News for 'IMYN' - (Immunosyn Corporation Announces 2008 Results)
LA JOLLA, Calif., Mar 19, 2009 (BUSINESS WIRE) -- Immunosyn Corporation
(OTCBB:IMYN), a biotechnology firm that has obtained exclusive worldwide
marketing, sales and distribution rights to the biopharmaceutical SF-1019, has
announced its results for the fiscal year ending December 31, 2008.
The company incurred $1,045,013 in general and administrative expenses and
$61,326 in interest expense in fiscal year 2008 for a Net Loss of $1,106,339.
During 2007, the company incurred $647,000 in general and administrative
expenses and $26,000 in interest expense for a Net Loss of $672,837. Immunosyn
has no revenue to date as its affiliate, Argyll Biotechnologies, LLC, has not
yet obtained governmental and regulatory approval to permit the marketing and
sale of SF-1019. The Company had $893,663 of advances from affiliates and had
$320,352 of accounts payable at December 31, 2008. The Company had $640,708 of
advances from affiliates and had $151,693 of accounts payable at December 31,
2007.
"We were able to control costs in 2008 and appreciated the advances from
affiliates," noted Stephen Ferrone, Immunosyn's CEO. "We are striving for
financial efficiency in the execution of marketing and distribution strategy
when approvals fo r SF-1019 are obtained by Argyll Biotechnologies, LLC," added
Ferrone.
About Immunosyn Corporation
La Jolla, CA-headquartered Immunosyn Corporation (OTCBB:IMYN) plans to market
and distribute life enhancing therapeutics. Currently, the company has exclusive
worldwide rights from its largest shareholder, Argyll Biotechnologies, LLC, to
market, sell and distribute SF-1019, a compound that was developed from
extensive research into Biological Response Modifiers (BRMs). Argyll
Biotechnologies, LLC has initiated efforts to seek regulatory approval of
SF-1019 in several countries and to plan for clinical trials in both the US and
Europe. Research suggests that SF-1019 has the potential to affect a number of
clinical conditions including complications from Diabetic Mellitus such as
Diabetic Neuropathy (DN) and diabetic ulcers (DU), auto-immune disorders such as
Multiple Sclerosis (MS) and neurological disorders such as Chronic Inflammatory
Demyelinating Polyneuropathy (CIDP) and Reflex Sympathetic Dystrophy Syndrome
(RSD or RSDS).
The above news release contains forward-looking statements. These statements are
based on assumptions that management believes are reasonable based on currently
available information, and include statements regarding the intent, belief or
current expectations of the Company and its management. Prospective investors
are cautioned that any such forward-looking statements are not guarantees of
future performance, and are subject to a wide range of business risks, external
factors and uncertainties. Actual results may differ materially from those
indicated by such forward-looking statements. For additional information, please
consult the Company's most recent public filings and Annual Report on Form 10-K
for its most recent fiscal year. The Company assumes no obligation to update the
information contained in this press release, whether as a result of new
information, future events or otherwise.
SOU RCE: Immunosyn Corporation
CONTACT:
The Blaine Group
Devon Blaine, 310-360-1499
310-360-1498 (FAX)
blaine@blainegroupinc.com
Copyright Business Wire 2009
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KEYWORD: United States
North America
California
INDUSTRY KEYWORD: Health
Biotechnology
Pharmaceutical
Professional Services
Finance
SUBJECT CODE: Earnings
