Navigation Links
AutoImmune Inc. Reports 2008 First Quarter Financial Results
Date:5/9/2008

PASADENA, Calif., May 9 /PRNewswire-FirstCall/ -- AutoImmune Inc. (OTC Bulletin Board: AIMM) today reported a net loss of $107,000, or ($0.01) per share basic and diluted, for the three months ended March 31, 2008, compared with net income of $8,000, or break even per share basic and diluted, for the three months ended March 31, 2007. As of March 31, 2008, 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, 2007.

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 down from the fourth quarter, but have begun to rebound with orders in hand from both Futurebiotics LLC and The Shopping Channel in Canada." 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 sublicensed its rights in this product to Eli Lilly and Company and stated that an interim analysis on the first 200 patients in its pivotal phase II/III trial in Canada and Western Europe evaluating MBP8298 for treatment of secondary progressive multiple sclerosis is expected in mid- 2008.

AutoImmune is a biopharmaceutical company involved in the development of treatments for autoimmune and cell-mediated inflammatory diseases and conditions.

Statements in this release that are not strictly historical are forward- looking statements including statements about clinical trials and studies and future sales, royalties and revenue. You can identify these forward-looking statements because they involve our expectations, beliefs, projections, anticipations or other characterizations of future events or circumstances. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements as a result of any number of factors. These factors include, but are 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, as are other factors, in the Company's most recent Annual Report on Form 10-KSB filed with the Securities and Exchange Commission in the section entitled "Risk Factors."

AUTOIMMUNE INC.

STATEMENT OF OPERATIONS

(Unaudited)

Three months ended March 31,

2007 2008

Revenue $97,000 $67,000

Costs and expenses:

Cost of goods sold 9,000 12,000

Research and development 30,000 42,000

General and administrative 185,000 205,000

Total costs and expenses 224,000 259,000

Interest income 110,000 84,000

Minority interest in joint venture - 1,000

Other income 25,000 -

135,000 85,000

Net income (loss) $8,000 ($107,000)

Net income (loss) per share - basic $0.00 ($0.01)

Net income (loss) per share - diluted $0.00 ($0.01)

Weighted average common shares outstanding

- basic 16,942,861 16,997,205

Weighted average common shares outstanding

- diluted 17,439,507 16,997,205

CONDENSED BALANCE SHEET

(Unaudited)

December 31, March 31,

2007 2008

Cash and marketable securities $8,804,000 $8,680,000

Other current assets 167,000 139,000

Total assets $8,971,000 $8,819,000

Current liabilities $128,000 $161,000

Minority interest in joint venture 11,000 13,000

Total stockholders' equity 8,832,000 8,645,000

Total liabilities and equity $8,971,000 $8,819,000


'/>"/>
SOURCE AutoImmune Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. M.D. Anderson-led team reports possible key to autoimmune disease
2. Occupational exposures may be linked to death from autoimmune disease
3. AutoImmune Inc. Reports 2007 Third Quarter Financial Results
4. New protein discovery helps researchers understand autoimmune diseases
5. Video: New Autoimmunity Public Service Campaign Alerts Men About Their Autoimmune Disease Risk
6. Mergent, Inc. Announces Changes to the HealthShares(TM) Composite, Enabling Technologies, Autoimmune-Inflammation, Cancer, Cardiology and Neuroscience Indexes
7. New Study Reports High Injury Rates for Hotel Workers, Even Higher Rates for Women and Nonwhites
8. Haemacure Reports Third Quarter 2007 Results
9. First-Ever List of the 5,000 Fastest-Growing Businesses Reports Total Revenue of $194.5 Billion
10. Consumer Reports Analysis: Drugs for Nerve Pain, Fibromyalgia Effective, But Not Always Best
11. MDS Reports Third Quarter 2007 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/13/2016)... ... 13, 2016 , ... With FCPX Overlay Embers from Pixel Film Studios users ... Pro X. Each user can select from up to 40 effect overlays. With FCPX ... offset, hue, saturation, value, contrast, glow, and more all within a click of a ...
(Date:2/13/2016)... Lake City, Utah (PRWEB) , ... February 13, 2016 , ... When an Au ... Host Parents aren’t always sure what they are in for and they are often worried ... are more than they were hoping for. This year’s Au Pair of the Year winner’s ...
(Date:2/12/2016)... ... , ... Mystic Buddha Publishing House presents Valentine’s Day tips on different forms ... - Dr. Frederick Lenz. , According to Publisher Roger Cantu, “Blue Skies ... teaching and helping others. Valentine’s Day celebrates love in all its forms, and ...
(Date:2/12/2016)... Falls Church, VA (PRWEB) , ... February 12, 2016 , ... CDRH Enforcement Trends: , ... http://www.fdanews.com/cdrhenforcementtrends , As Winston Churchill said, “Those who don’t learn ... 2015 will show what to expect when they come knocking this year. But that takes ...
(Date:2/12/2016)... CITY, California (PRWEB) , ... February 12, 2016 , ... ... announce their participation in Red Carpet Events LA GRAMMY’s Style Lounge Event. Coco Libre ... healthy way to stay hydrated before the big event. The invitation-only gifting suite, held ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... Stem cells are primitive cells found in ... the capacity to differentiate into mature cell types Stem ... first mouse embryonic stem cells were derived from embryos ... the first culturing of embryonic stem cells from non-human ... until 2006 As a result of these discoveries, stem ...
(Date:2/11/2016)... 2016  Walgreens has committed to provide drug disposal ... Washington, D.C. as part of a program ... by shareholder advocacy organization As You Sow. Conrad ... people hold on to unneeded drugs because they lack easily ... --> Conrad MacKerron , Senior Vice President ...
(Date:2/11/2016)... Feb. 11, 2016  NOIT™ Research LLC, a private, ... of Change" campaign to assist needy families in obtaining ... unit sold between February 10, 2016 and March 31, ... needy family. The NOIT is an auditory stimulus that ... develop language skills. Beth Shier , ...
Breaking Medicine Technology: