GERMANTOWN, Md.--(BUSINESS WIRE)--Avalon Pharmaceuticals, Inc. (Nasdaq:AVRX) today announced results for the three and nine months ended September 30, 2007. The Company reported no revenues in the third quarter of 2007 and a net loss of $5.4 million, or $0.32 per share. For the first nine months of 2007, revenues were $0.8 million and net loss was $16.6 million, or $1.13 per share. As of September 30, 2007, the Company had $33.4 million in cash, cash equivalents and marketable securities. “We are pleased with the progress we made this quarter in our clinical, pre-clinical and collaboration programs,” stated Kenneth C. Carter, Ph.D., President and CEO of Avalon. “Our lead candidate, AVN944, continues to progress through Phase I and II clinical trials, we reported exciting progress in our pre-clinical programs at the recent AACR-NCI-EORTC Conference in San Francisco, and our collaborations continue to go well.”
