AVI BioPharma Announces Third Quarter Results.Business & Health/Medical Editors PORTLAND, Ore.--(BW HealthWire)--Nov. 7, 2000 AVI BioPharma AVI BioPharma Inc. is a medical research and drug development company with corporate offices in Portland, Oregon, United States, and laboratories in Corvallis, Oregon. It was incorporated in 1980. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AVII, AVIIW, AVIIZ), a biopharmaceutical company developing products based on cancer immunotherapy Cancer immunotherapy is the use of the immune system to reject cancer. The main premise is stimulating the patient's immune system to attack the malignant tumor cells that are responsible for the disease. and gene-targeted drug technologies, today reported financial results for the three and nine months ended September 30, 2000. For the third quarter of 2000, the Company reported a net loss of $2,252,104, or $0.11 per share, compared with a net loss of $2,205,081, or $0.17 per share, for the third quarter 1999. Third quarter operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased to $2,713,449 from $2,244,335 last year, primarily due to a 24% increase in research and development expenses to $2,155,538. The increase in R&D expense was attributable to ongoing pre-clinical and clinical efforts to support the Company's core technologies, including increases in staffing, expenses associated with outside collaborations and the development of clinical scale manufacturing capabilities. For the nine months ended September 30, 2000, AVI (Audio Video Interleaved) A Windows multimedia video format from Microsoft. It interleaves standard waveform audio and digital video frames (bitmaps) to provide reduced animation at 15 fps at 160x120x8 resolution. Audio is 11,025Hz, 8-bit samples. reported a net loss of $6,232,399, or $0.35 per share, compared with a net loss of $5,941,725, or $0.45 per share, for the same period in 1999. Revenues for the nine months ended September 30, 2000 increased to $1,272,338, compared with $7,783 for the same period in 1999. This increase was primarily due to the receipt of $1 million for expansion of a license for diagnostic applications. At September 30, 2000 the Company had cash and cash equivalents of $29,554,775, which reflects completion in August of a secondary offering of common stock with net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Company of $19,886,619. Additionally, the Company received net proceeds of $4,744,720 and 347,826 shares of SuperGen, Inc. common stock from an alliance with that company for shared development and marketing rights for Avicine. "During this quarter, the scientific community demonstrated a heightened appreciation for our NeuGene technology," commented Denis Denis, king of Portugal: see Diniz. R. Burger, Ph.D., chief executive officer of AVI BioPharma. "We received positive recognition at both the CaPCURE prostate cancer prostate cancer, cancer originating in the prostate gland. Prostate cancer is the leading malignancy in men in the United States and is second only to lung cancer as a cause of cancer death in men. retreat and the Eighth Annual BioPartnering Europe Conference. At the seventh annual CaPCURE prostate scientific conference, our NeuGene work was considered to be at the forefront of the exploration for new cancer treatments, while our work in restenosis was highlighted at the Transcatheter Cardiovascular Therapeutics 2000 Conference in Washington, D.C." Dr. Burger noted, "After 20 years of research, we are encouraged by the growing acceptance of our third generation antisense antisense, DNA or RNA manipulated in a laboratory so that its components (nucleotides) form a complementary copy of normal, or "sense," messenger RNA (mRNA; see nucleic acid). technology within the scientific community." "Our clinical progress continues on track and on plan," he added. "To augment our clinical trial efforts at the prestigious Lenox Hill Hospital Lenox Hill Hospital, on Manhattan's Upper East Side, is a 652-bed, acute care hospital and a major teaching affiliate of NYU Medical Center. Founded in 1857 as the German Dispensary, today's 10-building Lenox Hill Hospital complex has occupied its present site since 1868 when it in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , we were pleased to add The Texas Cardiac Center The cardiac center is part of the medulla oblongata responsible for controlling the heart rate. External links
"In addition to improving our capital position," he continued, "we strengthened our management ranks by appointing David H. Mason, Jr., M.D. as Senior Vice President of Clinical Development and Regulatory Affairs Regulatory Affairs (RA), also called Government Affairs, is a profession within regulated industries, such as pharmaceuticals, medical devices, energy, and banking. Regulatory Affairs professionals usually have responsibility for the following general areas: AVI has scheduled an investor conference call regarding this announcement to be held Tuesday, November 7th beginning at 11:00 a.m. Eastern Time. To participate in the live call via telephone, please call (800) 530-9601. A telephone replay will be available until 1:00 p.m. Eastern Time November 9th by dialing (800) 633-8284, reservation number 16645524. Individuals interested in listening to the conference call via the Internet may do so through Vcall at www.vcall.com. A replay will be available on the site for 90 days. AVI BioPharma Inc. develops therapeutic products for the treatment of life-threatening diseases using two technology platforms: cancer immunotherapy and gene-targeted drugs. Its lead clinical agent, Avicine, is in a Phase II trial in pancreatic cancer pancreatic cancer Malignant tumour of the pancreas. Risk factors include smoking, a diet high in fat, exposure to certain industrial products, and diseases such as diabetes and chronic pancreatitis. Pancreatic cancer is more common in men. and will soon enter a Phase III pivotal trial in colorectal cancer colorectal cancer Malignant tumour of the large intestine (colon) or rectum. Risk factors include age (after age 50), family history of colorectal cancer, chronic inflammatory bowel diseases, benign polyps, physical inactivity, and a diet high in fat. and a Phase II trial in prostate cancer. AVI BioPharma has begun Phase II clinical trials of Resten-NG in cardiovascular restenosis, the first application of its novel third-generation NeuGene antisense technology. Resten-NG is designed to treat cardiovascular restenosis, cancer, and other cell proliferation disorders by inhibiting the production of a cellular transcription factor, the oncogene oncogene Gene that can cause cancer. It is a sequence of DNA that has been altered or mutated from its original form, the proto-oncogene (see mutation). Proto-oncogenes promote the specialization and division of normal cells. c-myc. More information about the Company is available at www.avibio.com. Statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited to, the results of research and development efforts, the results of pre-clinical and clinical testing, the effect of regulation by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and other agencies, the impact of competitive products, product development, commercialization and technological difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings.
AVI BioPharma, Inc.
(A Development-Stage Company)
STATEMENTS OF OPERATIONS
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Revenues from license
fees, grants &
research
contracts $ 122,215 $ 3,558 $ 1,272,338 $ 7,783
Operating expenses:
Research and
development 2,155,538 1,739,728 6,575,953 4,709,856
General and
administrative 557,911 504,607 1,484,159 1,341,099
Acquired in-process
research and
development - - - 61,337
2,713,449 2,244,335 8,060,112 6,112,292
Other income:
Interest income,
net 339,130 35,696 555,375 162,784
Net loss $ (2,252,104) $ (2,205,081) $(6,232,399) $ (5,941,725)
Net loss per share,
basic and
diluted $ (0.11) $ (0.17) $ (0.35) $ (0.45)
Shares used in per
share
calculations 20,303,112 13,351,206 17,800,160 13,350,597
BALANCE SHEET HIGHLIGHTS
(unaudited)
September 30, December 31,
2000 1999
Cash and cash equivalents $ 29,554,775 $ 8,683,005
Total current assets 38,269,217 11,651,747
Total assets 40,014,760 12,929,628
Total current liabilities 1,316,325 1,040,154
Total shareholders' equity $ 38,698,435 $11,889,474
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