PASADENA, Calif., Aug. 6 AutoImmune Inc. (OTC Bulletin Board: AIMM) today reported a net loss of $86,000, or $0.01 per share basic and diluted, for the three months ended June 30, 2009, compared with a net loss of $86,000, or $0.01 per share basic and diluted, for the three months ended June 30, 2008. For the six months ended June 30, 2009, the net loss was $256,000, or $0.02 per share basic and diluted, compared with net loss of $193,000, or $0.01 per share basic and diluted for the same period in 2008. As of June 30, 2009, the Company reported $8.2 million in cash and marketable securities as compared to $8.5 million in cash and marketable securities as of December 31, 2008.
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Chairman of the Board and Chief Executive Officer Robert C. Bishop, Ph.D. stated, "Product sales in the first six months of 2009 at Colloral LLC, our joint venture with Deseret Laboratories, Inc., more than doubled from the same period in 2008. The response to marketing through our licensee, Bronson Laboratories, LLC remains encouraging." AutoImmune consolidates Colloral LLC for financial reporting purposes in accordance with FIN 46R "Consolidation of Variable Interest Entities."
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AutoImmune has exclusively licensed certain of its intellectual property rights pertaining to an injectable therapy for the treatment of multiple sclerosis to BioMS. Under the license agreement, BioMS makes monthly diligence payments to AutoImmune and will pay royalties to AutoImmune on sales of all products covered by the license agreement. BioMS Medical Corp. and Eli Lilly and Company recently reported that dirucotide, the lead drug covered by AutoImmune's license agreement with BioMS, did not meet the primary endpoint of delaying disease progression, as measured by the Expanded Disability Status Scale (EDSS), during the two-year Phase III trial in patients with secondary progressive multiple sclerosis (SPMS). In addition, there were no statistically significant differences between dirucotide and placebo on the secondary endpoints of the study. Eli Lilly and BioMS also announced that they would discontinue ongoing clinical trials and review available data. Chairman of the Board and Chief Executive Officer Robert C. Bishop, Ph.D. stated, "We are obviously disappointed by the results and look forward to further announcements from BioMS and Lilly regarding their future plans for this approach to treating SPMS."
AutoImmune is a biopharmaceutical company involved in the development of treatments for autoimmune and cell-mediated inflammatory diseases and conditions.
Statements in this release that are not strictly historical are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements include statements about clinical trials and studies and future sales, royalties and revenue. You can identify these forward-looking statements because they involve our expectations, beliefs, projections, anticipations or other characterizations of future events or circumstances. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements as a result of any number of factors. These factors include, but are not limited to the uncertainties of clinical trial results, AutoImmune's dependence on third parties for licensing revenue, and the risks of technological change and competition. These factors are more fully discussed, as are other factors, in AutoImmune's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission in the section entitled "Risk Factors." We have no plans, and disclaim any obligation, to update or revise any forward-looking statements whether as a result of new information, future events or other factors, except as required by law.
Website: http://www.autoimmuneinc.com
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AUTOIMMUNE INC. STATEMENT OF OPERATIONS (Unaudited) Three months ended Six months ended June 30, June 30, 2008 2009 2008 2009 ---- ---- ---- ---- Revenue $101,000 $184,000 $168,000 $288,000 -------- -------- -------- -------- Costs and expenses: Cost of goods sold 16,000 50,000 28,000 70,000 Research and development 48,000 30,000 90,000 101,000 General and administrative 181,000 180,000 386,000 368,000 ------- ------- ------- ------- Total costs and expenses 245,000 260,000 504,000 539,000 ------- ------- ------- ------- Interest income 60,000 8,000 144,000 17,000 ------ ----- ------- ------ 60,000 8,000 144,000 17,000 ------ ----- ------- ------ Net loss (84,000) (68,000) (192,000) (234,000) Net income (loss) attributable to noncontrolling interest 2,000 18,000 1,000 22,000 ----- ------ ----- ------ Net loss attributable to AutoImmune Inc ($86,000) ($86,000) ($193,000) ($256,000) ======== ======== ========= ========= Net loss per share - basic ($0.01) ($0.01) ($0.01) ($0.02) ====== ====== ====== ====== Net loss per share - diluted ($0.01) ($0.01) ($0.01) ($0.02) ====== ====== ====== ====== Weighted average common shares outstanding - basic 16,999,623 16,999,623 16,998,414 16,999,623 ========== ========== ========== ========== Weighted average common shares outstanding - diluted 16,999,623 16,999,623 16,998,414 16,999,623 ========== ========== ========== ========== CONDENSED BALANCE SHEET (Unaudited) December 31, June 30, 2008 2009 ---- ---- Cash and short-term marketable securities $8,475,000 $6,927,000 Other current assets 195,000 232,000 Long-term marketable securities - 1,302,000 --------- --------- Total assets $8,670,000 $8,461,000 ========== ========== Current liabilities $147,000 $122,000 Total equity 8,523,000 8,339,000 --------- --------- Total liabilities and equity $8,670,000 $8,461,000 ========== ==========
SOURCE AutoImmune Inc.
