Immtech Announces Fourth Quarter Results.
VERNON HILLS, Ill.--(BW HealthWire)--July 10, 2001
Immtech International, Inc., (NASDAQ NMS:IMMT), a biopharmaceutical company focused on the delivery, development and commercialization of drugs for the treatment of fungal diseases, tuberculosis, hepatitis, pneumonia, diarrhea, and cancer, announced today financial results for the fourth quarter and year ended March 31, 2001.
Total revenues for the fiscal year grew more than 367 percent to $1,354,943 versus $368,844 a year ago. The annual net loss declined to $9,863,284 or $1.78 per share, compared with a net loss of $11,433,926 or $2.27 per share in the previous year. The loss from operations for the year was $10,058,901 versus $11,752,805 in the previous year.
Fourth quarter revenues totaled $929,545 up more than 320 percent from $289,434 for the comparable period last year. Contributing to increased revenues were revenues of $790,800 for clinical research related to a grant from the University of North Carolina at Chapel Hill received from the Bill and Melinda Gates Foundation. The net loss for the quarter was $2,098,832 or $.35 per share, compared with a net loss of $2,171,568 or $.41 per share, for the corresponding quarter in the prior-year period.
Commented Steve Thompson, President and CEO of Immtech, "We are pleased with having achieved several important milestones this quarter, including successfully finishing Phase I human trials on drug DB289 and receiving Investigative Review Board (IRB) approval for Phase II human trials in Africa. We are on schedule to begin Phase II trials later this year and are on track with our development schedule towards market commercialization."
Fourth Quarter Highlights
During the quarter, Immtech successfully completed Phase I human clinical trials for the drug DB289. The drug is targeted for the treatment of Pneumocystis carinii pneumonia (PCP), a fungal infection in the lungs that affects immunosuppressed patients, and Trypanosomiasis (African sleeping sickness), a fatal disease that affects more than 55 million people in Sub-Sahara Africa and other developing countries. The Company expects to enter DB289 into Phase II human trials for treating PCP and African sleeping sickness later this year.
As previously announced, the Company also welcomed Johnson Matthey -- an international precious metals, catalysts, specialty chemicals, and pharmaceutical manufacturing company with $5 billion in annual revenues -- to its shareholder group. Johnson Matthey has core businesses in catalysts and chemical manufacturing, precious metals and decorative products, and associated raw materials for ceramics and glass. It has substantial expertise in large-scale manufacturing of active ingredients for the pharmaceutical industry.
Additionally, Immtech has been working with scientists at Auburn University to test dicationic compounds in a surrogate assay Bovine Viral Diarrhea Virus (BVDV), which is used to screen compounds for activity against a virus similar to hepatitis C. Some of the Company's compounds were found active against this viral assay, and tests are continuing to screen additional compounds for safety and efficacy. The results of the studies will allow the Company to identify compounds that are potential candidates for human trials.
About Immtech International Inc.
Immtech International, Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of drugs for the treatment of fungal diseases, tuberculosis, hepatitis, pneumonia, diarrhea, and cancer. The Company has rights to an anti-microbial pharmaceutical platform, and is conducting research to develop treatments for commercial use. These dication pharmaceuticals work by blocking life-sustaining enzymes from binding to the minor groove of an organism's DNA, thereby killing the infectious organisms that cause fungal, parasitic, bacterial and viral diseases. Immtech International has one oral drug which completed Phase I human clinical trials in May and another oral drug ready to begin Phase I human trials. For further information, please visit the Company's web site at www.immtech-international.com.
