UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 10, 2015
ONCOTHYREON INC.
(Exact
name of registrant as specified in its charter)
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Delaware |
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001-33882 |
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26-0868560 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
2601 Fourth Avenue, Suite 500
Seattle, Washington 98121
(Address of principal executive offices, including zip code)
(206) 801-2100
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 |
Results of Operations and Financial Condition |
On March 10, 2015, Oncothyreon Inc.
(the Company) issued a press release and will hold a conference call regarding the Companys financial results for the fourth quarter and full year ended December 31, 2014. A copy of the Companys press release is attached
hereto as Exhibit 99.1.
The information furnished with this report, including Exhibit 99.1, shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the
Exchange Act or under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.
Item 9.01 |
Financial Statements and Exhibits |
(d) Exhibits.
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Exhibit Number |
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Description |
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99.1 |
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Press Release issued by Oncothyreon Inc. dated March 10, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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ONCOTHYREON INC. |
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By: |
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/s/ ROBERT L. KIRKMAN |
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Robert L. Kirkman |
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President & Chief Executive Officer |
Date: March 10, 2015
EXHIBIT INDEX
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Exhibit Number |
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Description |
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99.1 |
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Press Release issued by Oncothyreon Inc. dated March 10, 2015. |
Exhibit 99.1
Oncothyreon Reports Full Year and Fourth Quarter 2014
Financial Results
Company to Hold Conference Call at 4:30 p.m. EDT Today
SEATTLE, WASHINGTON, March 10, 2015/PRNewswire/ - 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, Oncothyreons 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 Oncothyreons website at www.oncothyreon.com. An archive of the webcast will be available after completion of the discussion and will be posted on Oncothyreons website.
About Oncothyreon
Oncothyreon is a biotechnology company
specializing in the development of innovative therapeutic products for the treatment of cancer. Oncothyreons 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 Oncothyreons 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 Oncothyreons
expectations regarding future expenses and the use and adequacy of cash resources.
Forward-looking statements involve risks and uncertainties
related to Oncothyreons business and the general economic environment, many of which are beyond its control. These risks, uncertainties and other factors could cause Oncothyreons 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 Oncothyreons 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.
Investor and Media Relations Contact:
Julie Rathbun
Rathbun Communications
206-769-9219
ir@oncothyreon.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.
Consolidated Statements of Operations
(In thousands except share and per share amounts)
(Unaudited)
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Three months ended December 31, |
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Year ended December 31, |
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2014 |
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2013 |
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2014 |
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2013 |
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Operating Expenses |
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Research and development |
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$ |
26,008 |
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$ |
5,847 |
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$ |
41,884 |
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$ |
33,221 |
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General and administrative |
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1,850 |
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1,736 |
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8,951 |
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8,002 |
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Total operating expenses |
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27,858 |
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7,583 |
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50,835 |
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41,223 |
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Loss from operations |
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(27,858 |
) |
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(7,583 |
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(50,835 |
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(41,223 |
) |
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Other income (expense) |
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Investment and other income (expense), net |
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24 |
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19 |
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76 |
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137 |
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Change in fair value of warrant liability |
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255 |
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1,201 |
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796 |
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2,327 |
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Total other income (expense), net |
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279 |
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1,220 |
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872 |
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2,464 |
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Net loss |
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$ |
(27,579 |
) |
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$ |
(6,363 |
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$ |
(49,963 |
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$ |
(38,759 |
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Net loss per share basic and diluted |
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$ |
(0.30 |
) |
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$ |
(0.09 |
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$ |
(0.64 |
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$ |
(0.62 |
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Shares used to compute basic and diluted net loss per share |
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91,566,479 |
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69,584,400 |
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77,619,807 |
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62,387,616 |
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ONCOTHYREON INC.
Consolidated Balance Sheet Data
(In thousands except share amounts)
(Unaudited)
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As of December 31, |
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2014 |
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2013 |
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Cash, cash equivalents and investments |
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$ |
63,714 |
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$ |
72,562 |
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Total assets |
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$ |
103,411 |
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$ |
77,746 |
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Long term liabilities |
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$ |
7,430 |
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$ |
1,536 |
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Stockholders equity |
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$ |
91,266 |
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$ |
71,550 |
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Common shares outstanding |
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91,601,352 |
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70,673,143 |
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