Contacts:
Robert C. Bishop, Ph.D.
President and Chief Executive Officer
AutoImmune Inc.
(781) 860-0710
Lexington, Massachusetts, May 5, 1999 -- AutoImmune Inc. (Nasdaq: AIMM) today reported a net loss of $3.5 million, or $0.21 per share, for the quarter ended March 31, 1999, compared with a net loss of $2.8 million, or $0.17 per share, for the same quarter one year earlier. Research and development expenses increased to $3.2 million for the quarter ended March 31, 1999, from $2.9 million in the comparable 1998 period, reflecting increased costs for clinical trial activity with Colloral®. As of March 31, 1999, the Company reported $14.3 million in cash and marketable securities.
"The Colloral Phase III program remains on track, with less than 15% of the patients entered still to complete the pivotal study," said Robert C. Bishop, Ph.D., President and Chief Executive Officer of AutoImmune. "We expect the last patient to complete the trial by the end of July and to release top-line results four to six weeks later. Our plan is to file a Biological License Application before the end of first quarter 2000."
Management also noted that another six U.S. patents were issued to the Company, bringing the total number to 25 through the first quarter 1999. The newly issued patents are variously directed to methods of treatment for rheumatoid arthritis, multiple sclerosis and Type 1 diabetes as well as orally administered compositions.
AutoImmune is a biopharmaceutical company developing a new class of orally administered pharmaceutical therapies 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 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, 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.
Karen
C.K. Drake
Account Executive
Feinstein Kean Partners Inc.
(508) 490-0954