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AutoImmune Inc. Reports 2008 Second Quarter Financial Results
PASADENA, Calif., Aug 07, 2008 /PRNewswire-FirstCall via COMTEX/ -- AutoImmune Inc. (OTC Pink Sheets: AIMM) today reported a net loss of $86,000, or $0.01 per share basic and diluted, for the three months ended June 30, 2008, compared with a net loss of $62,000, or break even per share basic and diluted, for the three months ended June 30, 2007. For the six months ended June 30, 2008, the net loss was $193,000, or $0.01 per share basic and diluted, compared with net loss of $54,000, or break even per share basic and diluted for the same period in 2007. As of June 30, 2008, the Company reported $8.6 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 met our expectations during the second quarter." 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 sublicensed its rights in this product to Eli Lilly and Company and subsequently stated that the only results they expect to release in 2008 from an upcoming interim analysis on the first 200 patients in its pivotal phase II/III trial evaluating MBP8298 for treatment of secondary progressive multiple sclerosis will be those related to safety and/or futility. A full analysis of the trial data should be available during the second half of 2009.
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."
- Financial Chart Follows -
AUTOIMMUNE INC.
STATEMENT OF OPERATIONS
(Unaudited)
Three months ended June 30, Six months ended June 30,
2007 2008 2007 2008
Revenue $63,000 $101,000 $160,000 $168,000
Costs and expenses:
Cost of product
revenue 2,000 16,000 11,000 28,000
Research and
development 58,000 48,000 88,000 90,000
Selling, general
and administrative 184,000 181,000 369,000 386,000
Total costs
and expenses 244,000 245,000 468,000 504,000
Interest income 113,000 60,000 223,000 144,000
Minority interest
in joint venture 6,000 (2,000) 6,000 (1,000)
Other income - - 25,000 0
119,000 58,000 254,000 143,000
Net loss ($62,000) ($86,000) ($54,000) ($193,000)
Net loss per share -
basic ($0.00) ($0.01) ($0.00) ($0.01)
Net loss per share -
diluted ($0.00) ($0.01) ($0.00) ($0.01)
Weighted average
common shares
outstanding -
basic 16,979,623 16,999,623 16,961,344 16,998,414
Weighted average
common shares
outstanding -
diluted 16,979,623 16,999,623 16,961,344 16,998,414
CONDENSED BALANCE SHEET
(Unaudited)
December 31, June 30,
2007 2008
Cash and marketable securities $8,804,000 $8,590,000
Other current assets 167,000 137,000
Total assets $8,971,000 $8,727,000
Current liabilities $128,000 $119,000
Minority interest in joint venture 11,000 19,000
Total stockholders' equity 8,832,000 8,589,000
Total liabilities and equity $8,971,000 $8,727,000
SOURCE AutoImmune Inc.
