report out - they lost more money....
(BSNS WIRE) AVI BioPharma, Inc. Reports 1998 Fourth Quarter and Year-End
AVI BioPharma, Inc. Reports 1998 Fourth Quarter and Year-End Financial Results
Health/Medical Writers, Business Editors
PORTLAND, Ore.--(BW HealthWire)--March 9, 1999--AVI BioPharma,
Inc. ("AVI") (Nasdaq NM:AVII, AVIIW) today reported financial results
for the fourth quarter and year ended Dec. 31, 1998.
The net loss for the fourth quarter was $2,391,684 or $0.18 per
share, compared with a net loss of $813,265, or $0.07 per share, for
the same period in 1997. Operating expenses for the 1998 fourth
quarter were $2,599,145, versus $1,022,625 in the fourth quarter of
1997. The increase was primarily due to heightened research and
development activities, including expenses associated with outside
collaborations and pre-clinical testing of the company's technologies.
The company's net loss, operating expense and per share figures
for the year ended Dec. 31, 1998 includes a one-time charge of
$19,473,154, or $1.65 per share, for acquired in-process research and
development, reflecting the acquisition of ImmunoTherapy Corporation.
The net loss for the year ended Dec. 31, 1998 was $26,733,963, or
$2.27 per share, compared with a net loss of $3,615,990, or $0.36 per
share, reported in 1997. Excluding the one-time charge, the net loss
for the year ended Dec. 31, 1998 was $7,260,809, or $0.62 per share.
Operating expenses for 1998 were $27,401,395, compared with $4,019,386
for the same period in 1997. These increases are due primarily to the
aforementioned one-time charge for acquired research and development.
Excluding the one-time charge, operating expenses were $7,928,241 for
the year ended Dec. 31, 1998. This increase reflects an increase in
research & development costs of $6,306,860 versus $2,737,172 reported
in 1997, and general and administrative costs of $1,621,381 versus
$1,282,214 reported in the same period last year.
Denis Burger, Ph.D., President and CEO of AVI BioPharma, stated,
"It has been an eventful year at AVI BioPharma, and we have made
tremendous progress in furthering the development of our three
platform technologies: vaccines, antisense and drug delivery. As a
result of our accomplishments, we are confident that 1999 will begin
to bear the fruits of our efforts.
"AVI's R&D team made great strides throughout 1998 in preparing
Avicine(TM), a therapeutic cancer vaccine, for clinical testing in
three cancer indications. During the year, we concentrated our efforts
on selecting contract research organizations for the initiation of a
Phase II study of Avicine in pancreatic cancer and a Phase II trial in
prostate cancer. AVI also began the GMP manufacture of Avicine for a
Phase III licensing trial in colorectal cancer. Most importantly, in
1998, AVI announced noteworthy data from Avicine studies in both
pancreatic and colorectal cancer, demonstrating that hCG appears to be
a valid cancer target that is both safe and efficacious.
"AVI also made substantial progress in developing its NeuGene(R)
technology, more specifically, its compound Resten-NG for restenosis,
a cardiovascular disease. Given the progress we made during the year
and the results we have recorded to date, we believe that Resten-NG is
a viable product candidate, well poised to enter the clinic by the end
of 1999. Our extensive data, presented at various industry conferences
throughout the year, validate our belief that AVI's antisense
technology will prove to be superior to competing compounds. To
enhance the delivery of Resten-NG, AVI acquired a unique microbubble
drug delivery technology, which represents an additional approach to
site-specific delivery. In November 1998, the National Institutes of
Health provided AVI with funding to investigate the therapeutic
benefit of this delivery mechanism.
"During 1998, AVI also advanced pre-clinical studies of its
CytoPorter(TM) drug delivery technology and continued to examine a
wide variety of dermal and transdermal applications. Results from
these studies, presented at the American Association of Pharmaceutical
Scientists, demonstrated that CytoPorter may be beneficial in the
improved delivery of small molecular drugs currently in development,
more complex drugs developed by other biotech companies, as well as
FDA-approved drugs with delivery problems."
Overall, based on our considerable progress to date, we are on
track to meet our goals for 1999, which include initiating late stage
clinical testing of Avicine in colorectal, pancreatic and prostate
cancer, completing our investigational new drug application for
Resten-NG and continuing our studies of our drug delivery
technologies. From a business development standpoint, we are exploring
a variety of opportunities including collaborations with
pharmaceutical partners that will support our exciting product
development efforts."
AVI BioPharma Inc. is dedicated to the development and
commercialization of products for the treatment of life-threatening
diseases using three platforms: immunotherapy for cancer,
gene-targeted drugs, and intracellular drug delivery technologies. The
company will soon enroll patients into a Phase III licensing trial of
its lead clinical agent, Avicine(TM), an essentially non-toxic cancer
vaccine, in colorectal cancer, a Phase II trial in pancreatic cancer
and a Phase II trial in prostate cancer. The company has also
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 cardiovascular restenosis and cancer. Further, AVI has
developed a novel drug delivery technology, called CytoPorter(TM),
that may be useful in significantly improving drug uptake while
minimizing toxicity for a wide range of FDA approved drugs.
"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.
-0-
*T
AVI BIOPHARMA, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
Three Months Ended Year Ended
December 31, December 31,
1998 1997 1998 1997
---- ---- ---- ----
Revenues, from
grant and
research
contracts $ 103,571 $ 5,245 $ 120,351 $ 14,345
Operating expenses:
Research and
development 2,159,288 614,969 6,306,860 2,737,172
General and
administrative 442,794 407,656 1,621,381 1,282,214
Acquired
in-process
research and
development (2,937) -- 19,473,154 --
2,599,145 1,022,625 27,401,395 4,019,386
Other income:
Interest
income, net 103,890 204,115 547,081 389,051
----------- ----------- ----------- -----------
Net loss $(2,391,684) $ (813,265) $(26,733,963) $(3,615,990)
=========== =========== ============ ===========
Net loss per share
- basic and
diluted $ (0.18) $ (0.07) $ (2.27) $ (0.36)
=========== =========== ============ ===========
Shares used in per
share
calculations 13,331,225 11,096,837 11,801,453 10,078,962
=========== =========== ============ ===========
BALANCE SHEET HIGHLIGHTS
December 31, December 31,
1998 1997
---- ----
Cash and cash equivalents $ 8,510,020 $ 17,638,936
Total current assets 9,019,448 17,657,978
Total assets 10,192,083 18,782,214
Total current liabilities 1,186,399 464,452
Total shareholders' equity $ 9,005,684 $ 18,317,762
*T
--30--APS/se*
CONTACT: AVI BioPharma, Inc.
Denis R. Burger, 503/227-0554
Alan P. Timmins, 503/227-0554
OR
CPR Financial Communications, LLC
Olga M. Fleming/Sue L. Yeoh, 201/641-2408
KEYWORD: OREGON
INDUSTRY KEYWORD: EARNINGS MEDICINE BIOTECHNOLOGY PHARMACEUTICAL
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