NEEDHAM, Mass.--(BUSINESS WIRE)--AVANT Immunotherapeutics, Inc. (Nasdaq: AVAN) today reported financial results for the first quarter ended March 31, 2007. The Company reported a net loss of $5.6 million, or $0.07 per share, for the first quarter of 2007, compared to a net loss of $3.0 million, or $0.04 per share, for the first quarter of 2006. The increase in net loss between periods primarily reflects a decrease in revenue due to a one-time milestone of $2.6 million recorded in the first quarter of 2006 and an increase in operating expense of 10.1% in 2007. At March 31, 2007, AVANT reported cash and cash equivalents of $32.6 million.
