Avalon Pharmaceuticals (AVRX) Reports Second Quarter 2008 Results
8/13/2008 8:31:45 AM
GERMANTOWN, Md.--(BUSINESS WIRE)--Avalon Pharmaceuticals, Inc. (Nasdaq:AVRX), a clinical-stage biopharmaceutical company focused on the discovery and development of novel cancer therapeutics, today announced financial and operational results for the second quarter of 2008. For the three months ended June 30, 2008, net loss was $5.6 million, compared with $5.8 million in the second quarter of 2007. As of June 30, 2008, cash, cash equivalents and marketable securities totaled $16.7 million. The Company also announced today that it is restructuring its operations and reducing its workforce by approximately one-third.