Iomai Announces Year-End 2007 Financial Results and Business Progress
06 Marzo 2008 - 2:00PM
PR Newswire (US)
Conference Call at 1:30 p.m. Eastern Time Today GAITHERSBURG, Md.,
March 6 /PRNewswire-FirstCall/ -- Iomai Corporation (NASDAQ:IOMI)
today reported financial results and corporate progress for the
full year ended December 31, 2007. "In the past few months, we have
further demonstrated that Iomai's vaccine and immunostimulant
patches can be safely and effectively self-applied," said Stanley
C. Erck, president and chief executive officer of Iomai. "This lays
the foundation for a revolution in the way vaccination is
approached. Rather than shots at a doctor's office or travel
clinic, we believe we have a platform that makes possible a vaccine
that could be mailed to consumers and self-applied." "2007 was a
groundbreaking year for Iomai, with the positive results from the
Phase 2 field study of our travelers' diarrhea vaccine and the $128
million government contract to fund the development of our adjuvant
patch for pandemic influenza," continued Mr. Erck. "This year, we
hope to build on those achievements by pursuing a partnering deal,
announcing results from the Phase 1/2 trial of our adjuvant patch
for pandemic influenza and preparing to conduct a pivotal Phase 3
trial for our travelers' diarrhea vaccine in 2009." Full-Year and
Fourth Quarter 2007 Financial Results For the full year ended Dec.
31, 2007, Iomai reported a net loss available to common
stockholders of $28.3 million, or $1.16 per share, compared to a
net loss of $32.3 million, or $2.03 per share, for the year ended
Dec. 31, 2006. The lower net loss per share in 2007 was
attributable to increased revenues principally under our Department
of Health and Human Services ("DHHS") contract, which was awarded
in January 2007 and the increased number of shares outstanding as a
result of our $30.2 million private placement completed on March 2,
2007. For the fourth quarter of 2007, Iomai's net loss was $6.2
million, or $0.24 loss per share, compared to a net loss in the
fourth quarter of 2006 of $9.9 million, or $0.53 loss per share. As
of Dec. 31, 2007, Iomai had common stock outstanding of 25,588,673
shares. The Company reported revenues of $10.7 million for the year
ended Dec. 31, 2007, compared to $1.5 million in the year ended
Dec. 31, 2006. The increase in revenue in 2007 was principally from
the reimbursement of expenses incurred under the DHHS contract.
Iomai reported revenues of approximately $3.3 million in the fourth
quarter of 2007, compared to approximately $40,000 in the fourth
quarter of 2006. Total operating expenses were $39.8 million in
2007, compared to operating expenses of $33.9 million in 2006. The
increase in operating expenses was primarily due to five major
factors associated with supporting our development programs: (1)
higher payroll and stock compensation costs associated with a 28%
increase in full-time employee equivalents, (2) higher facility
costs associated with leasing additional space, (3) increased
animal study costs associated with work performed under our DHHS
contract, (4) higher contract manufacturing costs associated with
procuring and finishing the pandemic flu vaccine for the clinical
trial under the DHHS contract, and (5) higher consulting costs
associated with market studies for our product candidates. These
increased costs were partially offset by lower development costs
for our skin preparation system. Total operating costs for the
fourth quarter of 2007 were $9.6 million as compared to $10.1
million for the fourth quarter of 2006. The decrease in operating
expenses was primarily due to decreased in year-to-year clinical
trial costs for Iomai's needle-free travelers' diarrhea vaccine and
decreased contract manufacturing expenses. As of Dec. 31, 2007,
Iomai had unrestricted cash and cash equivalents and marketable
securities of $15.5 million compared to $22.0 million on Sept. 30,
2007. Iomai expects to be able to fund its capital expenditures and
operations with its current working capital and reimbursement of
expenses under our existing government grants and contracts into
the third quarter of 2008. Conference Call Details To access the
live conference call on Thursday, March 6 at 1:30 p.m. Eastern Time
via phone, please dial 866-578-5784 from the United States and
Canada or 617-213-8056 internationally. The conference ID is
87233725. Please dial in approximately 10 minutes prior to the
start of the call. A telephone replay will be available beginning
approximately one hour after the call through March 10 and may be
accessed by dialing 888-286-8010 from the United States and Canada
or 617-801-6888 internationally. The replay passcode is 74369365.
To access the live and subsequently archived webcast of the
conference call, go to the Investor Relations section of the
Company's website at http://www.iomai.com/. Please connect to the
web site at least 15 minutes prior to the call to allow for any
software download that may be necessary. The webcast is also being
distributed through the Thomson StreetEvents Network. Individual
investors can listen to the call at http://www.earnings.com/,
Thomson's individual investor portal, powered by StreetEvents.
