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Oncothyreon reports first quarter 2009 financial results
Date:5/14/2009

SEATTLE, May 14 /PRNewswire-FirstCall/ - Oncothyreon Inc. (NASDAQ: ONTY) (TSX: ONY) (the "Company") today reported a net loss of $2.5 million or $0.13 per basic and diluted share for the quarter ended March 31, 2009, compared with a net loss of $5.1 million or $0.26 per basic and diluted share for the comparable period in 2008. The decrease in net loss is primarily the result of the transfer of manufacturing activities for Stimuvax(R) to Merck KGaA in December 2008, resulting in a decrease of combined research and development and manufacturing expenses partly offset by a decrease in both contract manufacturing revenue and licensing revenue from collaborative agreements.

Total revenue was $4,000 in the first quarter of 2009, compared to $2.0 million for the same period in 2008. The decrease of $1.7 million in contract manufacturing revenue is the result of the transfer of manufacturing of Stimuvax to Merck KGaA in December 2008. The decrease of $0.3 million in licensing revenue resulted from the recognition of all deferred revenue under our agreements with Merck KGaA in December 2008, as the Company no longer has any performance obligations under these agreements.

Expenses for the quarter ended March 31, 2009, were $2.5 million, compared with $7.1 million for the comparable period in 2008. Combined research and development and manufacturing expenses decreased to $0.7 million in the 2009 first quarter from $4.4 million in the 2008 first quarter, primarily as the result of the cessation of manufacturing activities for Stimuvax and the transfer of our Edmonton, Alberta facility to Merck KGaA. General and administrative expenses decreased to $1.8 million in the 2009 first quarter from $2.7 million in the 2008 first quarter, primarily as a result of expenses in 2008 which related to the Company's reincorporation in the United States and of fewer personnel
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