Thursday January 23 8:16 AM EDT
ImmuDyne Announces Year End and First Quarter
Results
HOUSTON, Texas--(BUSINESS WIRE)--Jan. 23, 1997--ImmuDyne (OTC BB:IMMD)
announced $3,579,497 in sales for the year ending Aug. 31, 1996, a 60% increase in sales
compared to prior year sales of $2,241,088.
A loss of $1,834,854 was recorded for the year, the great majority of the loss due to legal expenses
related to protecting our patents and a shareholder lawsuit which has now been settled in principle.
After the court-approved settlement is final, the company expects legal expenses to decrease
significantly.
ImmuDyne further announced the first quarter results of fiscal year 1997 ending Nov. 30, 1996,
showing a 24% increase in revenues over the first quarter of 1996. A net loss of $215,762 was
largely due to new product introduction, promotion costs, and legal expenses. The settlement in
principle of the shareholder suit was announced Dec. 5, 1996, shortly after the end of the first
quarter.
Management feels that business is building significantly, with the development of new products and
with increasing commercial interest in ImmuDyne's proprietary technology. The human nutrition,
aquaculture, and skin care divisions are growing, with products currently on the market. In the
companion animal health and nutrition division, the introduction of Healthy Flavors brand pet
products has been held up due to regulatory delays in the state of Texas. A solution to this problem
is in process.
ImmuDyne invested significant amounts to develop the human nutrition business. The first branded
product, NSC-24, currently generates no revenues for the company due to contractual issues
relating to final approval of an agreement between ImmuDyne and Nutrition Supply Corp.
ImmuDyne continues to build the human nutrition business with new distributors and new brand
entries such as MacroForce, and other third party brand product introductions.
A previously announced $4.5 million contract with Tepual has not yet resulted in sales, as shipping
orders have not been given, although there is a verbally stated intention on the part of Tepual to
request the materials at some time in the near future.
ImmuDyne Inc. is traded on the NASD Automated Bulletin Board with the symbol IMMD.
ImmuDyne, Inc. is a Texas-based biotechnology company specializing in macrophage technology. It
has patented Immune Stimulation or Biological Response Modification technology relating to immune
system stimulants for pharmaceutical, cosmetic, nutritional, veterinary and agricultural use.
ImmuDyne, Inc., maintains offices in Houston and Palo Alto, Calif. For additional information,
contact Margaret Dreyfus, Investor Relations, at 415/949-3864.
CONTACT: ImmuDyne, Inc.
Margaret Dreyfus, 415/949-3864 |
