Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Biotech / Medical : IMNR - Immune Response -- Ignore unavailable to you. Want to Upgrade?

To: Bob Walsh who wrote (1411)	11/3/1999 11:28:00 AM
From: Bob Walsh	Read Replies (1) \| Respond to of 1510

THE IMMUNE RESPONSE CORPORATION ANNOUNCES THIRD QUARTER 1999 FINANCIAL RESULTS biz.yahoo.com CARLSBAD, Calif., Nov 2, 1999 /PRNewswire via COMTEX/ -- The Immune Response Corporation (Nasdaq: IMNR) today announced its financial results for the third quarter ended September 30, 1999. The net loss for the third quarter of 1999 was $4.8 million, or $0.20 per share, compared to a net loss of $5.5 million, or $.24 per share, reported in the third quarter of 1998. For the nine months ended September 30, 1999, the Company reported a net loss of $12.9 million, or $0.53 per share, compared to a net loss of $11.9 million, or $0.52 per share reported for the nine months ended September 30, 1998. Revenues for the third quarter ended September 1999 were $3.8 million compared to $2.5 million for the same quarter in 1998. For the nine months ended September 1999, revenues were $16.9 million compared to $14.2 million for 1998, of which $15.2 million in 1999 and $10.7 million in 1998 were from Agouron Pharmaceuticals, Inc., a Warner-Lambert Company, under the agreement entered into in June of 1998. The increase in revenues for the quarter and nine months ended September 1999 were accompanied by an increase in operating expenses for the same periods. The increase in operating expenses for the periods were primarily related to the ongoing development of Remune, the Company's investigational immune-based therapy for the treatment of HIV, that were somewhat offset by expense reductions associated with the restructuring that the Company initiated in the second quarter of 1999. Cash, cash equivalents and short-term investments were $22.2 million at September 30, 1999, compared with $25.2 million at the end of 1998. "This is a time of major change in the Company as we strive to restructure and reduce expenses in order to focus resources on our later stage programs of immune-based therapeutics," said Howard Sampson, Chief Financial Officer. Major events for The Immune Response Corporation this past quarter included the initiation of a pivotal clinical trial of Remune by the Company's partner Agouron/Warner-Lambert, the launch of a Phase II trial of Remune in Argentina, and publication of two studies that the Company believes suggested a correlation between Remune and reduced viral load in children as well as a correlation between HIV-specific immune responses and long term non- progression. The Company is continuing with Phase I trials of its investigational colon cancer vaccine based on what the Company believes are encouraging results reported in the October issue of Clinical Cancer Research. Also in the quarter, the Company secured a $3 million equipment line of credit with Transamerica Business Credit Corporation, of which $1.6 million was utilized during the quarter. In October, the Company received $5 million from Agouron under the June 1998 agreement and sold, subject to adjustments, $3 million of common stock to an institutional investor.