AVI BioPharma reports net loss of $6.9 million for second-quarter 2006

By Lisa Kerner

Charlotte, N.C., Aug. 8 - AVI BioPharma, Inc., reporting financial results for the three and six months ended June 30, had a net loss for the second quarter of $6.9 million, or $0.13 per share, compared with a net loss for the second-quarter 2005 of $4.9 million, or $0.11 per share.

Revenues for the 2006 second quarter were down at $19,000, from $39,000 in the prior-year period. The decrease was attributed to lower grant revenues, partially offset by higher research contract revenues.

For the first half of 2006, AVI reported an increased net loss of $16.0 million, or $0.31 per share, compared with a net loss of $10.4 million, or $0.24 per share, for the comparable period in 2005.

Revenues remained essentially unchanged at $85,000 for the first half of 2006 and of 2005.

AVI had cash, cash equivalents and short-term securities of $44.5 million as of June 30, down from $2.6 million on Dec. 31, 2005.

For the remainder of 2006, AVI said it plans to start a clinical trial in coronary artery bypass grafting using Resten-CP (AVI-5126) and to begin clinical study of its Exon Skipping Pre-RNA Interference Technology (Esprit) therapeutics in Duchenne muscular dystrophy.

The company also said it is completing animal studies to file an Investigational New Drug application for Neugene for the treatment of avian influenza as it also continues to work with the Centers for Disease Control and Prevention in its dengue virus program.

AVI, based in Portland, Ore., develops therapeutic products using third-generation Neugene antisense drugs.

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