Immunosyn Corporation Files 10-Q
May 16 2008 - 6:29PM
PR Newswire (US)
LA JOLLA, Calif., May 16 /PRNewswire-FirstCall/ -- Immunosyn
Corporation (OTC:IMYN) (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 (OTC:IMYN) (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. DATASOURCE: Immunosyn
Corporation CONTACT: Lisa Baker or Devon Blaine, both of The Blaine
Group, +1-310-360-1499, fax, +1-310-360-1498, , for Immunosyn
Corporation
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