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Oncothyreon reports third quarter 2009 financial results & provides product pipeline update
Date:11/11/2009

f 2008, primarily as a result of expenses in 2008 related to Oncothyreon's reincorporation in the United States and fewer personnel in 2009.

Total revenue was $4,000 and $39,000, respectively, for the three and nine months ended September 30, 2009, compared to $0.8 million and $4.0 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.

Oncothyreon reported a net loss of $5.9 million, or $0.24 per basic and diluted share, for the three months ended September 30, 2009, compared with a net loss of $3.6 million, or $0.18 per basic and diluted share, for the comparable period in 2008. The net loss for the third quarter of 2009 includes a $3.2 million non-cash charge for the change in the fair value of warrants issued in connection with its May 2009 securities offering. Oncothyreon reported a net loss of $14.7 million, or $0.68 per basic and diluted share, for the nine months ended September 30, 2009, compared with a net loss of $13.6 million, or $0.70 per basic and diluted share, for the comparable period in 2008. The net loss for the nine-month period includes $5.7 million in non-cash charges related to the change in the fair value of warrant liability.

As of September 30, 2009, Oncothyreon's cash and cash equivalents were $35.0 million, compared to $19.2 million at the end of 2008, an increase of $15.8 million, or 82.3 percent. Major contributors to the net change included net proceeds of approximately $24.2 million from the sale of shares of Oncothyreon's common stock and warrants to purchase shares of Oncothyreon's common stock in 2009 offset by $8.4 million used for operating and capital expenditures in the first nine months of 2009.

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 i
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SOURCE Oncothyreon Inc.
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