Adventrx 4Q loss widens |
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Fri, 16 Mar 2007 00:19
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SAN DIEGO (AP) - Drug developer Adventrx Pharmaceuticals Inc. said Thursday its fourth-quarter loss widened as operating expenses, including research costs, grew.The company posted a loss of $6.4 million, or 8 cents per share, compared with a loss of $2.2 million, or 3 cents per share, during the same period a year earlier.Analysts, on average, were expecting a loss of 6 cents per share, according to a poll by Thomson Financial.The company said the quarter's loss was due mainly to $4.8 million in operating expenses that included $3.1 million in research and development costs. Operating costs in the year-ago period were $3.8 million.The quarter's loss also includes non-cash expenses of $2.1 million from a loss on fair value of warrants, as well as stock options costs.For the full year, Adventrx posted a loss of $29.3 million, or 40 cents per share, compared with a loss of $24.9 million, or 41 cents per share, in 2005.Shares closed up 10 cents, or 5 percent at 2.12 on the American Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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