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VaxGen releases second-quarter results; development expenses met expectations.(Brief Article)
2002 SEP 11 - (NewsRx.com & NewsRx.net) -- VaxGen, Inc., (VXGN) announced a net loss of $6.7 million, or 46 cents per share excluding noncash charges, for the second quarter ended June 30, 2002, compared with a net loss of $5.9 million, or 42 cents per share excluding noncash charges, in the second quarter of 2001.
The increase in the year-over-year loss was due primarily to costs associated with additional personnel and infrastructure to support completion of the company's phase III trials, associated regulatory filings, and advanced development of the company's AIDS vaccine candidates.
VaxGen said the loss was in line with its expectations. VaxGen ended the second quarter with $35.8 million in cash and investment securities, compared with $41.9 million at the end of the previous quarter.
Including noncash charges associated with the company's $20 million redeemable convertible preferred stock financing, which closed in May 2001, the net loss applicable to common shareholders for the quarter ended June 30, 2002 was $7.4 million, or 52 cents per share.
That compares with a net loss applicable to common shareholders of $6.9 million, or 49 cents per share, for the quarter ended June 30, 2001.
Contract revenue, or grant revenue, was $220,000 for the most recent quarter, compared with $346,000 during the same quarter in 2001.
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