Contacts:
Robert C. Bishop, Ph.D.
President and Chief Executive Officer
AutoImmune Inc.
(781) 860-0710
-- Colloral® Phase III Pivotal Trial Preliminary Results Expected in 4 to 6 Weeks --
Lexington, Massachusetts, August 3, 1999 -- AutoImmune Inc. (Nasdaq: AIMM) today reported a net loss of $3.0 million, or $0.18 per share, for the quarter ended June 30, 1999, compared with a net loss of $3.9 million, or $0.24 per share, for the same quarter one year earlier. Research and development expenses decreased to $2.7 million for the quarter ended June 30, 1999, from $3.8 million in the comparable 1998 period, reflecting the timing of clinical trial activity. As of June 30, 1999, the Company reported $11.8 million in cash and marketable securities.
"We are pleased to announce that all 772 patients have completed treatment in the Colloral Phase III pivotal trial," said Robert C. Bishop, Ph.D., Chairman and Chief Executive Officer of AutoImmune. "Our focus now is on the collection and verification of data which precedes statistical analysis. We expect to announce results on the primary endpoint within the next 4 to 6 weeks. Final analysis of the trial, including secondary endpoints, will not be complete until early October."
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