...TLR-targeted compounds. initiated a phase 1 clinical trial of our lead candidate for infectious diseases, IMO-2125, in patients with chronic hepatitis C virus infection. We entered into a collaboration with Merck KGaA for the use of our TLR9 agonists, including IMO-2055, for cancer treatment. Under our collaboration with Novartis for asthma and allergies, Novartis identified QAX935, a novel agonist of TLR9, as a lead compound for clinical evaluation. In addition, we advanced studies of our TLR antagonist candidates in preclinical models of autoimmune diseases including lupus and rheumatoid arthritis," said Sudhir Agrawal, D. Phil., CEO and chief scientific officer. "Based on our accomplishments to date, we continue to make progress in achieving our long-term goal of realizing the broad potential of TLR-targeted candidates through our proprietary programs and partnered programs."

With the receipt of $40.0 million in gross upfront payments in February 2008 under our agreement with Merck KGaA and the $23.7 million of cash and investments held at the end of 2007, we are in a strong financial position to advance our business objectives, said Lou Arcudi, Chief Financial Officer.

Fourth Quarter and Full Year Results

Fourth Quarter Results

The company reported a net loss of $4.5 million or $0.21 per share for the three months ended December 31, 2007, compared to a net loss of $4.7 million, or $0.26 per share for the same period in 2006.

Total revenues for the three months ended December 31, 2007 were $2.2 million compared to $0.6 million for the same period in 2006. The increase in revenue primarily reflects a full quarter of license fee revenue and research reimbursements recognized under the company's 2006 collaboration agreement with Merck & Co., Inc.

Research and development expenses for the three months ended December 31, 2007 totaled $3.9 million compared to $3.0 million for the...

NOTE: All illustrations and photos have been removed from this article.




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