Biomune Systems Inc. announces fiscal 1994 results; patient recruitment underway for first stage of Phase II human clinical trials.SALT LAKE CITY--(BUSINESS WIRE)--Jan. 16, 1995--Biomune Systems Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BIME) which has developed the biologic drug IMMUNO-C(tm) for the treatment of AIDS-related cryptosporidiosis Cryptosporidiosis Definition Cryptosporidiosis refers to infection by the sporeforming protozoan known as Cryptosporidia. Protozoa are a group of parasites that infect the human intestine, and include the better known Giardia. , announced Monday the results of its earnings for the year ended Sept. 30, 1994. "Biomune Systems is in a strong position to continue its efforts to bring IMMUNO-C(tm) to market," said David G. Derrick, president of the company. "Over the past few days, however, we have experienced some volatility in the value of our stock, which the company believes can be largely attributed to NASDAQ's stop trading order placed on all stocks traded by one of the company's market makers. The company's management believes this recent volatility is not related to the general health of the company or its current operations." The financial statements for the year ended Sept. 30, 1994 indicate that Biomune Systems has $9,617,000 in total assets, of which $8,538,000 are in the form of current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. . The company's total current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. are $213,000 with no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and $9,405,000 in shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. . In results released for fiscal 1994, the net loss applicable to common shares of stock was $4,747,000, 35 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on revenues of $365,000 as compared to a loss of $4,164,000, 41 cents per share, on revenues of $357,000 for fiscal 1993. These losses required the company to use $1,655,000 in cash for the operations in fiscal 1994 as compared to $741,000 in 1993. Revenues were derived from the company's medical diagnostic stain division, Volu-Sol, while losses were attributed to the filing of the Food and Drug Administration Investigative New Drug application and the beginning of human clinical trials for the company's biologic drug, IMMUNO-C(tm). Over the past year, Biomune Systems conducted human research studies on IMMUNO-C(tm), its first biologic drug using the company's patented immune technology. Successful completion of the Phase I human clinical trials on IMMUNO-C(tm) confirmed the drug's safety. In another important move, the company named Dr. Donald P. Kotler of St. Luke's Roosevelt Hospital Center in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , a leading international expert on AIDS-related cryptosporidiosis, as principle investigator for the first stage of the Phase II human clinical trials on IMMUNO-C(tm). Expanded Phase II clinical trials will be conducted at selected medical sites across the country and are designed to test the drug's efficacy. "IMMUNO-C(tm) is one of the most promising therapies currently being investigated for the treatment of cryptosporidiosis," said Dr. Kotler, who has begun patient recruitment for Phase II studies. Cryptosporidiosis' symptoms, which include prolonged and profuse pro·fuse adj. 1. Plentiful; copious. 2. Giving or given freely and abundantly; extravagant: were profuse in their compliments. diarrhea, is caused by a waterborne parasite and is often fatal for immune-compromised individuals, including people with AIDS The People With AIDS (PWA) Self-Empowerment Movement was a movement of those diagnosed with AIDS and grew out of San Francisco. The PWA Self-Empowerment Movement believes that those diagnosed as having AIDS should "take charge of their own life, illness, and care, and to minimize , cancer patients undergoing chemotherapy, and organ transplant patients. The Cryptoporidium parasite is reported to be widespread in the water supplies of many major metropolitan areas in the United States. There is currently no effective treatment for cryptosporidiosis. Based on positive results from a broad range of animal research, Biomune Systems believes that the technology upon which IMMUNO-C(tm) is based may have several important applications. For example, recently Vanderbilt University School of Medicine researchers reported encouraging preliminary results of an in vivo animal study that exhibited IMMUNO-C(tm) efficacy in reducing the growth rate of prostate cancer tumors by 11%. Vanderbilt research is ongoing. Biomune Systems Inc. is a biotechnology company engaged in the development of an immune technology designed to enhance the body's own ability to fight disease. For further information, contact Joy Erickson at 801/582-2345. CONTACT: Biomune Systems Inc., Salt Lake City Joy Erickson, 801/582-2345 |
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