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IDM Pharma Reports 2005 Financial Results

...The Company had expenses associated with impairment of patents and licenses of $0.2 million and $2.6 million for the quarter and year ended December 31, 2005, respectively, compared to $0.5 million and $7.7 million for the corresponding periods in 2004.

The 2005 amounts relate primarily to a $2.0 million license fee paid, through the issuance of Company stock, to Sanofi-Aventis for rights to commercialize products using interleukin-13 (IL-13), a compound that contributes to the transformation of white blood cells into specialized immune cells called dendritic cells.

The full amount was written off in accordance with the Company's policy as there is not a program which uses IL-13 that has reached Phase III development.

The 2004 amounts relate primarily to licenses to certain antibodies from Medarex, which the Company wrote off in accordance with its established policies as it was no longer pursuing development of those antibodies.

Selling and marketing expenses, which include business development costs, trade conferences and the Company's pre-launch activities for its lead product candidate Junovan(TM), were $0.3 million and $1.3 million, respectively, for the quarter and year ended December 31, 2005, compared to $0.3 million and $1.2 million for the same periods in 2004.

The increase in the amounts for 2005 compared to 2004 is associated with preliminary pre-marketing activities for Junovan.

General and administrative (...