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AutoImmune Inc. Reports 2007 Third Quarter Financial Results

PASADENA, Calif., Nov. 8 /PRNewswire-FirstCall/ -- AutoImmune Inc. (OTCBB: AIMM) today reported a net loss of $8,000, or break even per share basic and diluted, for the three months ended September 30, 2007, compared with a net loss of $36,000, or break even per share basic and diluted, for the three months ended September 30, 2006. For the nine months ended September 30, 2007, the net loss was $62,000, or break even per share basic and diluted, compared with net loss of $517,000, or $0.03 per share basic and diluted for the same period in 2006. As of September 30, 2007, the Company reported $8.7 million in cash and marketable securities as compared to $8.8 million in cash and marketable securities as of December 31, 2006.

Chairman of the Board and Chief Executive Officer Robert C. Bishop, Ph.D. stated, "Product sales at Colloral LLC, our joint venture with Deseret Laboratories, Inc., were disappointing in the quarter just ended, but we remain optimistic they will increase in coming months. While sales through GNC have ceased, Bronson Laboratories LLC is selling the product through its catalogs, and Colloral LLC began marketing the product through The Shopping Channel in Canada in early October." AutoImmune consolidates Colloral LLC for financial reporting purposes in accordance with FIN 46 "Consolidation of Variable Interest Entities."

AutoImmune has exclusively licensed certain of its intellectual property rights to BioMS Medical Corp., a Canadian company. Under the license agreement, BioMS makes monthly diligence payments to AutoImmune and will pay royalties to AutoImmune on sales of its lead drug MBP8298, if it reaches the market. BioMS recently reported that 70% of the patients screened for their first pivotal trial in secondary multiple sclerosis have the HLA-DR2/DR4 genes that are believed to make them responsive to therapy with MBP8298. Interim results from this trial are expected in May 2008.

AutoImmune is a biopharmaceutical company involved in the development of a new class of mucosally administered therapies for the treatment of autoimmune and cell-mediated inflammatory diseases and conditions.

This release contains forward-looking statements that involve risks and uncertainties. The Company's actual results may differ significantly from results discussed in the forward-looking statements due to a number of important factors, including, but not limited to the uncertainties of clinical trial results, the Company's dependence on third parties for licensing revenue, and the risks of technological change and competition. These factors are more fully discussed in the Company's most recent Annual Report on Form 10-KSB filed with the Securities and Exchange Commission in the section "Risk Factors" The discussion in the Annual Report on Form 10-KSB is hereby referenced into this release.




Three months ended Nine months ended

September 30, September 30,

2006 2007 2006 2007

Revenue $80,000 $59,000 $264,000 $219,000

Costs and expenses:

Cost of product revenue 5,000 9,000 18,000 20,000

Research and

development 25,000 7,000 172,000 95,000

Selling, general and

administrative 199,000 163,000 906,000 526,000

Total costs and

expenses 229,000 179,000 1,096,000 641,000

Interest income 113,000 112,000 315,000 335,000

Other income - - - 25,000

113,000 112,000 315,000 360,000

Net loss ($36,000) ($8,000) ($517,000) ($62,000)

Net loss per share -

basic ($0.00) ($0.00) ($0.03) ($0.00)

Net loss per share -

diluted ($0.00) ($0.00) ($0.03) ($0.00)

Weighted average common

shares outstanding -

basic 16,919,623 16,979,623 16,919,623 16,967,504

Weighted average common

shares outstanding -

diluted 16,919,623 16,979,623 16,919,623 16,967,504



December 31, September 30,

2006 2007

Cash and marketable securities $8,763,000 $8,692,000

Other current assets 188,000 311,000

Total assets $8,951,000 $9,003,000

Current liabilities $128,000 $149,000

Total stockholders' equity 8,823,000 8,854,000

Total liabilities and equity $8,951,000 $9,003,000

SOURCE AutoImmune Inc.
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