PASADENA, Calif., Nov. 10 AutoImmune Inc. (OTC Bulletin Board: AIMM) today reported net income of $2,000, or $0.00 per share basic and diluted, for the three months ended September 30, 2009, compared with a net loss of $23,000, or $0.00 per share basic and diluted, for the three months ended September 30, 2008. For the nine months ended September 30, 2009, the net loss was $254,000, or $0.01 per share basic and diluted, compared with net loss of $216,000, or $0.01 per share basic and diluted for the same period in 2008. As of September 30, 2009, the Company reported $8.1 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 nine 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.
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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 Medical Corp. Under the license agreement, BioMS currently makes monthly diligence payments to AutoImmune. BioMS in July 2009 announced that dirucotide, the lead drug covered by AutoImmune's license agreement, did not meet the primary endpoint of delaying disease progression during a two-year Phase III trial in patients with secondary progressive multiple sclerosis (SPMS). BioMS also announced that it would discontinue ongoing clinical trials and review all available data. It is now expected the review will be completed by the end of this year. Chairman of the Board and Chief Executive Officer Robert C. Bishop, Ph.D. stated, "We were obviously disappointed by the trial results and look forward to further announcements from BioMS regarding their future plans for this approach to treating SPMS."
On October 21, 2009, AutoImmune announced that its Board of Directors authorized the exploration of a full range of strategic alternatives available to the Company in order to enhance shareholder value. AutoImmune has retained Junewicz & Co. as its financial advisor for this evaluation process, which is now ongoing.
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.
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AUTOIMMUNE INC. STATEMENT OF OPERATIONS (Unaudited) Three months ended Nine months ended September 30, September 30, 2008 2009 2008 2009 ---- ---- ---- ---- Revenue $57,000 $237,000 $225,000 $525,000 ------- -------- -------- -------- Costs and expenses: Cost of goods sold 1,000 74,000 29,000 144,000 Research and development 3,000 (5,000) 93,000 96,000 General and administrative 125,000 150,000 511,000 518,000 ------- ------- ------- ------- Total costs and expenses 129,000 219,000 633,000 758,000 ------- ------- ------- ------- Interest income 51,000 8,000 195,000 25,000 51,000 8,000 195,000 25,000 ------ ----- ------- ------ Net income (loss) (21,000) 26,000 (213,000) (208,000) Net income attributable to noncontrolling interest 2,000 24,000 3,000 46,000 ----- ------ ----- ------ Net loss attributable to AutoImmune Inc ($23,000) $2,000 ($216,000) ($254,000) ======== ====== ========= ========= Net income (loss) per share - basic ($0.00) $0.00 ($0.01) ($0.01) ====== ===== ====== ====== Net income (loss) per share - diluted ($0.00) $0.00 ($0.01) ($0.01) ====== ===== ====== ====== Weighted average common shares outstanding - basic 16,999,623 16,999,623 16,998,820 16,999,623 ========== ========== ========== ========== Weighted average common shares outstanding - diluted 16,999,623 17,159,754 16,998,820 16,999,623 ========== ========== ========== ========== CONDENSED BALANCE SHEET (Unaudited) December 31, September 30, 2008 2009 ---- ---- Cash and short-term marketable securities $8,475,000 $6,843,000 Other current assets 195,000 342,000 Long-term marketable securities - 1,305,000 --- --------- Total assets $8,670,000 $8,490,000 ========== ========== Current liabilities $147,000 $144,000 Total equity 8,523,000 8,346,000 --------- --------- Total liabilities and equity $8,670,000 $8,490,000 ========== ==========
SOURCE AutoImmune Inc.
