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 compan
|SOURCE AutoImmune Inc.|
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