AutoImmune Inc. Reports Additional Clinical Data and Second Quarter 1997 Results
LEXINGTON, Mass., Aug. 4 /PRNewswire/ -- AutoImmune Inc. (Nasdaq: AIMM)
today announced that it has completed an active control study of Colloral(R)
for rheumatoid arthritis. "The data from this trial demonstrate what we
believe is a clinically useful therapeutic response," said Robert C. Bishop,
Ph.D., President and CEO of AutoImmune. Dr. Bishop added that utilizing all
of the information that has been generated to date on the more than
1,200 patients involved in the clinical development program for Colloral, the
Company is now preparing an integrated efficacy and safety analysis for
discussion at an end of Phase II meeting with the FDA. This meeting will
determine subsequent steps in the approval process.
In continuing evaluation of data from the recently completed Phase III
trial of Myloral(R) for multiple sclerosis, the Company reported that
encouraging preliminary results from magnetic resonance imaging have been
found for one of the four subsets of patients studied. Further analysis of
this information is ongoing.
The Company also noted that it has received a U.S. patent on oral
tolerance therapy for Type I diabetes. This application of the Company's
technology has been licensed to Eli Lilly and Company, which has multiple
Phase II trials currently underway worldwide.
AutoImmune reported a net loss of $9.0 million, or $0.55 per share, for
the quarter ended June 30, 1997, compared with a net loss of $5.4 million, or
$0.33 per share, for the same quarter one year earlier. Research and
development expenses increased to $8.8 million for the second quarter of 1997,
from $5.7 million in the comparable 1996 period. Net loss for the six months
ended June 30, 1997 was $16.6 million, or $1.01 per share, versus a net loss
of $9.5 million, or $0.59 per share, for the same period in 1996. As of June
30, 1997, AutoImmune's balance sheet showed $36.6 million in cash and
marketable securities.
AutoImmune Inc. is a biopharmaceutical company developing a new class of
drug therapy for the treatment of cell-mediated inflammatory conditions. With
highly focused human and capital resources, the Company has advanced several
product candidates, all based on the principle of oral tolerance, into human
clinical testing.
This release contains forward-looking statements which 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 developmental stage of
the Company's products and uncertainties of clinical trial results; the
Company's capital requirements, history of operating losses and lack of
product revenue and its limited manufacturing and marketing experience, 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-K filed
with the Securities and Exchange Commission.
AUTOIMMUNE INC.
STATEMENT OF OPERATIONS
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1996 1997 1996 1997
Revenue $--- $--- $--- $---
Costs and expenses:
Research and
development 5,678,000 8,815,000 9,978,000 16,297,000
General and
administrative 585,000 698,000 1,185,000 1,453,000
Total costs and
expenses 6,263,000 9,513,000 11,163,000 17,750,000
Interest income 873,000 565,000 1,669,000 1,202,000
Interest expense (23,000) (24,000) (33,000) (49,000)
850,000 541,000 1,636,000 1,153,000
Net loss $(5,413,000) $(8,972,000) $(9,527,000) $(16,597,000)
Net loss per share $(0.33) $(0.55) $(0.59) $(1.01)
Weighted average
shares outstanding 16,284,743 16,389,243 16,283,682 16,379,529
CONDENSED BALANCE SHEET
(Unaudited)
December 31, June 30,
1996 1997
Cash and marketable
securities $49,310,000 $36,605,000
Other current assets 637,000 332,000
All other assets 2,515,000 1,951,000
Total assets $52,462,000 $38,888,000
Current liabilities $4,494,000 $7,706,000
Obligations under
capital leases 627,000 373,000
Total stockholders' equity 47,341,000 30,809,000
Total liabilities and
stockholders' equity $52,462,000 $38,888,000
SOURCE AutoImmune Inc.
CONTACT: Robert C. Bishop, Ph.D., President and Chief Executive
Officer of AutoImmune Inc., 617-860-0710 or Michelle Linn, Vice
President of Feinstein Kean Partners Inc., 617-577-8110 |
