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IDM Pharma says funds sufficient to operate through second quarter of 2007
By Lisa Kerner
Charlotte, N.C., Nov. 13 - IDM Pharma, Inc.'s existing cash resources will be sufficient to meet its cash requirements through the second quarter of 2007, according to a company news release.
Cash and cash equivalents were $13.0 million at Sept. 30, compared with $26.7 million at Dec. 31, 2005.
Revenue for the three-month period ended Sept. 30 was up at $3.0 million, from $2.1 million for the third quarter of 2005.
IDM had a net loss for the third quarter of $3.9 million, compared with a net loss of $20.2 million for the year-ago period.
Research and development expenses for the quarter of $5.3 million were up slightly from the $5.0 million reported in the third quarter of 2005.
Revenue for the nine months ended Sept. 30 was $8.3 million, compared with $5.2 million for the same period in 2005.
The increase in revenue for the three- and nine-months periods was related to reimbursements under the company's collaboration agreement with sanofi-aventis SA, according to the release.
Net loss for the nine months ended Sept. 30 was $17.5 million, compared with $29.5 million for the corresponding period in 2005.
IDM's research and development expenses for the nine months ended Sept. 30 were $17.0 million, compared with $14.7 million for the same periods in 2005. The company attributed the increased research and development expenses to higher expenditures for phase 2 clinical trials of Uvidem and for regulatory filing and manufacturing of Junovan.
The company's financial results for the three- and the nine-month periods represent the consolidated results of IDM Pharma (formerly Epimmune Inc.) and its subsidiary, IDM SA, following the completion of their business combination on Aug. 16, 2005.
IDM Pharma is an Irvine, Calif., biopharmaceutical company developing products that activate the immune system to treat cancer.
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