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Pharmaceutical firm reports loss of $0.08 per share.
2004 SEP 18 - (NewsRx.com & NewsRx.net) -- Avanir Pharmaceuticals (AVN) reported a net loss for the third quarter of fiscal 2004 of $6.6 million, or $0.08 per share, compared with a net loss of $6.0 million, or $0.10 per share for the same period a year ago.
Total operating expenses were $7.3 million in the third fiscal quarter of 2004, compared to $6.4 million in the same period in fiscal 2003. Research and development (R&D) expenses were $5.1 million in the third fiscal quarter of 2004, compared to $4.5 million in the same period a year ago.
Research and development programs accounted for 70% of total operating expenses for the 3 months ended June 30, 2004, and June 30, 2003.
The company's phase III clinical trial of Neurodex for the treatment of pseudobulbar affect in patients with multiple sclerosis and the ongoing Neurodex open-label safety study accounted for approximately 42% of all R&D outlays for the quarter.
The phase I clinical trial of our lead compound for the treatment of allergy and asthma accounted for approximately 20% of total R&D spending. The balance of R&D expenses were for preclinical research on potential treatments for inflammation and atherosclerosis and antibody research programs.
R&D spending is expected to continue at the present rate through this current quarter, our fourth fiscal quarter of 2004, as we proceed to analyze and report the results of the Neurodex phase III clinical trial, continue the open label safety study of Neurodex, prepare for the additional phase I clinical trials of our allergy/asthma drug candidate and continue preclinical research related to inflammation and atherosclerosis.
Revenues for the third quarter of fiscal 2004 were $591,000, compared to $398,000 in the same period a year ago. Revenues in the third quarter of fiscal 2004 included $351,000 in revenues that the company recognized from the sale of Abreva royalty rights to Drug Royalty USA and $222,000 from government research grants.
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