|
|
|
|
Document Preview AVI Biopharma Announces 2001 Fourth Quarter and Full Year Financial Results |
||||
|
|
||||
|
Click "Add to Cart" button to purchase document. |
||||
|
|
||||
|
Title: |
AVI Biopharma Announces 2001 Fourth Quarter and Full Year Financial Results |
|||
|
Entities: |
||||
|
Date: |
2002 |
|||
|
Size: |
Preview shows 5KB of 15KB total |
|||
|
Price: |
$37 |
|||
|
ID: |
#286957 |
|||
|
|
||||
|
||||
|
|
||||
|
Start of Preview |
||||
| Company Contacts: AVI BioPharma, Inc. Denis R. Burger, Ph.D., Chairman and CEO Alan P. Timmins, President and COO (503) 227-0554 |
Press Contact: Waggener Edstrom Bioscience Colleen Beauregard (colleenb@wagged.com) Andrew Fowler (andrewf@wagged.com) (503) 443-7000 |
Investor Contacts:
Lippert/Heilshorn & Associates, Inc.
Bruce Voss (bvoss@lhai.com)
Jody Cain (jcain@lhai.com)
(310) 691-7100
AVI BioPharma Announces 2001 Fourth Quarter
And Full Year Financial Results
PORTLAND, Ore.March 12, 2002AVI BioPharma, Inc. (Nasdaq: AVII, AVIIW, AVIIZ), a biopharmaceutical company that develops products based on antisense drug development and cancer immunotherapy, today reported financial results for the three and 12 months ended December 31, 2001.
For the fourth quarter of 2001, the company reported a net loss of $4.6 million, or $0.20 per share, compared with a net loss of $3.0 million, or $0.14 per share, for the fourth quarter of 2000. Research and development expenses during the fourth quarter of 2001 increased to $4.2 million from $2.7 million for the comparable quarter last year, and general and administrative expenses increased to $806,544 from $786,143 last year. These increases were primarily due to additional expenses associated with outside collaborations, expansion of the company's clinical development and regulatory affairs efforts, and additional preclinical and clinical testing of the company's products.
For the year 2001, the company recorded a net loss of $26.9 million, or $1.20 per share, compared with a net loss of $9.2 million, or $0.49 per share, reported in 2000. The 2001 net loss included a $12.5 million one time, non-cash write-down of securities in accordance with SEC accounting rules. The 2001 net loss excluding this write-down was $14.4 million, or $0.64 per share. Revenues for the year 2001 were $706,102, compared with $1.3 million in 2000, which included a $1 million payment for expansion of a license for diagnostic applications. Research and development expenses during 2001 were $12.8 million, compared with $9.3 million in 2000, and general and administrative expenses were $3.4 million, compared with $2.3 million last year. These increases were primarily due to additional expenses associated with outside collaborations, expansion of the company's clinical development and regulatory affairs efforts, and additional preclinical and clinical testing of the company's products.
The company had cash, cash equivalents and short-term securities of $25.6 million as of December 31, 2001, a decrease of $6.5 million from December 31, 2000. This decrease was due primarily to $12.6 million used in operations and $4.9 million used for capital expenditures and patent-related costs. This decrease was net of proceeds of $10 million from the stock purchase agreement with Medtronic, Inc., $0.8 million from the exercise of options and warrants, and a net $0.2 million increase in the value of the company's short-term securities.
For 2001, AVI's operations were led by a growing investment in R&D, construction of a Good Manufacturing Practices (GMP) facility to produce antisense drugs for clinical trials, and continued expansion of the company's clinical development and regulatory affairs efforts. For 2002, the company expects higher operating costs as a result of a growing investment in R&D and expanded clinical trials, with an anticipated burn rate for the year of approximately $20 million.
|
End of Preview |
Home Intelligence Services Subscriptions News About Us