Oncothyreon Reports Full Year and Fourth Quarter 2014 Financial Results
March 10 2015 - 4:01PM
Oncothyreon Inc. (Nasdaq:ONTY) today reported financial results for
the year and quarter ended December 31, 2014.
Net loss for the year ended December 31, 2014 was $50.0 million,
or $0.64 per basic and diluted share, compared with a net loss of
$38.8 million, or $0.62 per basic and diluted share, for the
comparable period in 2013. The increase in net loss was due to
higher research and development expenses, primarily as a result of
an increase of $10.0 million in license fees paid to Array. The
increase in net loss was also the result of higher general and
administrative expenses and lower non-cash income from the change
in fair value of warrant liability, which was $0.8 million for the
year ended December 31, 2014 compared to $2.3 million for the year
ended December 31, 2013.
Net loss for the three months ended December 31, 2014 was $27.6
million, or $0.30 per basic and diluted share, compared with a net
loss of $6.4 million, or $0.09 per basic and diluted share, for the
comparable period in 2013. The increase in net loss for the three
months ended December 31, 2014 compared to the prior year period
was primarily attributable to an upfront payment of $20.0 million
to Array in December 2014 and lower non-cash income from the change
in the fair value of warrant liability, which was $0.3 million for
the three months ended December 31, 2014 compared to $1.2 million
for the three months ended December 31, 2013.
As of December 31, 2014, Oncothyreon's cash, cash equivalents
and investments were $63.7 million, compared to $72.6 million at
December 31, 2013, a decrease of $8.9 million, or 12.3 percent. The
decrease was primarily attributable to $48.4 million of cash used
in operations during the year ended December 31, 2014, partially
offset by the net proceeds of $40.2 million from the closing of
concurrent but separate underwritten offerings of Oncothyreon
common stock and Series A convertible preferred stock in September
2014.
In February 2015, Oncothyreon closed additional concurrent but
separate underwritten offerings of Oncothyreon common stock and
Series B convertible preferred stock, resulting in net proceeds of
22.4 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.
Oncothyreon currently expects operating expenses in 2015 to be
lower than in 2014, which included the upfront payment to Array for
the exclusive license to ONT-380. Oncothyreon currently
expects cash used in operations in 2015 to be approximately $35.0 -
$38.0 million.
Conference Call and Webcast
Oncothyreon will conduct a conference call today, March 10, 2015
at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its
full year and fourth 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 discover, develop and
commercialize compounds 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 preclinical
development and 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. |
Consolidated Statements of
Operations |
(In thousands except share and
per share amounts) |
(Unaudited) |
|
|
|
|
|
|
Three months
ended December 31, |
Year ended
December 31, |
|
2014 |
2013 |
2014 |
2013 |
|
|
|
|
|
Operating Expenses |
|
|
|
|
Research and
development |
$ 26,008 |
$ 5,847 |
$ 41,884 |
$ 33,221 |
General and
administrative |
1,850 |
1,736 |
8,951 |
8,002 |
Total operating
expenses |
27,858 |
7,583 |
50,835 |
41,223 |
Loss from operations |
(27,858) |
(7,583) |
(50,835) |
(41,223) |
Other income (expense) |
|
|
|
|
Investment and other income
(expense), net |
24 |
19 |
76 |
137 |
Change in fair value of warrant
liability |
255 |
1,201 |
796 |
2,327 |
Total other income (expense),
net |
279 |
1,220 |
872 |
2,464 |
Net loss |
$ (27,579) |
$ (6,363) |
$ (49,963) |
$ (38,759) |
Net loss per share – basic and
diluted |
$ (0.30) |
$ (0.09) |
$ (0.64) |
$ (0.62) |
Shares used to compute basic and
diluted net loss per share |
91,566,479 |
69,584,400 |
77,619,807 |
62,387,616 |
|
ONCOTHYREON
INC. |
Consolidated Balance Sheet
Data |
(In thousands except share
amounts) |
(Unaudited) |
|
|
|
|
As of December
31, |
|
2014 |
2013 |
Cash, cash equivalents and investments |
$ 63,714 |
$ 72,562 |
Total assets |
$ 103,411 |
$ 77,746 |
Long term liabilities |
$ 7,430 |
$ 1,536 |
Stockholders' equity |
$ 91,266 |
$ 71,550 |
Common shares outstanding |
91,601,352 |
70,673,143 |
CONTACT: Investor and Media Relations Contact:
Julie Rathbun
Rathbun Communications
206-769-9219
ir@oncothyreon.com
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