NEW YORK, Nov. 8 /PRNewswire-FirstCall/ -- Immtech Pharmaceuticals, Inc. (AMEX:IMM) today announced results for its fiscal second quarter ended September 30, 2007.
For the three months ended September 30, 2007, revenues were $1,030,000, as compared to $491,000 for the three months ended September 30, 2006. The increase was primarily attributable to revenues relating to a licensing agreement and research agreement. Loss from operations for the three months ended September 30, 2007 was $3,466,000, as compared to a loss from operations of $1,753,000 for the three months ended June 30, 2006. The three month period ended September 30, 2006 included a receivable of $1,874,000 relating to the Neurochem litigation award. Net loss attributable to common stockholders for the three months ended September 30, 2007 was $3,469,000, or $0.23 per share, compared to a loss of $1,758,000, or $0.13 per share, in the previous year.
At September 30, 2007, unrestricted cash and cash equivalents were $9,840,000 as compared to $12,462,000 at March 31, 2007. For the same periods, restricted funds on deposit were $694,000 and $3,119,000, respectively. Subsequent to September 30, 2007, a payment of $5,123,000 was received to further the development of pafuramidine, the Company's oral drug candidate, in the Phase III African sleeping sickness trial.
During the three-month period ended September 30, 2007, several significant milestones were achieved. In addition to the Par Pharmaceutical agreement, Immtech received orphan drug status from the USFDA for pafuramidine to treat malaria and African sleeping sickness, added a new board member and a strategic advisor to the team, and received from China's State Food and Drug Administration fast-track status for Immtech's application to conduct a Phase III trial with pafuramidine, to treat pneumocystis pneumonia in HIV/AIDs patients.
The Company will hold a conference call on Friday, November 9, 2007 at 3:00 P.M. (EST) to present an update on the Company's progress and results for fiscal second quarter 2008 results. The User Access Code is # 23641366. Investors and interested parties in the U.S. are invited to join the call by dialing (888) 338-8374 and callers outside the U.S. should call (706) 902- 3163. Please call no later than 10 minutes prior to the scheduled start of the call to register. Information to access a recording of the conference call will be available starting on November 12th from the Immtech Pharmaceuticals web site (http://www.immtechpharma.com/).
About Immtech Pharmaceuticals, Inc.
Immtech Pharmaceuticals, Inc. is focused on developing and commercializing drugs to treat infectious diseases, and the Company is expanding its targeted markets by applying its proprietary pharmaceutical platform to treat other disorders. Immtech has advanced clinical programs that include new oral treatments for pneumocystis pneumonia (PCP), malaria, and trypanosomiasis (African sleeping sickness or HAT), and a well-defined, expanding library of compounds targeting drug-resistant Gram-positive bacteria, fungal infections, Hepatitis C and other serious diseases. Immtech holds the exclusive worldwide licenses to certain patents, patent applications and technology for products derived from a proprietary pharmaceutical platform. For additional information, please go to http://www.immtechpharma.com/.
"Safe Harbor" Statement under the Private Securities Reform Act of 1995: Statements in this press release regarding Immtech Pharmaceuticals, Inc.'s business, including the future prospects for PCP, which are not historical facts, are "forward-looking statements" that involve risks and uncertainties. Actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in Immtech's annual report on Form 10-K for the year ended March 31, 2007 and in its other SEC filings and include: (i) Immtech's ability to develop commercially viable products; (ii) Immtech's ability to achieve profitability; (iii) Immtech's ability to retain key personnel; (iv) the ability of Immtech's scientists and collaborators to discover new compounds; (v) the availability of additional research grants; (vi) Immtech's ability to obtain regulatory approval of its drug candidate, including PCP; (vii) the success of Immtech's clinical trials; (viii) dependence upon and contractual relationship with partners; (ix) Immtech's ability to manufacture or to have a third party manufacture its drug candidate at a reasonable cost; (x) Immtech's ability to protect its intellectual property; (xi) competition and alternative technologies; (xii) Immtech's ability to obtain reimbursement from third party payers for any product it commercializes; and (xiii) potential exposure to significant product liability.
Immtech Pharmaceuticals, Inc. Selected Financial Information (Unaudited)
(in thousands, except per share amounts) Three Months Ended
September 30,
2007 2006 REVENUES $1,030 $491 OPERATING LOSS $(3,466) $(1,753) NET LOSS TO COMMON SHAREHOLDERS $(3,469) $(1,758) NET LOSS PER COMMON SHARE
BASIC AND DILUTED $(0.23) $(0.13) AVERAGE COMMON SHARES OUTSTANDING
Basic and diluted 15,409,787 14,026,413
DATASOURCE: Immtech Pharmaceuticals, Inc.
CONTACT: Media, Bill Berry, Berry & Co., +1-212-253-8881; Investor Relations, Sean Collins, CCG, +1-310-477-9800, ext. 202, both for Immtech Pharmaceuticals, Inc.
Web site: http://www.immtechpharma.com/
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