NEEDHAM, Mass.--(BUSINESS WIRE)--AVANT Immunotherapeutics, Inc. (NASDAQ: AVAN) today reported financial results for the first quarter ended March 31, 2008. AVANT reported a net loss of $22.1 million, or $2.19 per share, for the first quarter of 2008 compared to a net loss of $4.0 million, or $0.49 per share, for the first quarter of 2007. As discussed in further detail later in this release, the increase in net loss between the three-month periods was primarily due to non-cash operating expenses, which includes a one-time non-cash charge of $14.8 million, or $1.46 per share, for purchased in-process research and development and a non-cash charge of $1.6 million, or $0.16 per share, for stock-based compensation expense, and decreased investment and other income, offset partially by increased revenues. At March 31, 2008, AVANT reported cash and cash equivalents of $11.4 million. This figure does not include upfront payments and an equity investment totaling $50 million which would occur upon the effective date of AVANT’s recently announced license and development agreement with Pfizer for CDX-110 or a $10 million milestone payment from Paul Royalty Fund upon the U.S. launch of Rotarix® expected in the second half of 2008.
