AVI BioPharma Inc. (NASDAQ: AVII) reported Tuesday that the RNA drug developer earned a fourth-quarter profit, citing a gain from the sale of warrants issued to buy shares of stock, according to Associated Press.
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 dropped to $5.1 million, compared to $5.5 million last year.
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During the quarter, the company took a non-cash 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, compared to $21.3 million last year.
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