Iomai continues product advancement in third quarter

By Lisa Kerner

Charlotte, N.C., Nov. 14 - Iomai Corp. said during the third-quarter 2006 it continued to advance its clinical development program for vaccines and immunostimulants using its transcutaneous immunization technology.

The company's goal is to commercialize self-administered vaccines, according to a company news release.

For the third quarter ended Sept. 30, Iomai reported a net loss of $9.3 million, or $0.55 per share, compared with a net loss in the third-quarter 2005 of $5.8 million, or $7.29 per share.

Iomai's revenues fell in the third quarter to $30,000 from $504,000 in the prior-year period, reflecting the end of a two-year grant from the National Institutes of Health for development of Iomai's immunostimulant technology for pandemic flu applications.

Total operating expenses almost doubled to $9.5 million in the third-quarter 2006 from $4.8 million for the same period in 2005. Iomai attributed the increase to development costs for its skin preparation system, higher payroll costs and increased clinical trial costs.

As of Sept. 30, Iomai had unrestricted cash and cash equivalents and marketable securities of $15.3 million, compared with $24.0 million on June 30, 2006.

On Oct. 25, Iomai raised $10 million in gross proceeds through a private placement of newly issued shares of common stock with two existing investors.

Iomai said it expects to be able to fund its capital expenditures and growing operations with its current working capital into the second quarter of 2007.

"In the coming months, we will continue our clinical development program, pursuing trials with our needle-free influenza vaccine, our immunostimulant patch to boost response to the traditional flu vaccine in the elderly and our travelers' diarrhea vaccine," president and chief executive officer Stanley C. Erck said in the release.

Iomai develops vaccines and immune system stimulants in Gaithersburg, Md.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.