Immunosyn Corporation Files 10-Q
August 14 2008 - 10:23AM
Business Wire
Immunosyn Corporation (OTCBB:�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 June 30, 2008. For the quarter ended June 30, 2008, the
company incurred $629,884.00 in general and administrative expenses
and $15,297.00 in interest expense which was funded from advances
by affiliates of $26,527.00, accounts payable of $60,376.00,
accrued expenses of ($1,498.00) and services rendered for stock of
$529,250. As a result, the company had a Net Loss of $645,181.00
for the second quarter of 2008. During the same period in 2007, the
company incurred $71,025.00 in general and administrative expenses,
interest expense of $4,810.00 and had a Net Loss of $75,835.00.
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 (OTCBB:�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-KSB 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.