well and that it should ultimately be made available to patients."

Details of Financial Results

Total revenues in the quarter ended December 31, 2008 were $0.3 million compared to total revenues of $5.6 million for the quarter ended December 31, 2007. Total revenues were $3.1 million for the year ended December 31, 2008, compared to total revenues of $14.6 million for the year ended December 31, 2007. Revenues in both the year ended December 31, 2008 and 2007 were primarily in connection with the Company's collaboration agreement with sanofi-aventis. As a result of sanofi-aventis' decision to terminate its participation in the UVIDEM development program in December 2007, we will not receive further payments or revenues from sanofi-aventis related to UVIDEM.

Research and development (R&D) expenses in the quarter ended December 31, 2008 decreased to $1.0 million from $5.2 million in the prior year period. For the year ended December 31, 2008, R&D expenses decreased to $11.2 million from $22.3 million in 2007. The decreased R&D spending during the periods was related to a reduction in spending on MEPACT (mifamurtide) and UVIDEM development, as well as reductions associated with lower headcount and closing of our Paris, France office.

Selling and marketing and general and administrative (SG&A) expenses were $3.0 million for the quarter ended December 31, 2008 compared with $2.9 mill
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SOURCE IDM Pharma, Inc. Copyright©2009 PR Newswire. All rights reserved

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