BELLEVUE, WA, May 7 /PRNewswire-FirstCall/ - Oncothyreon Inc. (Nasdaq: ONTY) (TSX: ONY) (the "Company") today reported a net loss of $5.1 million or $0.26 per basic and diluted share for the quarter ended March 31, 2008, compared with $4.7 million or $0.24 per basic and diluted share for the comparable period in 2007. All results are in U.S. dollars.
Total revenue was $2.0 million in the first quarter of 2008, compared to $0.2 million for the same period in 2007. The increase of $1.8 million reflects the increased sale of clinical trial material to Merck KGaA to support the Phase 3 trial of Stimuvax.
Expenses for the quarter ended March 31, 2008, were $7.1 million, compared with $4.8 million for the comparable period in 2007. The increase in operating expenses of $2.3 million resulted from an increase in manufacturing and sale of Stimuvax for the Phase 3 clinical trial of $2.1 million and an increase in general and administrative expense of $0.8 million arising from professional and consulting fees. Partially offsetting this increase were reductions in research and development expense and marketing and business development expense of $0.7 million and $0.5 million respectively.
As of March 31, 2008, Oncothyreon's cash, cash equivalents and short term investments were $16.5 million, compared to $24.2 million at the end of 2007, a decrease of $7.7 million, or 31.8 percent. Major contributors to the net change included $5.1 million used in operations, an increase in inventory and accounts receivable totaling $2.0 million and a decrease in accounts payable and accrued liabilities of $1.5 million.
Oncothyreon believes the following financial guidance to be correct as of the date provided. The Company is providing this guidance as a convenience to investors and assumes no obligation to update it.
Oncothyreon's financial guidance is unchanged from that reported with
the Company's 2007 financial results. For
|SOURCE Oncothyreon Inc.|
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