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Vaccine maker reports net loss of $3.2M in second quarter.
2003 AUG 18 - (NewsRx.com & NewsRx.net) -- Avant Immunotherapeutics, Inc., (AVAN) reported financial results for the second quarter ended June 30, 2003.
The company reported a net loss of $3.2 million, or $.05 per share, for the second quarter of 2003 compared to a net loss of $5.2 million, or $.09 per share, for the second quarter of 2002. The decreased loss for the second quarter of 2003 results primarily from an increase in revenue and a decrease in operating expense compared to the same period in 2002, offset in part by a decrease in investment income.
The increase in revenue of $435,600, or 67.8%, primarily reflects revenue of $818,600 recognized from government contracts in the second quarter of 2003, offset partly by decreased revenue from product development and licensing agreements and from product sales.
The decrease in operating expense of $1.7 million, or 28.4%, primarily results from lower research and development expenses in the second quarter of 2003 of $1.4 million due to decreased clinical trial and contract manufacturing costs and a reduction of $335,800 in selling, general and administrative expense.
During the second quarter of 2003, Avant managed fewer clinical trials as a result of discontinuing its TP10 trials during the first quarter of 2002 and completing the CholeraGarde phase II dose-ranging study in 2002. The reduction in manufacturing costs associated with the bacterial vaccines programs was due to limited contract manufacturing activity during the second quarter of 2003. The decrease in operating expense further resulted from declines in personnel and related expenses and manufacturing consultancy costs, offset partly by increases in license fees, facility-related costs, insurance and legal expenses.
The decrease in investment income reflects lower average cash balances between periods and lower interest rates. The company ended the quarter with cash and cash equivalents of $17 million. On July 1, 2003, Avant completed a private placement of common stock with gross proceeds of $10 million, which brings its current cash position to approximately $26.4 million.
For the 6 months ended June 30, 2003, the company reported a net loss of $6.5 million, or $.11 per share, compared to a net loss of $10.1 million, or $.17 per share, for the 6 months ended June 30, 2002. The 6-month results for 2003 reflect a decrease in net loss of $3.6 million, or 35.1%, compared to the same period in 2002. This decrease in net loss primarily reflects an increase in revenue and a decrease in operating expense, offset in part by a decrease in investment income.
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Source: HighBeam Research, Vaccine maker reports net loss of $3.2M in second quarter.