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Companies to Watch - Investor World Magazine
http://www.investorworldonline.com/clients/avicena.do
Avicena Group, Inc. (OTCBB: AVGO)] is a late stage biotechnology company focused on developing products based on its proprietary understanding of the regulation of cellular energy processes. The company's core technologies, supported by a robust IP portfolio, have broad applications in both pharmaceuticals and dermaceuticals. Avicena's pharmaceutical program centers on rare neurological disorders (orphan diseases). The company is currently analyzing data from its Phase IIb/III trial in ALS (Amyotrophic Lateral Sclerosis, or Lou Gehrig's disease). Near term, Avicena intends to initiate a Phase III trial in Huntington's disease and a Phase III trial in Parkinson's disease. Avicena's science is well established and its products are safe and well tolerated. Unlike traditional biotechnology companies, Avicena's clinical programs are largely funded by government and non-profit organizations. Avicena presently derives revenue from the sale of proprietary ingredients to skin care manufacturers.
Additionally, the company is also investigating certain other therapies for Creatine Transporter Defect, Charcot-Marie-Tooth Syndrome and Duchenne Muscular Dystrophy.
Product Pipeline
http://www.avicenagroup.com/products/
Interesting Developments
[b}Avicena's Neotine is on the Market
http://www.neotine.com/
Avicena is already selling an over-the-counter product called Neotine. It is their proprietary creatine-based nutritional supplement designed to support and improve the health and functioning of the brain. Scientific research has shown that this medical-grade creatine formulation promotes neural cell health and survival by producing and maintaining high levels of the body's natural energy supply. It is ideal for those who want to take an ultra-pure, medical-grade creatine supplement as part of their nutritional regimen.
Press Releases - (updated 12/07/07, 12:22 PM U.S. Eastern time
12/06/07 Upcoming CEO Interview - The 12/10/07 interview will cover topics including Avicena Group's market potential, growth initiatives, competitive edge, recent news, and milestones for which investors should watch.
http://www.reuters.com/article/pressRelease/idUS246690+06-Dec-2007+PRN20071206
Fri., Dec 06, 2007 Upcoming CEO Interview
http://www.reuters.com/article/pressRelease/idUS246690+06-Dec-2007+PRN20071206
Mon, Dec 03, 2007
http://money.cnn.com/news/newsfeeds/articles/prnewswire/AQM08503122007-1.htm
Tues, Nov 20, 2007
Avicena Drug Candidate found effective in treatment of Huntingtons...
http://www.tradingmarkets.com/.site/news/Stock%20News/845673/
Mon, Nov 19, 2007
8:31 AM Data on Avicena's Drug Candidate HD-02 Presented at the 2007 World Congress on Huntington's Disease - PR Newswire
http://money.cnn.com/news/newsfeeds/articles/prnewswire/NYM05119112007-1.htm
Click on "AVGO Quote/Level II-News-Quote-Chart" above this box for the following publication links
Thu, Nov 15, 2007
4:30 PM Wall Street Reporter Interviews Three Biopharmaceutical Company CEOs; Updates Investors On Groundbreaking Drug Delivery Methods, Acquisitions and Partnerships - PrimeNewswire
Tue, Nov 13, 2007
8:31 AM USPTO Issues Patent for Avicena Group's Proprietary Compounds to Treat Amyotrophic Lateral Sclerosis - PR Newswire
Thu, Nov 01, 2007
8:30 AM Avicena to Present at 9th Annual Acumen BioFin Healthcare Conference - PR Newswire
Tue, Oct 23, 2007
8:30 AM Avicena Announces the Commercial Launch of Its Nurigene(TM) Anti-Aging Skin Care Regimen - PR Newswire
Thu, Oct 18, 2007
8:35 AM Survival Data for Avicena's Amyotrophic Lateral Sclerosis Drug Candidate, AL-02, to be Presented at 18th International Symposium on ALS/MND - PR Newswire
Wed, Oct 10, 2007
4:52 PM Avicena Appoints Dr. Belinda Tsao-Nivaggioli as Chairman of the Board of Directors - PR Newswire
Mon, Oct 08, 2007
6:43 PM Avicena to Present at 4th Annual BIO InvestorForum Conference - PR Newswire
10QSB MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)
Overview
We have incurred net losses since our inception and expect to incur substantial and increasing losses for the next several years as we expand our research and development activities and move our product candidates into later stages of development. As of June 30, 2007, we had an accumulated deficit of $15,705,033. We have funded our losses to date through the sale of equity securities, the issuance of notes payable, and advances from stockholders.
