Lexington,
Massachusetts, April 27, 2000 – AutoImmune Inc. (Nasdaq: AIMM) today reported
net income of $3.5 million, or $0.21 per share, for the three months ended March
31, 2000, compared with a net loss of $3.5 million, or $0.21 per share, for
the same quarter one year earlier. Revenue of $4,000,000 in the three months
ended March 31, 2000 represents the first payment from a subsidiary of Elan
Corporation plc for its purchase of AutoImmune?s rights to certain patent applications
involving the treatment of Alzheimer?s Disease. Research and development expenses
for the three months ended March 31, 2000 were $0.3 million, down from $3.2
million for the comparable period in 1999. This change reflects the cessation
of Colloral clinical trials and the elimination of research and development
expenses except for contract research support for The Brigham and Women?s Hospital
and costs associated with maintaining the Company?s patent portfolio. General
and administrative expenses for the three months ended March 31, 2000 were $0.3
million, down from $0.5 million for the comparable period in 1999, reflecting
a reduction in personnel costs. As of March 31, 2000, the Company reported $10.3
million in cash and marketable securities.
Robert C. Bishop, Ph.D., Chairman of the Board and Chief Executive Officer stated:
"AutoImmune continues to conserve resources while evaluating all available
options to maximize shareholder value. We are seeking a marketing/distribution
partner to help exploit the potential of Colloral as a nutraceutical and are
pursuing additional technology outlicensing opportunities. Teva Pharmaceutical
Industries, Ltd., with whom we have an exclusive agreement, has started its
clinical trial of an oral formulation of COPAXONE (glatiramer acetate), for
the treatment of multiple sclerosis."
Management also noted another three U.S. patents were issued to the Company,
bringing the total number to 29 through the first quarter of 2000. The newly
issued patents are directed to various methods of treatment for rheumatoid arthritis
and multiple sclerosis.
AutoImmune is a biopharmaceutical company involved in the development of a new class of orally administered therapies for the treatment of autoimmune and cell-mediated inflammatory diseases and conditions.
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.
Contacts:
Robert C. Bishop, Ph.D.
President and Chief Executive Officer
AutoImmune Inc.
(781) 860-0710
Marcia
A. Kean
Managing Director
Feinstein Kean Healthcare
(617) 577-8985