Favrille ends quarter with $51.4 million, expects operating expenses of $45 million for the year

By Lisa Kerner

Charlotte, N.C., Nov. 14 - Favrille, Inc. said that as of Sept. 30, it had had cash, cash equivalents and short-term investments of $51.4 million, compared with $34.5 million at Dec. 31, 2005.

The increase was attributed to the $45.4 million of proceeds, before expenses, from Favrille's private placement of common stock and warrants in March 2006.

"We expect total operating expenses for the full year 2006 to be approximately $45 million, including an estimated $4 million in stock-based compensation," chief financial officer Tamara A. Seymour said in a company news release.

"We anticipate our cash, cash equivalents and short-term investments to be approximately $40 million at the end of 2006."

Favrille reported a net loss for the three months ended Sept. 30 of $9.6 million, or $0.33 per share, an increase from the net loss of $8.5 million, or $0.43 per share, reported for the same period in 2005.

Research and development expenses were steady at $7.5 million for the quarter, compared with $7.4 million for the third quarter of 2005.

For the nine months ended Sept. 30, the company had a net loss of $30.3 million, or $1.13 per share, compared with a net loss of $26.3 million, or $1.51 per share, for the first nine months of 2005.

Research and development expense for the nine-month period was $23.4 million, up from $22.1 million for the same period in 2005.

Favrille is a San Diego-based biopharmaceutical company developing immunotherapies for the treatment of cancer and other diseases of the immune system.

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