Oncothyreon Reports First Quarter 2015 Financial Results
May 11 2015 - 04:01PM
Oncothyreon Inc. (Nasdaq:ONTY) today reported financial results for
the first quarter ended March 31, 2015.
Net loss for the three months ended March 31, 2015 was $7.9
million, or $0.08 per basic and diluted share, compared with a net
loss of $9.6 million, or $0.14 per basic and diluted share, for the
comparable period in 2014. The $1.7 million decrease in net loss
was primarily attributable to the difference in the change in the
fair value of warrant liability of $2.6 million offset by increases
in research and development of $1.0 million.
As of March 31, 2015, Oncothyreon's cash, cash equivalents and
investments were $77.5 million, compared to $63.7 million at
December 31, 2014, an increase of $13.8 million, or 21.7 percent.
The increase was primarily attributable to the net proceeds of
$22.4 million from the closing of concurrent but separate
underwritten offerings of common stock and Series B convertible
preferred stock in February 2015, partially offset by $8.2 million
of cash used in operations during the three months ended March 31,
2015.
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, May 11, 2015,
at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its
first quarter 2015 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. |
Condensed Consolidated
Statements of Operations |
(In thousands except share and
per share amounts) |
(Unaudited) |
|
Three months
ended |
|
March 31, |
|
2015 |
2014 |
Expenses |
|
|
Research and
development |
$5,758 |
$4,813 |
General and
administrative |
2,321 |
2,347 |
Total operating
expenses |
8,079 |
7,160 |
Loss from
operations |
(8,079) |
(7,160) |
Other income (expense) |
|
|
Investment and other income
(expense), net |
16 |
21 |
Change in fair value of warrant
liability |
128 |
(2,477) |
Total other income
(expense), net |
144 |
(2,456) |
Net loss |
$(7,935) |
$(9,616) |
Net loss per share – basic and
diluted |
$(0.08) |
$(0.14) |
Shares used to compute basic and
diluted net loss per share |
98,311,193 |
70,688,243 |
|
ONCOTHYREON
INC. |
Consolidated Balance Sheet
Data |
(In thousands except share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
As
of |
|
March 31,
2015 |
December 31,
2014 |
Cash, cash equivalents and investments |
$77,544 |
$63,714 |
Total assets |
$117,337 |
$103,411 |
Long term liabilities |
$7,426 |
$7,430 |
Stockholders' equity |
$106,279 |
$91,266 |
Common shares outstanding |
102,301,012 |
91,601,352 |
CONTACT: Investor and Media Relations Contact:
Julie Rathbun
Rathbun Communications
206-769-9219
ir@oncothyreon.com
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