LA JOLLA, Calif., March 31 /PRNewswire-FirstCall/ -- Immunosyn Corporation , 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, 2007.
For the year ended December 31, 2007, the company incurred $647,000 in general and administrative expenses and $26,000 in interest expense which was funded from advances by affiliates of $641,000, accounts payable of $152,000 and accrued expenses of $17,000. As a result, the company had a Net Loss of $672,837 for the 2007 fiscal year. From the company's inception on August 3, 2006 until December 31, 2006, the company incurred $156,000 in general and administrative expenses and no interest expense and had a net loss of $156,000 for such period. Immunosyn has had no revenue to date as Argyll Biotechnologies, LLC is still in the process of obtaining governmental and regulatory approval for SF-1019.
"We were able to significantly control costs in 2007 and appreciated the advances from affiliates," noted Stephen Ferrone, Immunosyn's CEO. "In 2008, Argyll Biotechnologies, LLC has reported positive research results for SF-1019 and Immunosyn hopes to add shareholder value by striving for financial efficiency in the execution of its marketing and distribution strategy when approvals for SF-1019 are obtained by Argyll Biotechnologies, LLC," added Ferrone.
Research suggests that SF-1019 has analgesic properties with a perceived ability to reduce the inflammation present in a number of clinical conditions including Multiple Sclerosis (MS), Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), Reflex Sympathetic Dystrophy Syndrome, (RSD or RSDS) and other auto-immune and neurological disorders. A recent, limited proof of concept trial for SF-1019 in Europe has shown positive results in effectively treating diabetic ulcers. Immunosyn went public in January 2007 and its stock began trading on October 26, 2007 on the OTCBB under the symbol "IMYN."
About Immunosyn Corporation
La Jolla, CA-headquartered Immunosyn Corporation 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 the process for regulatory approval of SF-1019 in several countries and preparations for clinical trials are underway 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-KSB for its most recent fiscal year recently filed with SEC. 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.
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