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AutoImmune Inc. Reports 2008 First Quarter Financial Results

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."




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



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.
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