This press release contains forward-looking statements that express the beliefs and expectations of Immtech's management. Such statements are based on current expectations and involve a number of known and unknown risks and uncertainties that could cause Immtech's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained within this release, in any oral statements made by representatives of Immtech, and in Immtech's reports on Forms 10-QSB and 10-KSB/A are identified by words such as "believes," "anticipates," "expects," "intends," "may" and other similar expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. Immtech disclaims any obligation to publicly release the results of any revisions to these forward-looking statements which may be made to reflect events or circumstances occurring subsequent to this news release, or otherwise to revise or update any oral or written forward-looking statements that may be made from time to time on behalf of Immtech. Readers are urged to carefully review and consider the various disclosures made by Immtech in its filings with the SEC, including its Quarterly Reports on Form 10-QSB and its Annual Report on Form 10-KSB/A for the year ended March 31, 2001, that attempt to advise interested parties of certain risks, uncertainties and other factors that may affect Immtech's business. These risks include, but may not be limited to, (a) difficulties or delays in the development, testing, regulatory approval, production or marketing of any of Immtech's drug candidates, (b) the failure to attract or retain qualified scientific or management personnel, (c) any unexpected adverse side effects or inadequate therapeutic efficacy of any of Immtech's drug candidates which may slow or prevent further product development efforts, (d) competition within Immtech's anticipated product markets, (e) the uncertainty of product development in the pharmaceutical industry, (f) the inability to obtain sufficient funds through future grants, collaborative arrangements, equity or debt financings, or other sources to continue Immtech's business, (g) Immtech's reliance or dependence on corporate partners or third parties with respect to research and development funding, regulatory filings, and manufacturing and marketing expertise, and its inexperience in manufacturing and lack of internal manufacturing capabilities and sales and marketing capabilities, (h) the risk that patents and confidentiality agreements may not adequately protect Immtech's intellectual property or trade secrets, and (i) potential unavailability or inadequacy of medical insurance or other third-party funds with which potential customers might pay for the purchase of Immtech's future products.
IMMTECH INTERNATIONAL, INC. (A DEVELOPMENT STAGE ENTERPRISE) CONDENSED STATEMENT OF OPERATIONS (unaudited) (audited) For the Three Months Ended For the Year Ended 3/31/01 3/31/00 3/31/01 3/31/00 Revenues $ 929,545 $ 289,434 $ 1,354,943 $ 368,844 Expenses: Research and Development 1,599,198 1,971,747 6,694,546 10,255,301 General and Administrative 1,475,905 549,487 4,719,298 1,731,348 Equity in loss in joint venture 0 0 0 135,000 Total expenses 3,075,103 2,521,234 11,413,844 12,121,649 Loss from Operations (2,145,558) (2,231,800) (10,058,901)(11,752,805) Other income (expense) - net 46,726 60,232 195,617 318,879 Net loss $(2,098,832)$(2,171,568) $(9,863,284)$(11,433,926) Net loss per share $ (0.35) $ (0.41) $ (1.78) $ (2.27) Shares used in computing net loss per share attributable to common stockholders 5,955,245 5,272,977 5,545,190 5,036,405 IMMTECH INTERNATIONAL, INC. (A DEVELOPMENT STAGE ENTERPRISE) CONDENSED BALANCE SHEETS (Audited) 3/31/01 3/31/00 ASSETS Total current assets $ 5,938,560 $ 5,967,330 Property and equipment - net 210,024 237,290 Other assets 19,848 19,848 Total assets $ 6,168,432 $ 6,224,468 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,695,721 $ 1,531,011 Deferred revenue 3,509,194 0 Other accrued liabilities 70,862 33,904 Total current liabilities 5,275,777 1,564,915 Deferred rental obligations 33,511 39,879 Total liabilities 5,309,288 1,604,794 Stockholders' Equity Preferred stock, par value $0.01 per share 5,000,000 shares authorized and unissued Common stock, par value $0.01 per share, 30,000,000 shares authorized, 5,282,334 and 5,955,245 shares issued and outstanding as of March 31, 2000 and March 31, 2001, Respectively 59,552 52,823 Additional paid-in capital 33,574,917 27,480,070 Net unrealized losses on investment securities available for sale 0 (1,178) Deficit accumulated during the development stage (32,775,325)(22,912,041) Total stockholders' equity 859,144 4,619,674 Total 6,168,432 6,224,468
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|Date:||Jul 10, 2001|
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