Company to Hold Conference Call at 4:30 p.m. EDT Today
SEATTLE, WA, Aug. 11, 2014 /PRNewswire/ - Oncothyreon Inc.
(NASDAQ: ONTY) today reported financial results for the second
quarter ended June 30, 2014.
Loss from operations decreased to $7.8 million for the three months ended
June 30, 2014 compared with
$18.0 million for the comparable
period in 2013, and decreased to $15.0
million for the six months ended June 30, 2014 compared with $26.0 million for the comparable period in 2013.
The decrease in loss from operations for the three and six month
periods ended June 30, 2014 compared
to the prior year periods was due to lower research and development
expenses primarily attributable to a $10.0
million upfront payment to Array BioPharma Inc. (Array) in
June 2013. The decrease was partly
offset by a slight increase in general and administrative
expenses.
Net loss for the three months ended June 30, 2014 was $6.0
million, or $0.09 per basic
and diluted share, compared with a net loss of $16.4 million, or $0.28 per basic and diluted share, for the
comparable period in 2013. Net loss for the six months ended
June 30, 2014 was $15.6 million, or $0.22 per basic and diluted share, compared with
a net loss of $24.7 million, or
$0.43 per basic and diluted share,
for the comparable period in 2013. The decrease in net loss for the
three months ended June 30, 2014
compared to the prior year period was due to lower research and
development expenses primarily attributable to an upfront payment
of $10.0 million to Array in
June 2013, partially offset by a
slight increase in general and administrative expenses. The
decrease in net loss for the six months ended June 30, 2014 compared to the prior year
period was due to lower research and development expenses primarily
attributable to the upfront payment of $10.0
million to Array in June 2013,
partially offset by $0.7 million of
non-cash expense from the change in fair value of warrant liability
for the six months ended June 30,
2014 compared to $1.3 million
of non-cash income from the change in fair value of warrant
liability for the six months ended June 30, 2013, and a slight increase in
general and administrative expenses.
As of June 30,
2014, Oncothyreon's cash, cash equivalents and investments
were $58.5 million, compared to
$72.6 million at December 31, 2013, a decrease of $14.1 million, or 19.4 percent. The decrease was
primarily attributable to $13.7
million of cash used in operations during the six months
ended June 30, 2014.
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.
Oncothyreon currently expects operating expenses
in 2014 to be lower than in 2013, which included the one-time
upfront payment to Array. Oncothyreon currently expects cash used
in operations in 2014 to be approximately $30 to $33 million, including expenses associated
with the acquisition of Alpine Biosciences, Inc. This guidance
remains unchanged from that given in the prior quarter. As a
result, Oncothyreon estimates that its existing cash, cash
equivalents and investments will be sufficient to fund operations
for at least the next 12 months.
Conference Call and Webcast
Oncothyreon will conduct a conference call
today, August 11, 2014 at
4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its second
quarter 2014 financial results and provide a review of its pipeline
of products in development. To participate in the call by
telephone, please dial (877) 280-7291 (United States) or (707) 287-9361
(International). In addition, the call will be webcast live
and can be accessed on the "Events" page of the "News & Events"
section of Oncothyreon's website at www.oncothyreon.com. An
archive of the webcast will be available after completion of the
discussion and will be posted on Oncothyreon's website.
About Oncothyreon
Oncothyreon is a biotechnology company
specializing in the development of innovative therapeutic products
for the treatment of cancer. Oncothyreon's goal is to develop and
commercialize novel synthetic vaccines and targeted small molecules
that have the potential to improve the lives and outcomes of cancer
patients. For more information, visit www.oncothyreon.com.
Forward-Looking Statements
In order to provide Oncothyreon's investors
with an understanding of its current results and future prospects,
this release contains statements that are forward-looking. Any
statements contained in this press release that are not statements
of historical fact may be deemed to be forward-looking statements.
