AutoImmune Inc. Reports 2008 Second Quarter Financial Results

2008-08-07 07:00:00

    PASADENA, Calif., Aug. 7 /EMWNews/ -- AutoImmune Inc. (OTC

Pink Sheets: AIMM) today reported a net loss of $86,000, or $0.01 per share

basic and diluted, for the three months ended June 30, 2008, compared with

a net loss of $62,000, or break even per share basic and diluted, for the

three months ended June 30, 2007. For the six months ended June 30, 2008,

the net loss was $193,000, or $0.01 per share basic and diluted, compared

with net loss of $54,000, or break even per share basic and diluted for the

same period in 2007. As of June 30, 2008, the Company reported $8.6 million

in cash and marketable securities as compared to $8.8 million in cash and

marketable securities as of December 31, 2007.



    Chairman of the Board and Chief Executive Officer Robert C. Bishop,

Ph.D. stated, "Product sales at Colloral LLC met our expectations during

the second quarter." 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 sublicensed its rights in this product to Eli

Lilly and Company and subsequently stated that the only results they expect

to release in 2008 from an upcoming interim analysis on the first 200

patients in its pivotal phase II/III trial evaluating MBP8298 for treatment

of secondary progressive multiple sclerosis will be those related to safety

and/or futility. A full analysis of the trial data should be available

during the second half of 2009.



    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 including 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, the

Company'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 the Company's most recent Annual Report

on Form 10-KSB filed with the Securities and Exchange Commission in the

section entitled "Risk Factors."




- Financial Chart Follows - AUTOIMMUNE INC. STATEMENT OF OPERATIONS (Unaudited) Three months ended June 30, Six months ended June 30, 2007 2008 2007 2008 Revenue $63,000 $101,000 $160,000 $168,000 Costs and expenses: Cost of product revenue 2,000 16,000 11,000 28,000 Research and development 58,000 48,000 88,000 90,000 Selling, general and administrative 184,000 181,000 369,000 386,000 Total costs and expenses 244,000 245,000 468,000 504,000 Interest income 113,000 60,000 223,000 144,000 Minority interest in joint venture 6,000 (2,000) 6,000 (1,000) Other income - - 25,000 0 119,000 58,000 254,000 143,000 Net loss ($62,000) ($86,000) ($54,000) ($193,000) Net loss per share - basic ($0.00) ($0.01) ($0.00) ($0.01) Net loss per share - diluted ($0.00) ($0.01) ($0.00) ($0.01) Weighted average common shares outstanding - basic 16,979,623 16,999,623 16,961,344 16,998,414 Weighted average common shares outstanding - diluted 16,979,623 16,999,623 16,961,344 16,998,414 CONDENSED BALANCE SHEET (Unaudited) December 31, June 30, 2007 2008 Cash and marketable securities $8,804,000 $8,590,000 Other current assets 167,000 137,000 Total assets $8,971,000 $8,727,000 Current liabilities $128,000 $119,000 Minority interest in joint venture 11,000 19,000 Total stockholders' equity 8,832,000 8,589,000 Total liabilities and equity $8,971,000 $8,727,000

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