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IDM Pharma Reports First Quarter Financial Results
Date:5/8/2008

, IDM Pharma. "In April, the European regulatory authorities conducted an inspection of the Children's Oncology Group (COG) to assess the quality of the overall survival data from the 2006 confirmatory database included in our applications for regulatory approval. We have also made progress on the two remaining chemistry, manufacturing and controls issues related to characterization of impurities in the active pharmaceutical product and extended stability of the product in its final reconstituted usage form, and expect to provide our responses and data regarding these issues to the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency in advance of its meeting scheduled for June 23-26. In the U.S., we continue to work with the COG in obtaining necessary patient follow up data to allow us to file the amendment to the new drug application (NDA) for L-MTP-PE by the end of this year."

Details of Financial Results

Total revenues in the quarter ended March 31, 2008 were $2.4 million, compared to total revenues of $2.8 million for the three months ended March 31, 2007. Substantially all of the revenues for both periods were derived from reimbursement of current and past research and development expenses and recognition of deferred revenue related to up-front fees and milestone payments received from sanofi-aventis under the terms of our collaboration agreement. As a result of sanofi-aventis' decision to terminate its participation in the UVIDEM development program in December 2007, no further such revenues related to UVIDEM will be recognized after this quarter.

Research and development (R&D) expenses decreased to $3.9 million for the three months ended March 31, 2008 from $5.3 million for the three months ended March 31, 2007. The decrease was primarily due to a $0.8 million reduction in spending related to clinical development of UVIDEM, which the Company placed on hold in December 2007 following sanofi-aventis' notif
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SOURCE IDM Pharma, Inc.
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