AUTOIMMUNE INC. REPORTS SECOND QUARTER 2000 FINANCIAL RESULTS
Lexington, Massachusetts, August 4, 2000 – AutoImmune Inc. (Nasdaq: AIMM) today reported a net loss of $0.2 million, or $0.01 per share, for the three months ended June 30, 2000, compared with a net loss of $3.0 million, or $0.18 per share, for the same quarter one year earlier. Research and development expenses for the three months ended June 30, 2000 were $0.2 million, down from $2.7 million for the comparable period in 1999. This change reflects the cessation of ColloralÒ 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 June 30, 2000 were $0.2 million, down from $0.4 million for the comparable period in 1999, reflecting a reduction in personnel costs. As of June 30, 2000, the Company reported $10.1 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 its options to increase shareholder value. Over the near term we are pursuing both nutraceutical and outlicensing opportunities. We are optimistic about the potiential for success in the externally funded clinical trials now ongoing with our technology for multiple sclerosis and the prevention of type 1 diabetes."
Management also noted another U.S. patent was issued to the Company, bringing the total number to 30 through the second quarter of 2000. The newly issued patent is directed to a method of treatment for multiple sclerosis.
AutoImmune is a biopharmaceutical company involved in the development of a new class of mucosally 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.
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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