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AVI BioPharma reports 4Q profit on warrants

Tue, 03/16/2010 - 6:17am
The Associated Press

RNA drug developer AVI BioPharma Inc. reported a fourth-quarter profit Tuesday on a gain from the sale of warrants issued to buy shares of stock.

AVI earned $3.5 million, or 3 cents per share, compared with a loss of $1.1 million, or 1 cent per share, a year ago. Revenue fell to $5.1 million from $5.5 million.

AVI is developing treatments for Duchenne muscular dystrophy and viruses such as Ebola. During the quarter, the company took a noncash gain of $7.8 million after taxes from warrant liability, compared with $1.7 million a year prior.

For the full year, the company lost $25.2 million, or 27 cents per share, compared with a loss of $24 million, or 34 cents per share, in 2008. Revenue fell to $17.6 million from $21.3 million.

Shares of AVI rose 6 cents, or 5 percent, to $1.27.

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