PASADENA, Calif., July 30 /PRNewswire-FirstCall/ -- AutoImmune Inc. (OTC Bulletin Board: AIMM) today announced its licensee, BioMS Medical Corp., and Eli Lilly and Company reported that dirucotide did not meet the primary endpoint of delaying disease progression, as measured by the Expanded Disability Status Scale (EDSS), during the two-year Phase III trial in patients with secondary progressive multiple sclerosis (SPMS). In addition, there were no statistically significant differences between dirucotide and placebo on the secondary endpoints of the study. Lilly and BioMS also announced that they would discontinue ongoing clinical trials and review available data.
AutoImmune has exclusively licensed certain of its intellectual property rights to BioMS. Under the license agreement, BioMS makes monthly diligence payments to AutoImmune and will pay royalties to AutoImmune on sales of its lead drug, dirucotide, if it reaches the market.
Chairman of the Board and Chief Executive Officer Robert C. Bishop, Ph.D. stated, "We are obviously disappointed by the results and look forward to further announcements from BioMS and Lilly regarding their future plans for this approach to treating SPMS."
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, AutoImmune'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 AutoImmune's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission in the section entitled "Risk Factors."
|SOURCE AutoImmune Inc.|
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