Vaccine maker reports net loss of $3.2M in second quarter.

Publication: Biotech Business Week

Bookmark this article Print this article Link to this article Email this article Digg It! Add to del.icio.us RSS

COPYRIGHT 2003 NewsRX

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,...

Read the full article for free courtesy of your local library.