Here it is, looks good. Things are moving along for the better.
Smitty
ImmuDyne announces profitable second quarter results
HOUSTON--(BW HealthWire)--March 19, 1997--ImmuDyne (OTC BB:IMMD) announced today that the second quarter ended Feb. 28,
1997 was profitable, with $1,200 in net income, compared to a net loss of $110,000 for the same quarter in 1996.
ImmuDyne has been able to substantially decrease operating expenses through various cost-cutting measures. The company is also
experiencing significantly reduced legal fees associated with patent protection and shareholder litigation.
Year-to-date revenues are $1,405,000, compared to $1,656,000 during the same six months in 1996, the difference primarily due to a
non-recurring sale during this period in 1996. Current period revenues are based on sales of ImmuDyne products in the Skin Care,
Aquaculture and Human Nutrition divisions, as well as license fee revenues. No significant sales have been booked by the Companion
Animal Health Division to date, due to delays in regulatory approval of labeling.
ImmuDyne also announced that L. Melvin Cooper, formerly vice president of Finance and Administration, was promoted by the Board to
the role of president and chief operating officer and will work closely with James D. Wood, chairman and chief executive officer. This will
facilitate a smooth transition of responsibilities to maximize the growth opportunities of the company, as Wood prepares to retire in
December of 1997. Wood plans to assist and advise ImmuDyne, thereafter, on a consulting basis.
Cooper came to ImmuDyne one year ago, at the same time that three new sales divisions, in the areas of aquaculture, human nutrition, and
companion animal health and nutrition, were forming. Significant research, growth and development has occurred, attracting attention to
ImmuDyne's unique proprietary technology. In addition to his duties as president and COO, Cooper will temporarily continue in the role of
chief financial officer.
ImmuDyne Inc. is traded on the NASD Automated Bulletin Board under the symbol IMMD. ImmuDyne Inc. is a Texas-based
biotechnology company specializing in macrophage technology. It has patented technology relating to immune system stimulants for
cosmetic, human nutritional, animal nutritional and aquacultural use. ImmuDyne Inc., maintains offices in Houston and Palo Alto, Calif. For
more information on the company, contact Margaret Dreyfus, at 415/949-3864. |
