Oncothyreon reports second quarter 2009 financi...(parable periods in 2008. Combined resear...)

Date:8/12/2009

parable periods in 2008. Combined research and development and manufacturing expenses decreased to $2.0 million for the three months ended June 30, 2009 from $3.4 million for the three months ended June 30, 2008, and to $2.7 million from $7.8 million for the six month periods, 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 $1.7 million in the three months ended June 30, 2009 from $2.7 million in the three months ended June 30, 2008. General and administrative expenses decreased to $3.5 million in the first six months of 2009 from $5.4 million in the first six months of 2008, primarily as a result of expenses in 2008 related to Oncothyreon's reincorporation in the United States and of fewer personnel in 2009. Decreases in operating expenses were offset by the $2.5 million non-cash charge discussed earlier.

As of June 30, 2009, Oncothyreon's cash and cash equivalents were $22.7 million, compared to $19.2 million at the end of 2008, an increase of $3.5 million, or 18.2 percent. Major contributors to the net change included net proceeds of $10.1 million from the sale of 3,878,993 shares of Oncothyreon's common stock and warrants to purchase 2,909,244 shares of Oncothyreon's common stock, offset by $6.5 million used in operations in the first six months of 2009.

On August 7, 2009, subsequent to the period covered by this release, Oncothyreon closed the sale of approximately 2.28 million shares of its common stock and warrants to purchase approximately 684,000 shares of its common stock for net proceeds of approximately $14 million.

Financial Guidance

Oncothyreon believes the following financial guidance to be correct as of the date provided. Oncothyreon is providing this guidance as a convenience to investors and assumes no obligation to update it.

Expenses in 2009 a
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SOURCE Oncothyreon Inc. Copyright©2009 PR Newswire. All rights reserved

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