8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

August 7, 2003

AUTOIMMUNE INC.

(Exact Name of Registrant as specified in its charter)

DELAWARE	0-20948	13-348-9062
(State or Other Jurisdiction	(Commission	(IRS Employer
of Incorporation)	File Number)	Identification No.)

1199 Main Street, Pasadena, CA	91103
(Address of Principal Executive Offices)	(Zip Code)

(626) 792-1235

Registrant’s telephone number, including area code:

Not Applicable

(Registrant’s name or former address, if change since last report)

Item 12.    Results of Operations and Financial Condition.

The information contained in this report on Form 8-K is being furnished pursuant to Item 12 “Results of Operations and Financial Condition”. The Company issued a press release on August 7, 2003 announcing its financial results for the quarter ended June 30, 2003, a copy of which is attached as Exhibit 99.1.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 11, 2003

AUTOIMMUNE INC.

By:    /s/    Heather A. Ellerkamp                    

Name: Heather A. Ellerkamp

Title: Director of Finance and Treasurer

EX-99.1

Exhibit 99.1

[AUTOIMMUNE LOGO]

AutoImmune Inc.

1199 Madia Street

Pasadena, CA 91103

Phone: 626-792-1235

Fax: 626-792-1236

Contact:

Robert C. Bishop, Ph.D.

Chairman and Chief Executive Officer

AutoImmune Inc.

626-792-1235

website: http://www.autoimmuneinc.com

FOR IMMEDIATE RELEASE

AUTOIMMUNE INC. REPORTS 2003 SECOND QUARTER FINANCIAL RESULTS

Pasadena, California, August 7, 2003—AutoImmune Inc. (Nasdaq: AIMM) today reported a net loss of $0.14 million, or $0.01 per share basic and diluted, for the three months ended June 30, 2003, compared with a net loss of $0.18 million, or $0.01 per share basic and diluted, for the three months ended June 30, 2002. For the six months ended June 30, 2003, net income was $0.89 million, or $0.05 per share basic and diluted, compared with a net loss of $0.39 million, or $0.02 per share basic and diluted, for the six months ended June 30, 2002. Results for the six months ended June 30, 2003 reflect receipt of the final payment in March 2003 from a subsidiary of Elan Corporation plc for its purchase of AutoImmune’s rights to certain patent applications. As of June 30, 2003, the Company reported $11.0 million in cash and marketable securities.

Robert C. Bishop, Ph.D., Chairman of the Board and Chief Executive Officer stated, “During the second quarter, Colloral LLC, AutoImmune’s joint venture with Deseret Laboratories International, reported small but increasing sales of Colloral^®, a product for nutritional support of patients with rheumatoid arthritis. The joint venture is planning to expand marketing efforts over the next several quarters and, under the currently applicable accounting model, we will begin to recognize income when profits exceed cumulative start-up costs.”

BioMS recently confirmed in a press release that its advanced phase clinical trial of MBP8298 treatment for chronic progressive multiple sclerosis, which utilizes intellectual property rights exclusively licensed from AutoImmune, is scheduled to start before the end of this year. BioMS makes monthly diligence payments to AutoImmune and has a royalty obligation on sales of MBP8298 should it reach the market.

Teva Pharmaceutical Industries, Ltd., is considering various options for the next human clinical studies on an oral formulation of COPAXONE^® (glatiramer acetate), a product for the treatment of multiple sclerosis, which utilizes intellectual property rights exclusively licensed from AutoImmune. If Teva is successful in bringing this product to market, AutoImmune will receive both a milestone payment and a royalty on sales.

Results from the oral insulin arm of the NIH sponsored diabetes prevention trial (DPT-1) were presented at the ADA meeting in New Orleans. Although there was a trend in favor of the treated group versus the placebo group, the data did not reach statistical significance. It is expected the results will be submitted for publication and there remains the possibility that sub-group analysis will suggest additional trials worth considering.

AutoImmune has agreed to help sponsor a New York Academy of Sciences meeting titled “Oral Tolerance: Mechanisms and Applications” to be held at Mt Sinai Medical Center in New York City, October 23-26, 2003.

AutoImmune is a biopharmaceutical company involved in the development of a new class of mucosally administered therapies for the treatment of autoimmune and cell-mediated inflammatory diseases and conditions.

This release contains forward-looking statements which involve risks and uncertainties. The Company’s actual results may differ significantly from results discussed in the forward-looking statements due to a number of important factors, including, but not limited to the uncertainties of clinical trial results, the Company’s dependence on third parties for licensing revenue, and the risks of technological change and competition. These factors are more fully discussed in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission in the section “Business-Factors to be Considered.” The discussion in the Annual Report on Form 10-K is hereby referenced into this release.

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AUTOIMMUNE INC.

STATEMENT OF OPERATIONS

(Unaudited)

	Three months ended June 30,						Six months ended June 30,
	2002			2003			2002			2003
Revenue	$	15,000		$	23,000		$	30,000		$	1,390,000
Costs and expenses:
Research and development		55,000			33,000			118,000			171,000
General and administrative		187,000			164,000			405,000			394,000
Total costs and expenses		242,000			197,000			523,000			565,000
Interest income		50,000			32,000			101,000			66,000
		50,000			32,000			101,000			66,000
Net income (loss)	($	177,000	)	($	142,000	)	($	392,000	)	$	891,000
Net income (loss) per share—basic	($	0.01	)	($	0.01	)	($	0.02	)	$	0.05
Net income (loss) per share—diluted	($	0.01	)	($	0.01	)	($	0.02	)	$	0.05
Weighted average common shares outstanding—basic		16,919,623			16,919,623			16,919,623			16,919,623
Weighted average common shares outstanding—diluted		16,919,623			16,919,623			16,919,623			17,183,205
CONDENSED BALANCE SHEET
(Unaudited)
	December 31,			June 30,
	2002			2003
Cash and marketable securities	$	10,018,000		$	11,045,000
Other current assets		81,000			22,000
Total assets	$	10,099,000		$	11,067,000
Current liabilities	$	187,000		$	112,000
Total stockholders’ equity		9,912,000			10,955,000
Total liabilities and equity	$	10,099,000		$	11,067,000