LA JOLLA, Calif., May 16 /PRNewswire-FirstCall/ -- Immunosyn Corporation (BULLETIN BOARD: IMYN) , a biotechnology firm that has obtained exclusive worldwide marketing, sales and distribution rights to the biopharmaceutical SF-1019 from its affiliate Argyll Biotechnologies, LLC, has announced its results for the quarter ending March 31, 2008.
For the quarter ended March 31, 2008, the company incurred $175,632.00 in general and administrative expenses and $13,393.00 in interest expense which was funded from advances by affiliates of $179,798.00, accounts payable of $32,249.00 and accrued expenses of $12,151.00. As a result, the company had a Net Loss of $189,025.00 for the first quarter of 2008. During the same period in 2007, the company incurred $162,714.00 in general and administrative expenses and interest expense of $3,714.00 and had a Net Loss of $166,428.00. Immunosyn has had no revenue to date as Argyll Biotechnologies, LLC is still in the process of obtaining governmental and regulatory approval for SF-1019.
"We have continued to significantly control costs this quarter and appreciated the advances from affiliates," noted Stephen Ferrone, Immunosyn's CEO. "In 2008, Argyll Biotechnologies, LLC has reported positive research results for SF-1019 and Immunosyn hopes to add shareholder value by striving for financial efficiency in the execution of its marketing and distribution strategy when approvals for SF-1019 are obtained by Argyll Biotechnologies, LLC," added Ferrone.
Research suggests that SF-1019 has analgesic properties with a perceived ability to substantially reduce the inflammation present in a number of clinical conditions including Multiple Sclerosis (MS), Chronic Inflammatory Demyelinating Polyneuropathy (CIDP), Reflex Sympathetic Dystrophy Syndrome, (RSD or RSDS) and other auto-immune and neurological disorders. A limited proof of concept trial for SF-1019 in Europe has shown positive results in effectively treating diabetic ulcers. Immunosyn went public in January 2007 and its stock began trading on October 26, 2007 on the OTCBB under the symbol "IMYN."
About Immunosyn Corporation
La Jolla, CA-headquartered Immunosyn Corporation (BULLETIN BOARD: IMYN) plans to market and distribute life enhancing therapeutics. Currently, the company has exclusive worldwide rights from its largest shareholder, Argyll Biotechnologies, LLC, to market, sell and distribute SF-1019, a compound that was developed from extensive research into Biological Response Modifiers (BRMs). Argyll Biotechnologies, LLC has initiated the process for regulatory approval of SF-1019 in several countries and preparations for clinical trials are underway in both the US and Europe. Research suggests that SF-1019 has the potential to affect a number of clinical conditions including complications from Diabetic Mellitus such as Diabetic Neuropathy (DN) and diabetic ulcers (DU), auto-immune disorders such as Multiple Sclerosis (MS) and neurological disorders such as Chronic Inflammatory Demyelinating Polyneuropathy (CIDP) and Reflex Sympathetic Dystrophy Syndrome (RSD or RSDS).
The above news release contains forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and are subject to a wide range of business risks, external factors and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements. For additional information, please consult the Company's most recent public filings and Annual Report on Form 10-K for its most recent fiscal year. The Company assumes no obligation to update the information contained in this press release, whether as a result of new information, future events or otherwise.
