Company reports 2001 4Q, year-end financial results.(AVAX Technologies Inc.)(Brief Article)(Statistical Data Included)

2002 MAY 15 - (NewsRx.com & NewsRx.net) -- Avax Technologies, Inc., (AVXT) announced financial results for the fourth quarter and year ended December 31, 2001.

The net loss for the fourth quarter of 2001 was $6.3 million or $0.38 per share, versus a net loss of $6.2 million or $0.37 per share reported for the same period in 2000. The net loss for the year ended December 31, 2001 was $15.1 million or $0.91 per share compared with a net loss of $16.3 million or $1.06 per share for 2000. The fourth quarter and year-end results for 2001 included noncash charges of $3.4 million related to the write off of certain acquired intellectual property and other intangibles. The quarter and year-end results for 2000 included noncash charges of $2.4 million and $4.7 million, respectively, for acquired in process research and development relating to the Genopoietic acquisition in which the company issued 800,000 shares of common stock valued at approximately $7.6 million.

Manufacturing, research and development expenses decreased from $9.4 million to $8.1 million. Manufacturing, research, and development expenses decreased in the United States by approximately $1.8 million and increased in France by approximately $0.5 million. In the United States research efforts transitioned from clinical development to product development in creating a frozen vaccine technology. The increase in expenses at the company's French subsidiary were the function of a full year of expense at the site versus the prior year which only included four months of expense beginning with the acquisition completion in late August of 2000. Activities undertaken in France were primarily directed at supporting the ongoing clinical development activities related to the SCID-Xl technology, limited costs associated with development work on the chondrocyte technology and supporting product development initiatives for the AC vaccine.

Selling, general and administrative expenses increased approximately $0.3 million from $4.0 million to $4.3 million. In the United States selling, general and administrative expenses decreased approximately $0.5 million while in France these expenses ...