Words such as "believes," "anticipates," "plans," "expects,"
"will," "intends," "potential," "possible" and similar expressions
are intended to identify forward-looking statements. These
forward-looking statements include Oncothyreon's expectations
regarding future expenses and the use and adequacy of cash
resources.
Forward-looking statements involve risks and
uncertainties related to Oncothyreon's business and the general
economic environment, many of which are beyond its control. These
risks, uncertainties and other factors could cause Oncothyreon's
actual results to differ materially from those projected in
forward-looking statements, including the risks associated with the
costs and expenses of developing its product candidates, the
adequacy of financing and cash, cash equivalents and investments,
changes in general accounting policies, general economic factors,
achievement of the results it anticipates from its clinical trials
of its product candidates and its ability to adequately obtain and
protect its intellectual property rights. Although Oncothyreon
believes that the forward-looking statements contained herein are
reasonable, it can give no assurance that its expectations are
correct. All forward-looking statements are expressly qualified in
their entirety by this cautionary statement. For a detailed
description of Oncothyreon's risks and uncertainties, you are
encouraged to review the documents filed with the securities
regulators in the United States on
EDGAR and in Canada on SEDAR.
Oncothyreon does not undertake any obligation to publicly update
its forward-looking statements based on events or circumstances
after the date hereof.
Additional Information
Additional information relating to Oncothyreon can be found on
EDGAR at www.sec.gov and on SEDAR at www.sedar.com.
ONCOTHYREON INC. 2601 Fourth Avenue, Suite 500,
Seattle, WA 98121
Tel: (206) 801-2100 Fax: (206)
801-2101
http://www.oncothyreon.com
ONCOTHYREON INC. |
Condensed Consolidated Statements
of Operations |
(In thousands except share and per
share amounts) |
(Unaudited) |
|
Three months ended |
|
Six months ended |
June 30, |
|
June 30, |
|
2014 |
|
2013 |
|
2014 |
|
|
2013 |
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
Research and
development |
$ |
5,400 |
|
$ |
16,058 |
|
$ |
10,213 |
|
$ |
21,857 |
General and
administrative |
|
2,397 |
|
|
1,989 |
|
|
4,744 |
|
|
4,181 |
Total operating expenses |
|
7,797 |
|
|
18,047 |
|
|
14,957 |
|
|
26,038 |
Loss from operations |
|
(7,797) |
|
|
(18,047) |
|
|
(14,957) |
|
|
(26,038) |
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
Investment and other income
(expense), net |
|
20 |
|
|
24 |
|
|
41 |
|
|
52 |
Change in fair value of warrant
liability |
|
1,745 |
|
|
1,625 |
|
|
(732) |
|
|
1,300 |
Total other income (expense), net |
|
1,765 |
|
|
1,649 |
|
|
(691) |
|
|
1,352 |
Net loss |
$ |
(6,032) |
|
$ |
(16,398) |
|
$ |
(15,648) |
|
$ |
(24,686) |
Net loss per share - basic and
diluted |
$ |
(0.09) |
|
$ |
(0.28) |
|
$ |
(0.22) |
|
$ |
(0.43) |
Shares used to compute basic and diluted net
loss per share |
|
70,762,031 |
|
|
58,710,574 |
|
|
70,725,341 |
|
|
57,967,534 |
ONCOTHYREON INC. |
Consolidated Balance Sheet Data
|
(In thousands except share amounts)
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
As
of |
|
|
|
|
June
30, 2014 |
|
December 31, 2013 |
|
Cash, cash equivalents and investments |
|
$ |
58,479 |
|
|
$ |
72,562 |
|
Total assets |
|
$ |
63,574 |
|
|
$ |
77,746 |
|
Long term liabilities |
|
$ |
2,395 |
|
|
$ |
1,536 |
|
Stockholders' equity |
|
$ |
57,252 |
|
|
$ |
71,550 |
|
Common shares outstanding |
|
|
70,810,631 |
|
|
|
70,673,143 |
SOURCE Oncothyreon Inc.