San Diego-based biotechnology company Avanir Pharmaceuticals Inc. said today that it increased its first-quarter net loss for the fiscal year ended Dec. 31 to $7.1 million, or 7 cents per share, from $6.3 million, or 9 cents per share, in the previous year’s period.
Avanir, which sells an over-the-counter cold sore cream, said first-quarter revenues fell to $888,000 from $1.5 million in the first quarter of fiscal 2004.
As of Dec. 31, Avanir had $26.4 million in cash.
The firm is getting ready to file an application with the U.S. Food and Drug Administration seeking approval for an experimental pain treatment called Neurodex.
The FDA has told Avanir that Neurodex could qualify for “priority review.”
Avanir also has a compound for treating asthma and allergies, and several other compounds for treating inflammation, atherosclerosis and infections in its program.
In December, Avanir completed a stock offering raising $7 million.
Avanir shares, which trade under the ticker symbol AVN on the American Stock Exchange, closed at $3.24 on Feb. 10.