R e t u r n
--
First Oral Tolerance Pharmaceutical Advances to
Phase III Clinical Trials --
Lexington,
Massachusetts, May 9, 1994 -- AutoImmune Inc. (Nasdaq: AIMM) today reported
a net loss of $2.8 million, or $.27 per share, for the quarter ended March 31,
1994, compared with a net loss of $1.4 million or $.19 per share, for the same
quarter a year earlier. Research and development expenses increased to $2.6
million for the first three months of 1994, from $1.5 million in the comparable
1993 period, as a consequence of expanded internal drug development activities.
"The Company has maintained its strategic focus on the development of a
new class of pharmaceuticals based on oral tolerance technology, and as a result,
we've achieved key milestones in the first quarter. AutoImmune now has four
products in clinical testing which collectively address U.S. patient populations
of more than 2.8 million individuals," said Robert C. Bishop, Ph.D., President
and Chief Executive Officer of AutoImmune.
Dr. Bishop noted that accomplishments during the first quarter included the
start of a Phase III double-blind placebo-controlled human trial of the Company's
lead product, MyloralTM, in multiple sclerosis patients
under a Company-sponsored IND; and the expansion of its laboratory facilities
to accommodate a growing staff of experienced pharmaceutical personnel.
AutoImmune Inc. is developing pharmaceutical products based on the principle
of oral tolerance for the treatment of immune system disorders, including multiple
sclerosis, rheumatoid arthritis, diabetes and uveitis.