Tuesday August 4, 8:03 am Eastern Time
Company Press Release
AVI BioPharma Announces Second Quarter 1998 Financial Results
PORTLAND, Ore.--(BW HEALTHWIRE)--Aug. 4, 1998--AVI BIOPHARMA (''AVI'')(Nasdaq: AVII - news, AVIIW -
news), formerly known as AntiVirals Inc., today reported financial results for the six months ended June 30, 1998. For the
second quarter ended June 30, 1998, the company's net loss was $1,659,463 or $0.15 per share compared with a net loss of
$1,265,395 or $0.13 per share for the second quarter 1997. AVI reported research contract revenue in the second quarter
1998 of $6,153 compared with $3,754 in the second quarter of 1997. The net loss for the six month period ending June 30,
1998 was $3,084,322 or $0.28 per share compared with a net loss of $1,858,091 or $0.20 per share for the same period in
1997.
Research and development expenses in the second quarter of 1998 increased to $1,304,174 from $921,930 in 1997. For the
six months ended June 30 1998, research and development expenses increased to $2,598,439 compared with $1,373,653
from the comparable period in 1997.
Operating expenses increased to $1,809,159 in the second quarter of 1998 from $1,332,042 in the second quarter of 1997
and to $3,410,389 for the six months ended June 30, 1998 from $1,953,793 for the comparable period of 1997. These
expenses resulted principally from increased research and development staffing and expenses associated with outside
collaborations and pre-clinical testing of AVI's technologies.
Denis Burger, Ph.D., President and CEO of AVI BioPharma, stated, ''The second quarter of 1998 was very productive.
During the quarter, we selected CROs to conduct Phase II/III studies with the Avicine(TM) cancer vaccine in pancreatic cancer
and Phase II studies in prostate cancer. We also initiated cGMP manufacturing of the vaccine for a Phase III licensing trial in
colorectal cancer. AVI expects to commence these trials in 1998 and early 1999.
''From a financial perspective, the second quarter results are in-line with our expectations. We will incur additional future
expenses as our development programs enter late stage clinical testing. As we approach this critical juncture, we are diligently
seeking to establish a pharmaceutical collaborative arrangement, which will allow us to further our development programs more
rapidly.''
AVI BioPharma, formerly known as AntiVirals Inc., is dedicated to the development and commercialization of products for the
treatment of life-threatening diseases. In the antisense field, the company has developed a patented class of gene targeted drugs,
called NEUGENES(R), which may be useful in the treatment of a wide range of human diseases including cancer and
restenosis, a cardiovascular disease. The company has also developed a drug delivery technology, called
CYTOPORTER(TM), which may be useful in improving delivery of many FDA-approved drugs, drugs in development, and
antisense compounds. In February 1998, AVI BioPharma and ImmunoTherapy Corporation (ITC) entered into an agreement
whereby AVI will acquire ITC. The acquisition has been approved by the Boards of Directors of both companies and is
pending AVI and ITC shareholder approval.
''Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical
facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited to, the
results of research and development efforts, the results of pre-clinical and clinical testing, the effect of regulation by the FDA and
other agencies, the impact of competitive products, product development, commercialization and technological difficulties, and
other risks detailed in the Company's Securities and Exchange Commission filings.
ANTIVIRALS INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
Three Months Ended Six Month Ended
June 30, June 30,
1998 1997 1998 1997
---- ---- ---- ----
Revenues, from grant
and research contracts $ 6,153 $ 3,754 $ 11,803 $3,754
Operating expenses:
Research and
development 1,304,174 921,930 2,598,439 1,373,653
General and
administrative 504,985 410,112 811,950 580,140
-------- ------- -------- --------
1,809,159 1,332,042 3,410,389 1,953,793
Other income:
Interest income, net 143,543 62,893 314,264 91,948
Net loss $ (1,659,463) $ (1,265,395) $ (3,084,322)$(1,858,091)
============= ============= =========== ==========
Net loss per share -
basic and diluted $(0.15) $(0.13) $(0.28) $ (0.20)
======= ======= ======= =======
Shares used in per
share calculations 11,166,536 9,387,998 11,157,240 9,085,566
========== ========= ========== ==========
BALANCE SHEET HIGHLIGHTS
June 30, December 31,
1998 1997
Cash and cash equivalents $13,195,011 $ 17,638,936
Total current assets 14,451,665 17,657,978
Total assets 15,834,482 18,782,214
Total current liabilities 434,092 464,452
Total shareholders' equity $15,400,390 $ 18,317,762 |
