Avalon posts wider 4Q loss on costs |
|
|
|
Published
:
Wed, 21 Mar 2007 22:24
|
GERMANTOWN, Md. (AP) - Biopharmaceutical company Avalon Pharmaceuticals Inc. said Wednesday it posted a wider fourth-quarter loss as research and development costs increased.The company lost $4.4 million, or 43 cents per share, compared with a loss of $3 million, or 37 cents per share, during the same period a year prior. Revenue fell to $653,000 from $796,000. Avalon is still a development stage company.Analysts polled by Thomson Financial expected a loss of 43 cents per share on revenue of $1 million.Costs and expenses increased to $5.3 million from $4 million. The company is conducting a Phase I clinical trial on a IMPDH inhibitor aimed at treating hematological malignancies.For the full year, the company lost $17.1 million, or $1.74 per share, compared with a loss of $20.4 million, or $9.58 per share, a year earlier. Revenue climbed 76 percent to $2.7 million from $1.5 million.The company also said it would delist from the NYSE Arca, but continue to remain listed on the Nasdaq Stock Market. The move is being made to cut duplicative costs, Avalon said.Shares of Avalon rose 22 cents, or 4.9 percent, to close at $4.72 on the Nasdaq. The stock has traded between $2.20 and $5.85 over the last 52 weeks.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Aerospace and transportation highlights to 15:40 GMT 