star performer

Avexa was one of the star performers in the high-risk biotech sector last year, but the stock has halved in the the past 12 months.

The company is conducting the first of the two final-stage trials on its lead products, HIV drug apricitabine, with results expected by March next year.

Analysts have high hopes for the product, and ABN Amro notes that all HIV drugs to enter the final Phase III trials have made it to market.

Avexa, which told the market it had $53.4 million cash left at the end of the March quarter, is looking for a senior partner to supply additional capital and marketing expertise. The successful negotiation of a partnership deal is expected to boost the company's share price.

Broker ABN Amro has a "buy" rating on the stock, with a price target of 92 cents, and is forecasting a $33.4 million loss for 2008