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AIDSVAX developer releases third-quarter financial results.
2002 DEC 18 - (NewsRx.com & NewsRx.net) -- VaxGen, Inc., (VXGN) announced a net loss of $7.8 million, or 54 cents per share excluding noncash charges, for the third quarter ended September 30, 2002, compared with a net loss of $6.2 million, or 44 cents per share excluding noncash charges, in the third quarter of 2001.
The increase in the loss was primarily associated with the hiring of additional manufacturing, regulatory and quality control personnel to prepare for the commercialization of the company's AIDS vaccine candidate, if it proves successful. The loss also reflects an increase in insurance premiums.
The company ended the third quarter with $26.2 million in cash and investment securities, compared with $35.8 million at the end of the previous quarter. The most recent cash and investment securities balances do not include cash from a $13.6 million anthrax vaccine contract awarded on September 30, 2002. VaxGen expects to begin recording revenue and collecting payments from the contract in the fourth quarter of 2002.
Contract revenue, or grant revenue, was $132,000 for the most recent quarter, compared with no revenue during the same quarter in 2001. The revenue came from an existing grant from the National Institutes of Health (NIH) to develop an AIDS vaccine formulation against HIV subtype C.
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 September 30, 2002 was $8.5 million, or 59 cents per share. That compares with a net loss applicable to common shareholders of $6.9 million, or 49 cents per share, including noncash charges, for the quarter ended September 30, 2001.
For the 9 months ended September 30, 2002, VaxGen reported a net loss of $21.4 million, or $1.49 cents per share excluding noncash charges, versus a net loss of $18 million, or $1.27 cents per share excluding noncash charges, in the corresponding period of 2001. The net loss applicable to common shareholders came to $23.6 ...
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