AutoImmune, Inc. Reports 2007 Second Quarter Financial Results
PASADENA, Calif., Aug. 9 /PRNewswire-FirstCall/ -- AutoImmune Inc. today reported a net loss of $62,000, or break even per share basic and diluted, for the three months ended June 30, 2007, compared with a net loss of $183,000, or $0.01 per share basic and diluted, for the three months ended June 30, 2006. For the six months ended June 30, 2007, the net loss was $54,000, or break even per share basic and diluted, compared with net loss of $481,000, or $0.03 per share basic and diluted for the same period in 2006. As of June 30, 2007, the Company reported $8.8 million in cash and marketable securities, which is the same as cash and marketable securities as of December 31, 2006.
Chairman of the Board and Chief Executive Officer Robert C. Bishop, Ph.D. stated, "While the Company's overall financial performance continues to show improvement, product sales at Colloral LLC, our joint venture with Deseret Laboratories, Inc., were not what we hoped they would be in the second quarter as we wait for a restocking order from Futurebiotics." AutoImmune consolidates Colloral LLC for financial reporting purposes in accordance with FIN 46 "Consolidation of Variable Interest Entities."
BioMS Medical Corp., a Canadian company which has an exclusive license to certain of the Company's intellectual property rights, recently announced the start of enrollment in its second pivotal Phase III trial of MBP8298 for secondary progressive MS. Interim results from the first pivotal trial for this indication are expected in May 2008. BioMS also reported it has received an initial positive review by the Data Safety Monitoring Board in its Phase II trial of MBP8298 for relapsing remitting MS. Under the license agreement, BioMS makes monthly diligence payments to AutoImmune and will pay royalties to AutoImmune on sales of its lead drug MBP8298, a treatment for multiple sclerosis, if it reaches the market.
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 that 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-KSB filed with the Securities and Exchange Commission in the section "Risk Factors." The discussion in the Annual Report on Form 10-KSB is hereby referenced into this release.
AUTOIMMUNE INC. STATEMENT OF OPERATIONS (Unaudited) Three months ended June 30, Six months ended June 30, 2006 2007 2006 2007 Revenue $87,000 $63,000 $184,000 $160,000 Costs and expenses: Cost of product revenue 4,000 2,000 13,000 11,000 Research and development 17,000 58,000 147,000 88,000 Selling, general and administrative 354,000 178,000 707,000 363,000 Total costs and expenses 375,000 238,000 867,000 462,000 Interest income 105,000 113,000 202,000 223,000 Other income - - - 25,000 105,000 113,000 202,000 248,000 Net loss ($183,000) ($62,000) ($481,000) ($54,000) Net loss per share - basic ($0.01) ($0.00) ($0.03) ($0.00) Net loss per share - diluted ($0.01) ($0.00) ($0.03) ($0.00) Weighted average common shares outstanding - basic 16,919,623 16,979,623 16,919,623 16,961,344 Weighted average common shares outstanding - diluted 16,919,623 16,979,623 16,919,623 16,961,344 CONDENSED BALANCE SHEET (Unaudited) December 31, June 30, 2006 2007 Cash and marketable securities $8,763,000 $8,826,000 Other current assets 188,000 121,000 Total assets $8,951,000 $8,947,000 Current liabilities $128,000 $120,000 Total stockholders' equity 8,823,000 8,827,000 Total liabilities and equity $8,951,000 $8,947,000AutoImmune Inc.
CONTACT: Robert C. Bishop, Ph.D., Chairman and Chief Executive Officer ofAutoImmune Inc., +1-626-792-1235
Web site: http://www.autoimmuneinc.com/