SAN DIEGO, May 8 /PRNewswire-FirstCall/ -- Favrille, Inc. (Nasdaq: FVRL), a biopharmaceutical company developing patient-specific, active immunotherapies for the treatment of cancer, today reported its financial results for the first quarter ended March 31, 2008. Net loss for the quarter was $10.5 million, or $0.25 per share, compared to $10.5 million, or $0.34 per share, for the same period in 2007.
"As we prepare for the unblinding of our Phase 3 data, we find ourselves at a critical inflection point," said John P. Longenecker, Ph.D., President and Chief Executive Officer of Favrille. "The outcome of this trial will not only define the future of our Company but, we believe, could ultimately change the course of treatment for non-Hodgkin's lymphoma patients. If successful, Specifid(TM) (mitumprotimut-T, formerly FavId(R)) would be a groundbreaking cancer therapy, the culmination of nearly a decade of collaboration between our employees, investors, clinical investigators, trial coordinators and patients."
First Quarter 2008 Financial Review
Research and development expense was approximately $8.1 million for the
first quarter of 2008, compared to approximately $8.0 million for the same
period in 2007. The increase is primarily due to additional operating
expenses associated with Favrille's commercial-scale manufacturing
facility, stock-based compensation, additional personnel and consulting and
outside services to support the Company's Phase 3 registration trial of
Specifid, offset by a decrease in manufacturing supplies related to the
completion of patient enrollment in the Phase 3 trial and a decrease in
cash bonus expense. Total stock-based compensation included in research and
development expense was approximately $560,000 for the quarter, compared to
approximately $400,000 for the f
|SOURCE Favrille, Inc.|
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