AutoImmune Inc. News
AutoImmune Inc. Reports 2007 Fourth Quarter and Year End Financial Results
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
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.
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
SOURCE AutoImmune Inc.
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