VERNON HILLS, Ill., Feb. 9 /PRNewswire-FirstCall/ -- Immtech International, Inc. announced today results for its fiscal third quarter ended December 31, 2005.
For the three months ended December 31, 2005, revenues were $965,000, as compared to $325,000, for the three months ended December 31, 2004. The increase in revenues was primarily attributable to revenues from research and testing agreements. Loss from operations for the three months ended December 31, 2005 was $4,004,000, as compared to a loss from operations of $6,387,000, for the three months ended December 31, 2004. The decreased loss for the three months ended December 31, 2005 was largely due to a decrease in general and administrative expenses for non-cash expenses from common stock, stock options and warrant issuances. General and administrative expenses, excluding such non-cash charges, increased by approximately $245,000. Net loss attributable to common stockholders for the three months ended December 31, 2005 was $4,092,000, or $0.35 per share, compared to a loss of $6,484,000 or $0.60 per share, for the same period in 2004.
At December 31, 2005, unrestricted cash and cash equivalents were $1,926,000, as compared to $9,472,000 at March 31, 2005. For the same periods, restricted funds on deposit were $1,019,000 and $2,044,000, respectively.
About Immtech International
Immtech International, Inc. is a pharmaceutical company developing and commercializing oral drugs to treat infectious diseases, and it is expanding the Company’s markets by targeting other disorders. The Company has advanced clinical trials testing new treatments for malaria, Pneumocystis pneumonia and African sleeping sickness (trypanosomiasis). Immtech owns an exclusive worldwide license to a large library of well-defined pharmaceutical compounds with broad ranging therapeutic potential. For additional information, please visit 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 December 31, 2005 2004 REVENUES $965 $325 OPERATING LOSS $(4,004) $(6,387) NET LOSS TO COMMON SHAREHOLDERS $(4,092) $(6,484) NET LOSS PER COMMON SHARE BASIC AND DILUTED Net Income $(0.35) $(0.60) AVERAGE COMMON SHARES OUTSTANDING Basic and diluted 11,690,823 10,893,365
Immtech International, Inc.
CONTACT: F. C. Thompson: 1-877-898-8038
Web site: http://www.immtech.biz/
