ViRexx Medical says net loss doubles in 2005 to C$7.46 million

By Angela McDaniels

Seattle, March 16 - ViRexx Medical Corp.'s net loss roughly doubled to C$7.46 million, or C$0.13 per share, for the year ended Dec. 31 from a net loss of C$3.66 million, or C$0.14 per share, for 2004.

The difference is due primarily to an increase in preclinical expenses, potential product development expenses and clinical trial activities, according to a company news release.

Government assistance decreased by 95% to C$45,000 for 2005 from C$864,430 in 2004.

At Dec. 31, the company's cash and cash equivalents were C$5.57 million, a 41% decrease from C$9.46 million at Dec. 31, 2004.

"ViRexx continues to demonstrate progress with its pipeline of products, in particular with the completion of enrollment in the first of two phase 3 OvaRex MAb clinical trials," chief executive officer and chief scientific officer Lorne Tyrrell said in the release.

"Our broad product pipeline targets large markets and provides multiple milestones during the coming year, building on the advances we made in each of our four development programs with four clinical trials underway."

ViRexx is a biotechnology company based in Edmonton, Alta., that develops novel therapeutic products for the treatment of certain cancers and chronic viral infections.

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