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PASADENA, Calif., March 14 /PRNewswire-FirstCall/ -- AutoImmune Inc. (OTC Bulletin Board: AIMM) today reported a net loss of $56,000, or break even per share basic and diluted, for the three months ended December 31, 2007, compared with a net profit of $36,000, or break even per share basic and diluted, for the three months ended December 31, 2006. For the year ended December 31, 2007, the net loss was $118,000, or $0.01 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 December 31, 2007, the Company reported $8.8 million in cash and marketable securities, the same amount reported as of December 31, 2006.
Chairman of the Board and Chief Executive Officer Robert C. Bishop, Ph.D. stated, "Product sales at Colloral LLC, our joint venture with Deseret Laboratories, Inc., were up from the third quarter, but results were down compared to the fourth quarter of last year. The response to marketing through The Shopping Channel in Canada is encouraging." 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 will pay royalties to AutoImmune on sales of its lead drug MBP8298, if it reaches the market. BioMS recently reported that it signed a licensing and development agreement with Eli Lilly and Company granting them exclusive worldwide rights to MBP8298. AutoImmune's rights to payments and royalties are unchanged by this new agreement. Dr. Bishop remarked, "It is comforting to see Eli Lilly and Company make this commitment to commercializing MBP8298. Should the product be successful in ongoing Phase III trials, Lilly's regulatory, marketing and sales capabilities will be of great value in capitalizing on this opportunity."
AutoImmune is a biopharmaceutical company involved in the development of treatments for 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.
- Financial Chart Follows -
AUTOIMMUNE INC.
STATEMENT OF OPERATIONS
(Unaudited)
Three months ended Year ended
December 31, December 31,
2006 2007 2006 2007
Revenue $137,000 $75,000 $401,000 $294,000
Costs and expenses:
Cost of product revenue 28,000 1,000 46,000 21,000
Research and development 45,000 49,000 217,000 144,000
Selling, general and
administrative 152,000 181,000 1,058,000 713,000
Total costs and
expenses 225,000 231,000 1,321,000 878,000
Interest income 113,000 105,000 428,000 440,000
Minority interest in
joint venture 11,000 (5,000) 11,000 1,000
Other income - - - 25,000
124,000 100,000 439,000 466,000
Net loss $36,000 ($56,000) ($481,000) ($118,000)
Net loss per share -
basic $0.00 ($0.00) ($0.03) ($0.01)
Net loss per share -
diluted $0.00 ($0.00) ($0.03) ($0.01)
Weighted average common
shares outstanding -
basic 16,919,623 16,979,623 16,919,623 16,970,558
Weighted average common
shares outstanding -
diluted 16,919,623 16,979,623 16,919,623 16,970,558
CONDENSED BALANCE SHEET
(Unaudited)
December 31, December 31,
2006 2007
Cash and marketable securities $8,763,000 $8,819,000
Other current assets 188,000 152,000
Total assets $8,951,000 $8,971,000
Current liabilities $128,000 $128,000
Minority interest in joint venture - 11,000
Total stockholders' equity 8,823,000 8,832,000
Total liabilities and equity $8,951,000 $8,971,000
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| SOURCE AutoImmune Inc. Copyright©2008 PR Newswire. All rights reserved |
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