Avant reports loss for fourth quarter and full-year 2005

By Lisa Kerner

Erie, Pa., March 8 - Avant Immunotherapeutics, Inc. reported a net loss of $4 million, or $0.05 per share, for the fourth quarter of 2005 compared with a net loss of $3.7 million, or $0.05 per share, for the fourth quarter of 2004.

For the 12 months ended Dec. 31, the company reported a net loss of $18.1 million, or $0.24 per share, compared with a net loss of $13.2 million, or $0.18 per share, in 2004.

Avant attributes the increase in net loss between periods to reduced revenues and increased operating expenses, partially offset by increased investment and other income, according to a company news release.

Cash and cash equivalents were $23.4 million on Dec. 31.

"For Avant, 2005 was another year of significant milestones, capped by the continued commercialization of the Rotarix rotavirus vaccine by our partner GlaxoSmithKline," president and chief executive officer Una S. Ryan said in the release.

"The $40 million milestone payment from Paul Royalty Fund (PRF) that we anticipate on E.U. commercial launch of Rotarix, combined with cash on-hand, will put us in a strong financial position to build our industry-leading bacterial vaccine franchise."

For 2006, Avant expects revenue to be between $6 million and $7 million, compared with 2005 revenue of $3.1 million, with the increase derived from government contracts, grants, product milestones and royalties.

Avant said it has a variety of programs in clinical development, including the Rotarix vaccine, TP10 for cardiac bypass surgery, CETi vaccine for cholesterol management; oral vaccines against cholera, typhoid fever and other important diarrheal diseases; and oral vaccines for biodefense.

The company plans to actively pursue partnering opportunities for both its TP10 and CETi programs but did not reveal a specific timeline or partner.

Needham, Mass.-based Avant discovers and develops innovative vaccines and therapeutics that harness the human immune system to prevent and treat disease.

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