AutoImmune, Inc. Reports 2006 Fourth Quarter and Year End Financial Results
PASADENA, Calif., March 9 /PRNewswire-FirstCall/ -- AutoImmune Inc. today reported net profit of $0.04 million, or $0.00 per share basic and diluted, for the three months ended December 31, 2006 compared with a net loss of $0.10 million, or $0.01 per share basic and diluted, for the three months ended December 31, 2005. For the year ended December 31, 2006, the net loss was $0.48 million, or $0.03 per share basic and diluted, compared with net loss of $0.67 million, or $0.04 per share basic and diluted for the same period in 2005. As of December 31, 2006, the Company reported $8.8 million in cash and marketable securities as compared to $9.3 million in cash and marketable securities as of December 31, 2005.
Robert C. Bishop, Ph.D., Chairman of the Board and Chief Executive Officer stated, "In the last two months of the year, Colloral LLC, our joint venture with Deseret Laboratories, Inc., began shipping an initial stocking order of its nutritional supplement to Futurebiotics LLC for retail distribution. We hope to see increasing sales revenue over the coming year." 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 has a royalty obligation on sales of its lead drug MBP8298, a treatment for multiple sclerosis, should it reach the market. BioMS announced during the fourth quarter it has received a sixth positive review by the Data Safety Monitoring Board in its Phase II/III human clinical trial of MBP8298 for secondary progressive MS, and again confirmed that interim results from this trial will be available at the end of the second quarter 2008. BioMS also announced and that it has initiated a multi-center, placebo controlled, Phase II trial of MBP8298 for relapsing remitting MS.
AutoImmune is a biopharmaceutical company involved in the development of a new class of mucosally administered therapies for the treatment of autoimmune and cell-mediated inflammatory diseases and conditions.
This release contains forward-looking statements which involve risks and uncertainties. The Company's actual results may differ significantly from results discussed in the forward-looking statements due to a number of important factors, including, but 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 in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission in the section "Risk Factors" The discussion in the Annual Report on Form 10-K is hereby referenced into this release.
- Financial Chart Follows - AUTOIMMUNE INC. STATEMENT OF OPERATIONS (Unaudited) Three months ended December 31, 2005 2006 Revenue $60,000 $137,000 Costs and expenses: Cost of goods sold - 46,000 Research and development (35,000) 45,000 General and administrative 286,000 123,000 Total costs and expenses 251,000 214,000 Interest income 92,000 113,000 Equity in net loss of unconsolidated affiliate - - Other income - - 92,000 113,000 Net income (loss) ($99,000) $36,000 Net income (loss) per share - basic ($0.01) $0.00 Net income (loss) per share - diluted ($0.01) $0.00 Weighted average common shares outstanding - basic 16,919,623 16,919,623 Weighted average common shares outstanding - diluted 16,919,623 16,919,623 Year ended December 31, 2005 2006 Revenue $179,000 $401,000 Costs and expenses: Cost of goods sold - 46,000 Research and development 154,000 217,000 General and administrative 890,000 1,047,000 Total costs and expenses 1,044,000 1,310,000 Interest income 304,000 428,000 Equity in net loss of unconsolidated affiliate (130,000) - Other income 25,000 - 199,000 428,000 Net income (loss) ($666,000) ($481,000) Net income (loss) per share - basic ($0.04) ($0.03) Net income (loss) per share - diluted ($0.04) ($0.03) Weighted average common shares outstanding - basic 16,919,623 16,919,623 Weighted average common shares outstanding - diluted 16,919,623 16,919,623 CONDENSED BALANCE SHEET (Unaudited) December 31, December 31, 2005 2006 Cash and marketable securities $9,285,000 $8,763,000 Other current assets 136,000 188,000 Total assets $9,421,000 $8,951,000 Current liabilities $157,000 $128,000 Total stockholders' equity 9,264,000 8,823,000 Total liabilities and equity $9,421,000 $8,951,000AutoImmune Inc.
CONTACT: Robert C. Bishop, Ph.D., Chairman and Chief Executive Officer ofAutoImmune Inc., +1-626-792-1235
Web site: http://www.autoimmuneinc.com//