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Avigen: cash and equivalents enough for two to three years
By Lisa Kerner
Charlotte, N.C., Oct. 25 - Avigen, Inc. said it ended the quarter with roughly $75 million of financial assets, including cash, cash equivalents, available-for-sale securities and restricted investments, compared with roughly $80 million at June 30.
The company believes its financial resources will be able to fund its planned operating expenses for two to three years.
Avigen reported a net loss of $5.7 million, or $0.23 per share, for the quarter ended Sept. 30, compared with a net loss of $6.8 million, or $0.32 per share, for the prior-year period.
Research and development expenses for the third quarter were approximately $4.7 million, an increase from $3.6 million for the third quarter of 2005.
For the nine months ended Sept. 30, Avigen reported a net loss of $18.5 million, or $0.81 per share, an improvement from the company's loss of $21.8 million, or $1.06 per share, for the prior-year period.
Avigen's research and development expenses for the first nine month increased to $11.3 million from $10.9 million for the first nine months of 2005.
"During the third quarter, we initiated human trials on both AV650, which targets spasticity and neuromuscular spasm, and AV411 for neuropathic pain," president and chief executive officer Kenneth G. Chahine said in a company news release.
"We have established a clear clinical development strategy for each of these products and are on track to file additional Investigational New Drug applications and initiate clinical trials with different patient populations over the next six to nine months."
Avigen is a biopharmaceutical company based in Alameda, Calif.
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