Results of Operations — Three and Six months ended June 30, 2007 and 2006
Our revenues increased to $108,850 and $253,469 in the three and six month periods, respectively, ending June 30, 2007 from $89,319 and $180,747 in the corresponding 2006 periods. The three and six month increases were $19,531 and $72,722, or 22% and 40% respectively, over the same 2006 periods. These increases were primarily due to strong demand by Estée Lauder (“EL”) and increased awareness of our Neotine product by support groups.
Our cost of revenues increased to $27,748 and $53,649 in the three and six month periods ending June 30, 2007 from $15,281 and $27,409 in the corresponding 2006 periods. The three and six month increases of $12,467 and $26,240 or 82% and 96%, occurred as a result of increased volume in EL and Neotine sales as well as increased costs of packaging.
As a result of the higher costs, our gross margin decreased to 75 and 79 in the three and six month periods ending June 30, 2007 from 83 and 85 during the comparable periods in 2006.
Our research and development expenses consist of costs incurred for drug development and clinical activities. These costs include in-kind support, such as providing drugs or placebos for trials and financial support, as well as legal expenses for patents. Research and development expenses increased to $826,233 and $1,061,505 in the three and six month periods ending June 30, 2007 from $175,191 and $396,482 in the corresponding 2006 periods. The three and six month increases were $651,042 and $665,023 or 372% and 168% versus the corresponding 2006 periods. These increases are primarily attributable to spending on an FDA required Chronic Toxicity Study. This study is required to for our drug candidates for Parkinson’s Disease, Huntington’s Disease and ALS. An additional Chronic Toxicity study will also be required for these potential products. The costs for this trial, which has not begun, were recorded in prepaid expense until such time as we are able to pay for the trial and it commences. The three and six month expense increases are also attributable to preparation for an FDA meeting regarding our ALS drug candidate.
Selling and marketing expenses increased to $360,741 and $539,298 for the three and six month periods ending June 30, 2007 versus $271,246 and $449,331 in the corresponding 2006 periods. The three and six month increases were $89,495 and $89,967, or 33% and 20%, over the comparable 2006 periods. The primary reasons for the increases were marketing expenses for the expected Nurigene launch later this year and contributions to a Huntington’s Disease support organization. Sales and marketing expenses in both periods primarily consisted of salaries, and costs for advertising, public relations, our web site, consulting and product design and development.
General and administrative expenses consist mainly of salaries and benefits, consulting fees, legal and accounting fees, insurance, facilities and utilities. Total general and administrative expenses increased to $1,248,605 and $1,931,452 in the three and six month periods ending June 30, 2007 from $628,366 and $1,094,881 in the comparable 2006 periods. This represents increases of $620,239 and $836,571 or 99% and 76% versus the corresponding 2006 periods. The primary reasons for the increases in 2007 compared to 2006 were an increase in legal fees associated with two lawsuits against the Company which have been settled, investment banking and investor relations costs associated with the Company being publicly held and FAS123(R) non cash expenses associated with stock options issued in 2007 to employees and directors and contingent registration rights penalties associated from the delay in filing the registration statement for our Series B Preferred Stock.
Interest expense decreased to $193,294 and $384,826 during three and six month periods ending June 30, 2007 from $418,255 and $419,185 in the corresponding 2006 periods. The three and six month decreases of $224,961 and $34,359 versus the comparable 2006 periods stemmed from the lack of advances on the Company’s Convertible Promissory Note during 2007. Both the three and six month periods in 2006 included amortization of the beneficial conversion feature associated with advances on the Convertible Promissory Note. No draws were taken on the Note during the three and six month periods in ending June 30, 2007. Interest expense during the three and six month periods ending June 30, 2007 consisted primarily of non-cash interest expense to amortize the value of the commitment fee associated with the Biotechnology Ventures note from April 2006 of $193,236 and $384,349, respectively. The Company recorded interest income of $4,960 and $8,839 during the three and six month periods ended June 30, 2007. These represent increases of $4,592 and $6,031 versus the comparable periods in 2006.
The Company also recorded non-cash gains of $788,910 and $1,983,956 during the three and six month periods ended June 30, 2007 to mark-to-market the warrant liabilities associated with its April 2006 convertible promissory note, warrants to GP Group for investment banking services and warrants for the Series A and B Preferred Stock to market.
Link for 11/19/07 10QSB http://www.sec.gov/Archives/edgar/data/1317092/000119312507250354/d10qsb.htm
Investor Relations Contact:
Stephanie Carrington (646) 536-7017
John Quirk (646) 536-7029
investor_relations@avicenagroup.com
Disclaimer: This appears to be a highly speculative stock, do not invest based on information posted on this board, please do your own research and verify all the facts.
