PALO ALTO, Calif., Aug. 31 /PRNewswire-FirstCall/ -- Avicena Group, Inc. (OTC Bulletin Board: AVGO), a late stage biotechnology company that develops central nervous system therapeutics for neurodegenerative diseases, today announced financial results for the three month period ended June 30, 2007.
Net revenue for second quarter of 2007 was $108,850, a 22% increase compared to $89,319 in the second quarter of 2006. Net loss applicable to common stock for the second quarter of 2007 was $2,520,674, or $(0.05) per basic and diluted share, compared to a net loss of $1,686,164, or $(0.03) per basic and diluted share, in the second quarter of 2006. Year-over-year net loss increased by $834,510, or $(0.02) per basic and diluted share, primarily as a result of increased research and development expenses associated with clinical development and stock-based compensation expense Net loss during the most recent quarter was also affected by dividends and accretion associated with the Company's redeemable convertible preferred stock.
"We have made significant advancements in both our pharmaceutical and dermaceutical programs, and are pleased to have hit several milestones during the most recent quarter," stated Belinda Tsao-Nivaggioli, Avicena's Chief Executive Officer. "In terms of our clinical programs, we are extremely encouraged by the pace of enrollment in our NIH-funded Phase III Parkinson's disease trial, and received positive feedback from the FDA for advancing our Huntington's disease program into a Phase III trial in early 2008. Overall we are very pleased with how both our neurology and dermaceutical programs are progressing."
Research and development expenses for the second quarter of 2007 were
$826,233, up from $175,191 in the second quarter of 2006 primarily based on
clinical development costs to support late-stage clinical programs,
including the supply of drugs and placebo for ongoing trials, as well as
patent-related legal expenses. Selli
|SOURCE Avicena Group, Inc.|
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