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The biotechnology company reported a net lossof $6.5 or 32 cents a share, on revenur of $8,000 for the quarter ended 30. Last year over the same the company reported a net lossof $6.9 or 34 cents a share, on revenuer of $140,000. Analysts surveyed by Thomson First Call estimatefd a net loss of33 cents. Tota l operating expenses for the most recenr quarterwas $6.9 million, compared to $7.7 million for the same perioed in 2003. In July, the company announced a restructuring andlayoft plan, cutting its work force by 40 percent.
In a Kenneth Chahine, the company's chief executive said that the quarter's financiapl results are in line with management expectationws and consistent withthe company'x realigned product development strategy. As of 30, the company had approximately $81 million in cash equivalents, available-for-sale securities and restricted Shares of thecompany (NASDAQ: AVGN) were up 6.7 percentf to $3.
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