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Oncothyreon reports second quarter 2009 financial results
Date:8/12/2009

SEATTLE, Aug. 12 /PRNewswire-FirstCall/ - Oncothyreon Inc. (NASDAQ: ONTY) (TSX: ONY) today reported a net loss of $6.3 million, or $0.30 per basic and diluted share, for the three months ended June 30, 2009, compared with a net loss of $4.9 million, or $0.25 per basic and diluted share, for the comparable period in 2008. Oncothyreon recorded a non-cash charge of $2.5 million in the three months ended June 30, 2009 for the change in the fair value of warrants issued in connection with its May 2009 securities offering. The increase in net loss for the three-month period was primarily the result of this non-cash charge and a decrease in revenue described below, partially offset by decreased operating expenses.

Oncothyreon reported a net loss of $8.8 million, or $0.43 per basic and diluted share, for the six months ended June 30, 2009, compared with a net loss of $10.1 million, or $0.51 per basic and diluted share, for the comparable period in 2008. The decrease in net loss for the six-month period was primarily the result of the transfer of manufacturing activities for Stimuvax(R) to Merck KGaA in December 2008, which resulted in a decrease of combined research and development and manufacturing expenses partially offset by a decrease in both contract manufacturing and licensing revenue from collaborative agreements and the non-cash charge discussed above.

Total revenue was $31,000 and $35,000, respectively, for the three and six months ended June 30, 2009, compared to $1.2 million and $3.2 million for the same periods in 2008. The decrease in revenue was primarily the result of the transfer of manufacturing of Stimuvax to Merck KGaA in December 2008.

Total expenses for the three and six months ended June 30, 2009 were $6.4 million and $8.8 million respectively, compared with $6.1 million and $13.2 million for the com
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SOURCE Oncothyreon Inc.
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