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AUTOIMMUNE INC. REPORTS FIRST QUARTER 1993 FINANCIAL RESULTS

 LEXINGTON, Mass., May 14 /PRNewswire/ AutoImmune Inc. (NASDAQ: AIMM) today reported a net loss of $1,441,000, or 19 cents per share, for the quarter ended March 31, 1993, compared with a net loss of $333,000, or 22 cents per share, for the same quarter a year earlier.
 "We are on target for meeting our 1993 clinical development objectives," said Robert C. Bishop, Ph.D., president and chief executive officer of AutoImmune. "The Phase II trial of AI-200 for rheumatoid arthritis will be completed on schedule in the second quarter; patient enrollment in our Phase II study of AI-300 for uveitis is steadily increasing; and we are now completing our plans for Phase II/III trials of AI-100 for multiple sclerosis," Dr. Bishop stated.
 "During the first quarter, we also made excellent progress in building AutoImmune's corporate infrastructure. We completed construction of our new laboratory facilities, and have continued to attract outstanding scientific and regulatory affairs personnel," Dr. Bishop added.
 AutoImmune is developing pharmaceutical products based on the principle or oral tolerance for the treatment of immune system disorders, including multiple sclerosis, rheumatoid arthritis and uveitis.
 AutoImmune Inc.
 Statement Of Operations
 (Unaudited)
 Three months ended
 March 31, March 31,
 1993 1992
 Revenue $209,000 $500,000
 Cost and expenses
 Research and development 1,460,000 707,000
 General and administrative 410,000 201,000
 Total costs and expenses 1,870,000 908,000
 Interest income 220,000 75,000
 Interest expense --- ---
 Total 220,000 75,000
 Net loss ($1,441,000) ($333,000)
 Net loss per share (19 cents) (22 cents)
 Weighted average common
 shares 7,513,614 1,486,731
 Balance Sheet Data
 March 31, Dec. 31,
 1993 1992
 Cash and short-term
 investments $36,597,000 $2,677,000
 Total assets 38,111,000 3,998,000
 Total stockholders'
 equity (deficit) $36,669,000 ($10,140,000)
 -0- 5/14/93
 /CONTACT: Thomas V. Hennessey, Jr., vice president, CFO and treasurer of AutoImmune Inc., 617-860-0710; or Marcia A. Kean, executive vp of Feinstein Partners Inc., 617-577-8110, for AutoImmune Inc./
 (AIMM)


CO: AutoImmune Inc. ST: Massachusetts IN: MTC SU: ERN

DD -- NE002 -- 8454 05/14/93 08:29 EDT
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Publication:PR Newswire
Date:May 14, 1993
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