nd manufacturing expenses to $23.0 million from $12.6 million, partially offset by a decrease in general and administrative expenses to $9.7 million from $11.8 million. The $10.4 million increase in combined research and development and manufacturing expenses primarily relates to the bulk sale of inventory to Merck KGaA in December 2008, resulting in a significant increase in cost of sales. The $2.0 million decrease in general and administrative expense for 2008 compared to 2007 was primarily attributable to higher legal, accounting and tax advisory fees incurred in 2007 associated with the Company's reincorporation in Delaware.
As of December 31, 2008, Oncothyreon's cash, cash equivalents and short-term investments were $19.2 million, compared to $24.2 million at the end of 2007, a decrease of $5.0 million. The decrease was primarily the result of the use of cash to fund operations, offset by cash received from the license of Stimuvax manufacturing rights and know-how and the sale of inventory to Merck KGaA.
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.
Expenses in 2009 are expected to be substantially less than in 2008, primarily as a result of transferring manufacturing and process development activities for Stimuvax to Merck KGaA and of the previously announced plan to restrict development activities to PX-478 and PX-866. Oncothyreon currently expects cash used in operations in 2009 to be approximately $12 million. As a result, Oncothyreon estimates that the Company's existing cash, together with a milestone payment from Merck KGaA expected at year end, will be sufficient to fund operations for at least the next twelve (12) months.
Conference Call and Webcast
Oncothyreon's management will discuss thPage: 1 2 3 4 5 6 Related biology technology :1
. Oncothyreon announces webcast of fourth quarter and year end 2008 financial results conference call2
. Oncothyreon to present at BIO CEO & Investor Conference 20093
. Oncothyreon reports third quarter 2008 financial results4
. Oncothyreon to present at Rodman & Renshaw Annual Global Investment Conference5
. Oncothyreon announces November 6th webcast of third quarter 2008 financial results and corporate update conference call6
. Oncothyreon to present at BIO Investor Forum 20087
. Oncothyreon announces receipt of NASDAQ letter regarding compliance with NASDAQ Global Market listing standards8
. Oncothyreon announces prioritization plan for development programs9
. Oncothyreon announces receipt of notice of non-compliance with market value of listed securities standard for listing on The NASDAQ Global Market10
. Oncothyreon initiates Phase 1 trial of PX-866 cancer compound11
. Oncothyreon initiates Phase 1b trial of PX-12 in patients with advanced metastatic cancer