Immtech Reports Fiscal Third Quarter 2008 Results
For the three months ended December 31, 2007, revenues were $1,835,000, ascompared to $546,000 for the three months ended December 31, 2006. Theincrease was primarily attributable to revenues relating to a licensingagreement and research agreement. Loss from operations for the three monthsended December 31, 2007 was $5,305,000, as compared to a loss from operationsof $3,946,000 for the three months ended December 31, 2006. The increase wasprimarily due to an increase in clinical trial costs. Net loss attributableto common stockholders for the three months ended December 31, 2007 was$5,336,000, or $0.34 per share, compared to a loss of $3,966,000, or $0.28 pershare, in the previous year.
At December 31, 2007, unrestricted cash and cash equivalents were$9,444,000 as compared to $12,462,000 at March 31, 2007. For the sameperiods, restricted funds on deposit were $4,962,000 and $3,119,000,respectively.
The Company reported today that it is studying clinical trial datacollected in all prior and ongoing clinical trials of pafuramidine in order toaddress the clinical hold. The clinical hold was made in response to abnormalliver findings in Phase I safety study subjects, as reported in a Companypress release dated December 26, 2007.
Information to access a recording of the conference call to be held onFebruary 11, 2008 at 4.30pm will be available starting on February 12th fromthe Immtech Pharmaceuticals web site (http://www.immtechpharma.com).
About Immtech Pharmaceuticals, Inc.
Immtech Pharmaceuticals, Inc. is focused on developing and commercializingdrugs to treat infectious diseases, and is expanding its targeted markets byapplying its proprietary pharmaceutical platform to treat other disorders.Immtech has advanced clinical programs that include new oral treatments forpneumocystis pneumonia (PCP), malaria, and trypanosomiasis (HAT or Africansleeping sickness), and a well-defined, expanding library of compoundstargeting drug-resistant Gram-positive bacteria, fungal infections, HepatitisC and other serious diseases. Immtech holds the exclusive worldwide licensesto certain patents, patent applications and technology for products derivedfrom a proprietary pharmaceutical platform. For additional information, pleasevisit the Company's website at http://www.immtechpharma.com.
This press release contains "forward-looking statements" regarding ImmtechPharmaceuticals, Inc.'s business, including the future prospects for PCP.Except for historical information, the matters discussed in this press releaseare "forward-looking statements" and are subject to risks and uncertainties.Actual results could differ materially from these forward-looking statements.Factors that could cause or contribute to such differences include, but arenot limited to, the following: (i) Immtech's ability to develop commerciallyviable products; (ii) Immtech's ability to achieve profitability; (iii)Immtech's ability to retain key personnel; (iv) the ability of Immtech'sscientists and collaborators to discover new compounds; (v) the availabilityof additional research grants; (vi) Immtech's ability to obtain regulatoryapproval of its drug candidates, including PCP; (vii) the success of Immtech'sclinical trials; (viii) dependence upon and contractual relationship withpartners; (ix) Immtech's ability to manufacture or to contract with a thirdparty to manufacture its drug candidates at a reasonable cost; (x) Immtech'sability to protect its intellectual property; (xi) competition and alternativetechnologies; (xii) Immtech's ability to obtain reimbursement from third partypayers for any product it commercializes; and (xiii) potential exposure tosignificant product liability.
Additional risks are
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