VERNON HILLS, Ill., Nov. 9 /PRNewswire-FirstCall/ -- Immtech International, Inc. announced today results for the fiscal second quarter ended September 30, 2005.
For the three months ended September 30, 2005, revenues were $880,000, as compared to $1,705,000 for the three months ended September 30, 2004. The decrease was primarily attributable to revenues from research and testing agreements. Loss from operations for the three months ended September 30, 2005 was $5,121,000, as compared to a loss from operations of $2,946,000 for the three months ended September 30, 2004. The increased loss was largely due to general and administrative expenses related to legal costs incurred in connection with our dispute with Neurochem. Net loss attributable to common stockholders for the three months ended September 30, 2005 was $5,184,000, or $0.45 per share, compared to a loss of $3,067,000 or $0.29 per share, in the previous year.
At September 30, 2005, unrestricted cash and cash equivalents were $3,133,000 as compared to $9,472,000 at March 31, 2005. For the same periods, restricted funds on deposit were $604,000 and $2,044,000, respectively.
About Immtech International
Immtech International, Inc. is a pharmaceutical Company working to commercialize oral drugs to treat infectious diseases by applying its proprietary aromatic cation technology platform to the treatment of cancer, diabetes and other diseases. Immtech has advanced clinical programs that include new treatments for malaria, Pneumocystis pneumonia (“PCP”) and African sleeping sickness (trypanosomiasis), and drug development programs for fungal infections and tuberculosis. The Company has worldwide licensing and exclusive commercialization rights to an aromatic cationic pharmaceutical technology platform and is developing drugs intended for commercial use based on that technology. For additional information, please go to http://www.immtech-international.com.
“Safe Harbor” Statement under the Private Securities Reform Act of 1995: Statements in this press release regarding Immtech International, Inc.'s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Annual Report on Form 10-K for the most recently ended fiscal year.
Immtech International, Inc. Condensed Consolidated Statements of Income (Unaudited) (in thousands, except per share amounts) Three Months Ended September 30, 2005 2004 REVENUES $880 $1,705 OPERATING LOSS $(5,121) $(2,946) NET LOSS TO COMMON SHAREHOLDERS $(5,184) $(3,067) NET LOSS PER COMMON SHARE BASIC AND DILUTED Net Income $(0.45) $(0.29) AVERAGE COMMON SHARES OUTSTANDING Basic and diluted 11,556,816 10,560,065
Immtech International, Inc.
CONTACT: F. C. Thompson of Immtech International, Inc., +1-877-898-8038
Web site: http://www.immtech-international.com//
