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

ication that it was discontinuing its participation in the development program, a $0.2 million decrease in spending associated with development activities related to other product candidates currently on hold, and a $0.9 million reduction associated with lower headcount and termination in 2007 of a lease agreement for certain of the Company's Paris facilities, partially offset by higher spending of $0.5 million related to regulatory filings and manufacturing of L-MTP-PE.

Selling and marketing and general and administrative (SG&A) expenses were $2.7 million and $3.1 million for the three months ended March 31, 2008 and 2007, respectively. The higher expenses in 2007 included $0.5 million in fees paid to an investment advisor in connection with the $12.9 million private equity financing completed in February 2007, partially offset by an increase of $0.2 million in stock compensation expense during the 2008 period.

Restructuring expenses were $2.6 million for the three months ended March 31, 2008, which included $2.3 million of severance benefits and $0.3 million of shutdown costs related to the closing of the Company's facility in France. The Company estimates that it will incur an additional $1.8 million in restructuring costs, including $0.9 million for severance costs and $0.9 million for shut down costs, in the second quarter of 2008.

Interest income for the three months ended March 31, 2008 and 2007 was $0.2 million and $0.1 million, respectively. Higher interest income in 2008 was the result of higher cash investments due to the February and June 2007 financings.

Interest expense for the three months ended March 31, 2008 and 2007 was $4.7 million and $0.2 million, respectively, in non-cash interest expense to record the net increase in the fair value of warrants issued in connection with the February and June 2007 financings.

For the three months ended March 31, 2008, the Company recorded a foreign exchange loss of $0.9 million
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SOURCE IDM Pharma, Inc.
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