NEW YORK, Nov. 8 /PRNewswire-FirstCall/ -- Immtech Pharmaceuticals, Inc. (Amex: IMM) today announced results for its fiscal second quarter ended September 30, 2007.
For the three months ended September 30, 2007, revenues were $1,030,000, as compared to $491,000 for the three months ended September 30, 2006. The increase was primarily attributable to revenues relating to a licensing agreement and research agreement. Loss from operations for the three months ended September 30, 2007 was $3,466,000, as compared to a loss from operations of $1,753,000 for the three months ended June 30, 2006. The three month period ended September 30, 2006 included a receivable of $1,874,000 relating to the Neurochem litigation award. Net loss attributable to common stockholders for the three months ended September 30, 2007 was $3,469,000, or $0.23 per share, compared to a loss of $1,758,000, or $0.13 per share, in the previous year.
At September 30, 2007, unrestricted cash and cash equivalents were $9,840,000 as compared to $12,462,000 at March 31, 2007. For the same periods, restricted funds on deposit were $694,000 and $3,119,000, respectively. Subsequent to September 30, 2007, a payment of $5,123,000 was received to further the development of pafuramidine, the Company's oral drug candidate, in the Phase III African sleeping sickness trial.
During the three-month period ended September 30, 2007, several
significant milestones were achieved. In addition to the Par Pharmaceutical
agreement, Immtech received orphan drug status from the USFDA for
pafuramidine to treat malaria and African sleeping sickness, added a new
board member and a strategic advisor to the team, and received from China's
State Food and Drug Administra
|SOURCE Immtech Pharmaceuticals, Inc.|
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