GAITHERSBURG, Md., Nov. 13 /PRNewswire-FirstCall/ -- Iomai Corporation today reported financial results and corporate progress for the third quarter ended Sept. 30, 2007.
"Iomai made significant advances with its two lead programs in the third quarter. We presented the impressive results from the Phase 2 field study of our patch-based travelers' diarrhea vaccine, which showed travelers who received the Iomai vaccine were 75 percent less likely to be stricken with clinically significant diarrhea than study participants who received placebo," said Stanley C. Erck, president and chief executive officer of Iomai. "We also began a 500-patient Phase 1/2 trial to assess the safety and dose-sparing capability of our immunostimulant patch when used in combination with an injected avian influenza vaccine. That program is being funded by a $128 million Department of Health and Human Services (DHHS) contract, and we continue to hit the milestones on that contract on time."
"Our clinical development plans remain on track. We will conduct a final Phase 2 formulation trial for our travelers' diarrhea patch, with results in the first half of 2008, and we expect to launch our pivotal efficacy trial of that vaccine by the end of 2008. In addition, the results from the large, multicenter Phase 1/ 2 trial for our dose-sparing adjuvant patch for use with a pandemic influenza vaccine will be available second quarter of 2008. Finally, we continue to evaluate potential collaborations for several of our programs, including our travelers' diarrhea patch and our needle-free influenza vaccine," continued Mr. Erck.
Third Quarter 2007 Financial Results
For the third quarter ended Sept. 30, 2007, Iomai reported a net loss available to common stockholders of $6.1 million, or $0.24 per share, compared to a net loss of $9.3 million, or $0.55 per share, for the third quarter ended Sept. 30, 2006. The lower net loss per share in the third quarter of 2007 was attributable to the revenues under our DHHS contract, awarded in January, as well as an increase in the weighted average number of shares outstanding due to the Company's private placements completed in October 2006 and March 2007. As of Sept. 30, 2007, Iomai had approximately 25.6 million common shares outstanding.
Iomai reported revenues of $3.0 million in the third quarter of 2007, compared to $30,000 in the third quarter of 2006. The increase in revenue in the third quarter of 2007 was due to reimbursed expenses from the DHHS contract for the development of a booster patch for use with pandemic influenza vaccines. Under that contract, Iomai is reimbursed for costs, plus a fixed fee.
Total operating expenses were $9.3 million in the third quarter of 2007, compared to operating expenses of $9.5 million in the third quarter of 2006.
As of Sept. 30, 2007, Iomai had unrestricted cash and cash equivalents and marketable securities of $22.0 million compared to $26.4 million on June 30, 2007.
Iomai expects to be able to fund its capital expenditures and growing operations with its current working capital and reimbursement of expenses under our existing government grants and contracts into the second half of 2008.
Conference Call Details
To access the live conference call today at 11 a.m. Eastern Time via phone, please dial 866-510-0707 from the United States and Canada or 617-597- 5376 internationally. The conference ID is 85613352. Please dial in approximately 10 minutes prior to the start of the call. A telephone replay will be available beginning approximately one hour after the call through Nov. 20 and may be accessed by dialing 888-286-8010 from the United States and Canada or 617-801-6888 internationally. The replay passcode is 49212414.
To access the live and subsequently archived webcast of the conference call, go to the Investor Relations section of the Company's website at http://www.iomai.com . Please connect to the web site at least 15 minutes prior to the call to allow for any software download that may be necessary. The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at http://www.earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (http://www.streetevents.com), a password-protected event management site.
About Iomai Corporation
Iomai Corporation discovers and develops vaccines and immune system stimulants, delivered via a novel, needle-free technology called transcutaneous immunization (TCI). TCI taps into the unique benefits of a major group of antigen-presenting cells found in the outer layers of the skin (Langerhans cells) to generate an enhanced immune response. Iomai is leveraging TCI to enhance the efficacy of existing vaccines, develop new vaccines that are viable only through transcutaneous administration and expand the global vaccine market. Iomai currently has four product candidates in development: three targeting influenza and pandemic flu and one to prevent travelers' diarrhea. For more information on Iomai, please visit http://www.iomai.com.
Some matters discussed in this press release constitute "forward-looking statements" that involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. Such forward-looking statements include statements about the ability of Iomai's patch vaccine to prevent travelers' diarrhea; expected government funding; sufficiency of existing cash and government contract revenues to fund operations into the second half of 2008; timing and expectation for initiating new clinical trials and completing and reporting results on Iomai's clinical trials, including follow-on Phase 2 and Phase 3 studies on the travelers' diarrhea product candidate, and Phase 1/2 study for pandemic flu dose-sparing adjuvant. Applicable risks and uncertainties include, among others, that the clinical results described in this press release may not provide the needed information necessary to conduct future trials; that Iomai may not be able to enroll sufficient numbers of patients in future clinical trials; that future clinical trials may not replicate results seen in previous trials; that potential collaborators may determine to wait for additional clinical data prior to entering into a collaboration or may be unwilling to collaborate on terms Iomai deems acceptable; that Iomai may be unable to obtain the regulatory approvals necessary to conduct additional clinical trials or to market any product candidates for travelers' diarrhea, pandemic and seasonal influenza; that development costs may exceed expectations; that Iomai may fail to adequately protect its intellectual property or may be determined to infringe on the intellectual property of others; and the risks identified under the heading "Factors That May Impact Future Results" in Management's Discussion and Analysis of Financial Condition and Results of Operations in our Quarterly Report on Form 10-Q for the three months ended September 30, 2007, and filed with the Securities and Exchange Commission. While Iomai believes that its product candidates may be amenable to self-administration, in the Phase 2 travelers' diarrhea vaccine study described in this press release, medical professionals administered the vaccine. Whether any approved product would be self-administered would depend on many factors, including the outcome of any studies the Company conducts evaluating self-administration and the views of regulatory agencies. Iomai cautions investors and others not to place undue reliance on the forward- looking statements contained in this press release. You are encouraged to read the Company's filings for a discussion of these and other risks and uncertainties which are filed with the U.S. Securities and Exchange Commission, available at http://www.sec.gov.
These statements speak only as of the date of this document, and Iomai undertakes no obligation to update or revise the statements.
CONTACT: Russell P. Wilson, Senior Vice President, Chief Financial Officer
and General Counsel of Iomai Corporation, +1-301-556-4478,
investors@iomai.com; or Brian Reid of WeissComm Partners, Inc.,
+1-703-402-3626, breid@weisscommpartners.com, for Iomai Corporation
Web site: http://www.iomai.com/
