Printer Friendly

THE IMMUNE RESPONSE CORP. ANNOUNCES THIRD QUARTER 1991 FINANCIAL RESULTS

                 THE IMMUNE RESPONSE CORP. ANNOUNCES
                THIRD QUARTER 1991 FINANCIAL RESULTS
    SAN DIEGO, Nov. 6 /PRNewswire/ -- The Immune Response Corp. (NASDAQ-NMS: IMNR) today reported net income of $19,000, or $.00 per share, for the third quarter ended Sept. 30, 1991 compared to net income of $310,000, or $.03 per share, recorded for the third quarter of 1990.  Contract research revenue for the third quarter was $993,000 vs. $893,000 in the same period in 1990.  Interest income for the third quarter of 1991 increased to $930,000 from $685,000 in the third quarter of 1990.
    For the nine months ended Sept. 30, 1991, contract research revenue was $3,245,000 compared to $3,195,000 for the same period in 1990.  The net loss of $2,925,000, or $.23 per share, for 1991 compares to net income of $400,000, or $.04 per share, during this period in 1990.
    The reduction in net income reported for the third quarter of 1991 as compared to the third quarter in 1990 is primarily due to the increased research and development expenses related to the clinical trials of the HIV therapeutic vaccine and the expanded scope of the autoimmune disease research programs during 1991.  The HIV therapeutic vaccine is in a Phase II/III clinical trial scheduled for completion in 1992.  The company is currently in preclinical studies with a rheumatoid arthritis therapeutic vaccine, the first of the company's anticipated autoimmune disease treatments.  The company intends to file an investigational new drug (IND) application to seek Food and Drug Administration approval to test such therapeutic vaccine in a Phase I/II human clinical trial.
    For the nine months ended Sept. 30, 1991, the net loss compared to net income reported during the same period in the prior year is primarily due to the allocation of expenses from the company's joint venture with Rhone-Poulenc Rorer Inc. (RPR).  During 1991, the joint venture expenses were allocated to the company from January through May and have been allocated to RPR since May.  During the first nine months of 1990, all joint venture expenses were allocated to RPR. The allocation of expenses alternates between the joint venture partners and has a substantial impact on the interim operating results of the company.
    The Immune Response Corp. is a biopharmaceutical company engaged in the development of proprietary products for the treatment of HIV infection, which leads to AIDS, and for the treatment of certain autoimmune diseases, particularly rheumatoid arthritis, multiple sclerosis and insulin-dependent diabetes.
                      THE IMMUNE RESPONSE CORP.
           Consolidated Condensed Statements of Operations
            (Dollars in thousands, except per share data)
                             (Unaudited)
                         Three months ended     Nine months ended
                              Sept. 30,               Sept. 30,
                          1991        1990       1991         1990
    Contract research
     revenue under a
     collaborative
     arrangement with
     a related party       $993        $893     $3,245       $3,195
      Expenses:
    Research and
     development          1,413       1,009      4,396        3,469
    General and
     administrative         537         295      1,674          806
    Total                 1,950       1,304      6,070        4,275
      Other revenue
       and expense:
    Interest income         930         685      2,186        1,328
    Equity in operations
     of joint venture        46          36     (2,286)         152
    Total                   976         721       (100)       1,480
    Net loss (loss)         $19        $310    ($2,925)        $400
    Net income (loss)
     per share            $0.00       $0.03     ($0.23)       $0.04
    Shares used in
     computing net
     loss per share   13,935,586  11,141,802 12,636,118    9,645,273
                      THE IMMUNE RESPONSE CORP.
                Consolidated Condensed Balance Sheets
                       (dollars in thousands)
                                  Sept. 30,           Dec. 31,
                                    1991                1990
                                (Unaudited)
      Assets
    Cash, cash equivalents
     and short-term
     investments                  $54,097             $25,498
    Research contract receivable
     from a related party             998               1,117
    Other current assets              877                 979
    Total                          55,972              27,594
    Property and equipment, net     3,157               3,033
    Other assets                      531               1,965
    Total assets                  $59,660             $32,592
      Liabilities and
       stockholders' equity
    Liabilities                    $1,004                $677
    Stockholders' equity           58,656              31,915
    Total liabilities and
     stockholders' equity         $59,660             $32,592
    -0-                    11/6/91
    /CONTACT:  Steven L. Basta or Charles J. Cashion, VP-finance, 619-431-7080, of Immune Response Corp./
    (IMNR) CO:  The Immune Response Corp. ST:  California IN:  MTC SU:  ERN KJ-EH -- SD002 -- 1528 11/06/91 08:05 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 6, 1991
Words:696
Previous Article:COUNTRYWIDE'S OCTOBER MORTGAGE ORIGINATIONS TOP $1 BILLION
Next Article:CALIFORNIA FEDERAL BANK REPORTS OTS PROPOSAL FOR INDIVIDUAL CAPITAL REQUIREMENT
Topics:


Related Articles
CYTEL ANNOUNCES RESIGNATION OF CHIEF FINANCIAL OFFICER
IMMUNE RESPONSE FILES INVESTIGATIONAL NEW DRUG APPLICATION FOR NEW RHEUMATOID ARTHRITIS TREATMENT
THE IMMUNE RESPONSE CORPORATION ANNOUNCES FOURTH QUARTER AND YEAR-END 1991 FINANCIAL RESULTS
CISTRON ANNOUNCES INCREASED THIRD QUARTER EARNINGS AND SALES
THE IMMUNE RESPONSE CORPORATION REPORTS FIRST QUARTER 1992 FINANCIAL RESULTS
THE IMMUNE RESPONSE CORPORATION ANNOUNCES SECOND QUARTER 1992 FINANCIAL RESULTS
THE IMMUNE RESPONSE CORPORATION ANNOUNCES THIRD QUARTER 1992 FINANCIAL RESULTS
XOMA REPORTS 1992 THIRD QUARTER FINANCIAL RESULTS
THE IMMUNE RESPONSE CORPORATION ANNOUNCES THIRD QUARTER 1993 FINANCIAL RESULTS
THE IMMUNE RESPONSE CORP. BEGINS THIRD CLINICAL TRIAL OF RHEUMATOID ARTHRITIS TREATMENT

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters