Favrille reports a first-quarter net loss of $10.9 million, or $0.49 per share

By Lisa Kerner

Erie, Pa., May 11 - Favrille, Inc. reported a net loss of $10.9 million, or $0.49 per share, for the first quarter compared to a net loss of $8.4 million, or $0.69 per share for the same period in 2005.

As of March 31, Favrille had cash, cash equivalents and short-term investments of $70.6 million, up from $34.5 million at December 31, 2005. The company said the increase is primarily due to the $45.4 million in proceeds, before expenses, from its private placement of common stock and warrants in March.

"The first quarter was highlighted by our successful equity financing of more than $45 million in March," president and chief executive officer John P. Longenecker said in a company news release.

"This financing enables us to continue executing on the clinical development of our lead product candidate FavId for patients with non-Hodgkin's lymphoma. Meanwhile, we continue to prepare for the analysis of clinical response data from our pivotal phase 3 clinical trial later this year and the construction of our commercial manufacturing facility."

For the full year 2006, Favrille expects operating expenses to be in the range of $44 million to $47 million, including an estimated $3 million to $4 million in stock-based compensation. Cash, cash equivalents and short term investments are expected to total in the $37 million to $40 million range.

Favrille is a San Diego-based biopharmaceutical company focused on the research, development and commercialization of targeted immunotherapies for the treatment of cancer and other diseases of the immune system.

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