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AVI's quarterly net loss up at $6.8 million, revenues fall to $13,000
By Lisa Kerner
Charlotte, N.C., Nov. 8 - AVI BioPharma, Inc.'s net loss for the third quarter increased to $6.8 million, or $0.13 per share, compared with a net loss for the third quarter of 2005 of $1.7 million, or $0.04 per share.
Revenues for the quarter were $13,000, down from $3.3 million for the prior-year quarter. AVI attributed the decline to lower research contract revenues and recognition of $3.2 million in research contract revenue in the third quarter of 2005.
Third-quarter research and development expenses rose to $5.9 million, from $4.1 million in the third quarter of 2005, due to an additional $690,000 in employee costs and expansion of clinical programs in hepatitis C virus and coronary artery bypass grafting.
For the nine months ended Sept. 30, AVI reported a net loss of $22.7 million, or $0.43 per share, compared with a net loss for the comparable period in 2005 of $12.1 million, or $0.28 per share.
AVI's revenues for the nine-month period fell to $98,000, from $3.4 million in the prior-year period.
Research and development expenses for the nine months were up at $18.6 million, from $12.2 million for the first nine months of 2005.
AVI had cash, cash equivalents and short-term securities of $38.4 million as of Sept. 30, a decrease of $8.6 million from Dec. 31, 2005.
"As planned we have initiated our clinical program for the treatment of coronary vascular disease with AVI-5126, or Resten-CP, which combines our third-generation antisense drug AVI-4126 with our proprietary CytoPorter delivery peptide," chief executive officer Denis R. Burger said in a company news release.
AVI expects efficacy results from these studies in late 2007 and plans to commercialize Resten-CP for coronary artery bypass grafting within five years.
Portland, Ore.-based AVI develops therapeutic products using third-generation Neugene antisense drugs.
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