Institutional investors can access the call via Thomson
StreetEvents (http://www.streetevents.com/), a password-protected
event management site. About Iomai Corporation Iomai Corporation
discovers and develops vaccines and immune system stimulants,
delivered via a novel, needle-free technology called transcutaneous
immunization (TCI). TCI taps into the unique benefits of a major
group of antigen-presenting cells found in the outer layers of the
skin (Langerhans cells) to generate an enhanced immune response.
Iomai is leveraging TCI to enhance the efficacy of existing
vaccines, develop new vaccines that are viable only through
transcutaneous administration and expand the global vaccine market.
Iomai currently has four product candidates in development: three
targeting influenza and pandemic flu and one to prevent travelers'
diarrhea. For more information on Iomai, please visit
http://www.iomai.com/. Some matters discussed in this press release
constitute "forward-looking statements" that involve known and
unknown risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by the
forward-looking statements. Such forward-looking statements include
statements about potential commercialization of a vaccine that
could be mailed and self-applied, the ability of Iomai to enter
into a partnering deal, conducting a Phase 3 trial of Iomai's
travelers' diarrhea vaccine, and the sufficiency of existing cash
and government contract revenues to fund operations into the third
quarter of 2008. Applicable risks and uncertainties include, among
others, that the clinical results may not support regulatory
approval to commercialize any Iomai product candidate or the
mailing and self-administration of any product that does gain
approval, both of which will depend on the outcome of additional
clinical trials and analysis by regulatory authorities of data
Iomai submits; assessments by third-parties of the potential
commercial value of the TCI technology, potential partners may
determine to wait for additional clinical data prior to partnering
or may be unwilling to partner on terms and conditions Iomai deems
acceptable; Iomai's intellectual property position, and the market
potential of Iomai's product candidates; future clinical trials may
not replicate results seen in previous trials; Iomai may not obtain
the financing necessary to advance its programs; that development
costs may exceed expectations; that Iomai may fail to adequately
protect its intellectual property or may be determined to infringe
on the intellectual property of others; and the risks identified
under the heading "Factors That May Impact Future Results" in
Management's Discussion and Analysis of Financial Condition and
Results of Operations in our Quarterly Report on Form 10-Q for the
three months ended September 30, 2007, and filed with the
Securities and Exchange Commission. Whether any approved product
would be self-administered would depend on many factors, including
the outcome of any additional studies the Company conducts
evaluating self-administration and the views of regulatory
agencies. Iomai cautions investors and others not to place undue
reliance on the forward-looking statements contained in this press
release. You are encouraged to read the Company's filings for a
discussion of these and other risks and uncertainties which are
filed with the U.S. Securities and Exchange Commission, available
at http://www.sec.gov/. STATEMENTS OF OPERATIONS (Unaudited) (In
thousands, except share and per share data) Year ended December 31,
2007 2006 Revenues $10,667 $1,475 Cost and expenses: Research and
development 31,605 28,041 General and administrative 8,172 5,857
Total costs and expenses 39,777 33,898 Loss from operations
(29,110) (32,423) Other income (expense) 836 621 Net loss before
cumulative effect of a change in accounting principle (28,274)
(31,802) Cumulative effect of change in accounting principle - 17
Net loss (28,274) (31,785) Dividends on and accretion of
convertible preferred stock - (471) Net loss available to common
stockholders $(28,274) $(32,256) Net loss available to common
stockholders per share of common stock - basic and diluted $(1.16)
$(2.03) Weighted-average number of shares of common stock - basic
and diluted 24,412,688 15,915,797 SELECTED BALANCE SHEET DATA
(Unaudited) (In thousands) December 31, 2007 2006 ` Cash and cash
equivalents and unrestricted marketable securities $15,500 $15,336
Accounts receivable 4,011 62 Total assets 27,355 23,085 Total debt
and capital lease obligations 3,655 4,759 Total liabilities 9,402
9,050 Accumulated deficit (129,062) (100,788) Total stockholders'
equity 17,953 14,035 DATASOURCE: Iomai Corporation CONTACT: Russell
P. Wilson, Senior Vice President, Chief Financial Officer and
General Counsel of Iomai Corporation, +1-301-556-4478, ; or Brian
Reid of WeissComm Partners, Inc., +1-703-402-3626, , for Iomai
Corporation Web site: http://www.iomai.com/
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