Avant Q1 results

Avant Immunotherapeutics, of Needhan, MA, US reported a net loss of $1.9m for the first quarter of 2004 compared with a net loss of $3.4m for the first quarter of 2003. The decreased loss for the first quar-ter of 2004 primarily reflects an increase in revenue, offset partly by an increase in operating expense and a decrease in interest income compared with the same period in 2003.

The increase in revenue of $2,349,000 in 2004 re-sults from the recognition of $1m in revenue from DynPort Vaccine Company for rPA clinical materials, the recognition of an upfront license fee of $1m from Adprotech and an increase in government contract revenues from DVC of $402,900. The increase in op-erating expense of $828,100, or 19.9%, was due to an increase in research and development expense in the first quarter of 2004 due to increased clinical trials costs and contract manufacturing costs incurred on the TP10 program, offset in part by a decrease in li-censing fees. The increase in operating expense fur-ther resulted from an increase of $67,400 in general and administrative personnel-related expense. The decrease in investment income of $68,100 reflected lower interest rates in 2004. At March 31, 2004, the Company reported cash and cash equivalents of $41.2m.

'Since January we achieved several notable clini-cal and financial milestones that bring us a step closer to becoming a commercial company and realising the full value of our technologies and products,' said Dr Una Ryan, president and ceo of Avant.