Avant Immunotherapeutics reports second-quarter net loss of $5.7 million

By Lisa Kerner

Charlotte, N.C., Aug. 2 - Avant Immunotherapeutics, Inc. reported a net loss of $5.7 million, or $0.08 per share, for the second quarter of 2006, down from a net loss of $4.7 million, or $0.06 per share, for the second quarter of 2005.

Total revenues for the quarter were down to $505,479 from $627,181 for the prior-year period.

For the six months ended June 30, Avant reported a net loss of $8.6 million, or $0.12 per share, slightly better than the net loss of $9.6 million, or $0.13 per share, reported for the six months ended June 30, 2005.

Total revenues for the first half of the year increased to $4.2 million from $1.6 million in the first half of 2005.

Avant reported cash and cash equivalents of $53.5 million at June 30.

"These financial results were consistent with our expectations and we remain on track in all of our product development programs," president and chief executive officer Una S. Ryan said in a company news release.

"During the remainder of 2006, we will be advancing our lead vaccine program, CholeraGarde, towards a phase 3 trial in early 2007 as well as preparing to initiate human safety studies of our oral plague vaccine in early 2007."

Avant is a vaccine development company based in Needham, Mass.

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