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AUTOIMMUNE INC. REPORTS SECOND QUARTER 1993 FINANCIAL RESULTS

 LEXINGTON, Mass., Aug. 12 /PRNewswire/ -- AutoImmune Inc. (NASDAQ: AIMM) today reported a net loss of $1,557,000, or 15 cents per share, for the quarter ended June 30, 1993, compared with a net loss of $1,060,000, or 71 cents per share, for the same quarter a year earlier. This brings the net loss for the year to date 1993 to $2,998,000, or 34 cents per share, and compares to $1,393,000, or 94 cents per share, for the same period in 1992.
 "We're very pleased with the company's progress in achieving our 1993 milestones," said Robert C. Bishop, Ph.D., president and chief executive officer of AutoImmune. "During the second quarter we completed the Phase II trial of AI-200 in rheumatoid arthritis; patient entry continued in the final Phase II study of AI-300 for uveitis; and, we gathered much of the information required to update our IND and start Phase II/III trials of AI-100 in multiple sclerosis before year's end," Dr. Bishop stated.
 "Our corporate infrastructure is also developing rapidly, with 26 employees on board as of June 30, and the laboratory facilities are now in full operation. I am particularly pleased with the quality of people we have been able to attract," Dr. Bishop added.
 AutoImmune Inc. is developing pharmaceutical products based on the principle of 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 Six months ended
 June 30 June 30 June 30 June 30
 1993 1992 1993 1992
 Revenue $328,000 --- $537,000 $500,000
 Costs and expenses:
 Research and
 development 1,697,000 950,000 3,157,000 1,657,000
 General and
 administrative 526,000 162,000 936,000 363,000
 Total costs
 and expenses 2,223,000 1,112,000 4,093,000 2,020,000
 Interest income 338,000 52,000 558,000 127,000
 Interest expense --- --- --- ---
 Total 338,000 52,000 558,000 127,000
 Net loss ($1,557,000) ($1,060,000) ($2,998,000)($1,393,000)
 Net loss per share (15 cents) (71 cents) (34 cents) (94 cents)
 Weighted average
 common shares
 outstanding 10,119,684 1,486,731 8,823,848 1,486,731
 Balance Sheet Data
 (unaudited)
 June 30, Dec. 31,
 1993 1992
 Cash and short-term
 investments $34,023,000 $2,677,000
 Total assets 36,664,000 3,998,000
 Total stockholders'
 equity (deficit) $35,112,000 ($10,140,000)
 -0- 8/12/93
 /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

DJ -- NE003 -- 2239 08/12/93 16:00 EDT
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Publication:PR Newswire
Date:Aug 12, 1993
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