Home

Avant Immunotherapeutics 1Q loss widens on charge

By Associated Press
May 19, 2008 | Comments (0)

Recs

0

Biotechnology company Avant Immunotherapeutics Inc. said Monday its first-quarter loss widened on buyout charges.

The company recorded a loss of $22.1 million, or $2.19 per share, compared with a loss of $4 million, or 49 cents per share, during the same period a year prior. Revenue rose to $147,398 from $144,040.

In March, Bloomsbury, N.J.-based Avant was acquired by Celldex Therapeutics Inc. for $147 million, though the newly combined company retained the name Avant.

The company recorded a charge of $14.8 million, or $1.46 per share, for purchased in-process research and development. Avant also took a non-cash charge of $1.6 million, or 16 cents per share, for stock-based compensation.

Shares of Avant fell 37 cents, or 2.5 percent, to $14.25 in after-hours trading after falling 16 cents to close at $14.62.

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

DocumentId: 648161, ~/articles/articlehandler.aspx, 12/2/2008 7:29:18 AM,

Sign up for FREE Motley Fool site access to keep reading:

“Avant Immunotherapeutics 1Q loss widens on charge”

Signing up allows you to comment on articles and on the discussion boards.

It's completely FREE and will take only 10 seconds.

Privacy / Legal Information

We will use your email address only to keep you informed about updates to our web site and about other products and services that we think might interest you. The Motley Fool respects your privacy. Please read our Privacy Statement

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.