AUTOIMMUNE
INC. AND ELI LILLY TO RESTRUCTURE
RELATIONSHIP FOR DIABETES PRODUCT
Lexington, Massachusetts, April 5, 1999 -- AutoImmune Inc. (Nasdaq: AIMM) today announced that it and Eli Lilly & Co. have agreed to restructure their relationship involving the development of AI-401. Under the new understanding between the companies, Lilly will receive a non-exclusive research license to complete the four separate studies of AI-401 which are currently underway. Lilly will continue to provide AutoImmune with full access to the clinical results upon completion of the studies, including the right to use the data for any reason. AutoImmune will regain control of the rights to the product and the underlying technology, and will receive no milestone payments.
Robert C. Bishop, Ph.D., President and CEO of AutoImmune, noted, "We appreciate Lilly continuing to support the trials and are optimistic they will be successful. Patient enrollment is complete in each of the three new disease onset trials and all are expected to finish within the next 18 months. The diabetes prevention trial is currently over 40% enrolled. With both clinical data and product rights in hand, we will be well positioned to advance this program in the future."
Bishop emphasized that AutoImmune’s priority continues to be completion of the Colloral® pivotal trial in rheumatoid arthritis. The study encompasses 772 patients of whom only 163 are yet to complete. It is currently anticipated the last patient visit will occur late in July and the Company expects to announce initial results four to six weeks later. The Colloral program remains on track for a BLA filing in the first quarter of 2000.
AutoImmune is developing a new class of orally administered pharmaceuticals for the treatment of autoimmune and cell-mediated inflammatory diseases and conditions. With highly focused human and capital resources, the Company has advanced several product candidates, all based on the principle of oral tolerance, into the clinic.
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, 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 in the section "Business-Factors to be Considered." The discussion in the Annual Report on Form 10-K is hereby referenced into this release.
Marcia
Kean
Partner
Feinstein Kean Partners Inc.
(508) 490-0954