| FOR
IMMEDIATE RELEASE AUTOIMMUNE
INC. REPORTS 2003 FIRST QUARTER FINANCIAL RESULTS Pasadena,
California, May 8, 2003 –
AutoImmune
Inc. (Nasdaq: AIMM) today reported net income of $1.03 million, or $0.06 per share
basic and diluted, for the three months ended March 31, 2003, compared with a
net loss of $0.22 million, or $0.01 per share basic and diluted, for the three
months ended March 31, 2002. The results for the three month period ended March
31, 2003 reflect receipt of the final payment from a subsidiary of Elan Corporation
plc for its purchase of AutoImmune's rights to certain patent applications. As
of March 31, 2003, the Company reported $11.2 million in cash and marketable securities
as compared to $10.0 million in cash and marketable securities as of December
31, 2002.
Robert
C. Bishop, Ph.D., Chairman of the Board and Chief Executive Officer stated "This
past quarter, AutoImmune's joint venture with Deseret Laboratories International
began marketing by direct mail Colloral®, a product for nutritional support
of patients with rheumatoid arthritis. The new product can also be purchased over
the internet at ColloralLLC.com or by contacting Colloral LLC at 1414 East 3850
South, St. George, UT 84790 (toll free 1-877-284-7246). We hope to expand market
channels for this product through our joint venture and believe the product can
be a meaningful contributor to our bottom line."
BioMS has stated
that its advanced phase clinical trial of MBP8298 treatment for chronic progressive
multiple sclerosis, which utilizes intellectual property rights exclusively licensed
from AutoImmune, is now scheduled to start in the second half of this year. BioMS
makes monthly diligence payments to AutoImmune and has a royalty obligation on
sales of MBP8298 should it reach the market.
Teva Pharmaceutical Industries,
Ltd., continues planning for the next human clinical studies on an oral formulation
of COPAXONE® (glatiramer acetate), a product for the treatment of multiple
sclerosis, which utilizes intellectual property rights exclusively licensed from
AutoImmune. If Teva is successful in bringing this product to market, AutoImmune
will receive both a milestone payment and a royalty on sales.
Results from
the oral insulin arm of the NIH sponsored diabetes prevention trial (DPT-1), which
is testing a therapeutic method covered by AutoImmune's intellectual property,
should be announced at the ADA meeting in New Orleans this June. If the results
are positive, it should open the door to additional licensing opportunities for
the company.
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 uncertainties of clinical trial results, the Company’s
dependence on third parties for licensing revenue, 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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