Oncothyreon Reports Third Quarter 2015 Financial Results
November 05 2015 - 4:00PM
Oncothyreon Inc. (NASDAQ:ONTY) today reported financial results for
the third quarter ended September 30, 2015.
Net loss for the three months ended September 30, 2015 was $4.6
million, or $0.05 per basic and diluted share, compared with a net
loss of $6.7 million, or $0.09 per basic and diluted share, for the
comparable period in 2014. The $2.1 million decrease in net loss
was attributable to the difference in the change in the fair value
of warrant liability of $1.3 million. The decrease in net loss was
also due to decreases in research and development expenses of $0.5
million and decreases in general and administrative expenses of
$0.3 million.
Net loss for the nine months ended September 30, 2015 was $23.5
million, or $0.24 per basic and diluted share, compared with a net
loss of $22.4 million, or $0.31 per basic and diluted share, for
the comparable period in 2014. The $1.1 million increase in net
loss was attributable to the difference in the change in the fair
value of warrant liability of $0.4 million and increases in
research and development expenses of $0.7 million.
Oncothyreon’s cash, cash equivalents and investments totaled
$63.7 million as of both September 30, 2015 and December 31,
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 2015 to be lower than in 2014, which included the upfront
payment to Array BioPharma Inc. for the exclusive license to
ONT-380. Oncothyreon currently expects cash used in
operations in 2015 to be approximately $30.0 - $32.0 million.
Conference Call and Webcast
Oncothyreon will conduct a conference call
today, November 5, 2015, at 4:30 p.m. Eastern time (1:30 p.m.
Pacific time) to discuss its third 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. Except as required by law, 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 September 30, |
Nine months
ended September 30, |
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Expenses |
|
|
|
|
Research and development |
$ |
5,122 |
|
$ |
5,663 |
|
$ |
16,581 |
|
$ |
15,876 |
|
General and administrative |
|
2,100 |
|
|
2,357 |
|
|
7,057 |
|
|
7,101 |
|
Total operating expenses |
|
7,222 |
|
|
8,020 |
|
|
23,638 |
|
|
22,977 |
|
Loss from operations |
|
(7,222 |
) |
|
(8,020 |
) |
|
(23,638 |
) |
|
(22,977 |
) |
Other income
(expense) |
|
|
|
|
|
|
|
|
|
|
Investment and other income
(expense), net |
|
25 |
|
|
11 |
|
|
60 |
|
|
52 |
|
Change in fair value of warrant
liability |
|
2,578 |
|
|
1,273 |
|
|
128 |
|
|
541 |
|
Total other income (expense),
net |
|
2,603 |
|
|
1,284 |
|
|
188 |
|
|
593 |
|
Net
loss |
$ |
(4,619 |
) |
$ |
(6,736 |
) |
$ |
(23,450 |
) |
$ |
(22,384 |
) |
Net loss per share
– basic and diluted |
$ |
(0.05 |
) |
$ |
(0.09 |
) |
$ |
(0.24 |
) |
$ |
(0.31 |
) |
Shares used to
compute basic and diluted net loss per share |
|
94,914,536 |
|
|
77,237,246 |
|
|
97,184,183 |
|
|
72,919,829 |
|
|
ONCOTHYREON INC. |
Consolidated Balance Sheet Data |
(In thousands except share amounts) |
(Unaudited) |
|
|
|
|
As of |
|
|
|
|
September 30, 2015 |
|
December 31, 2014 |
|
|
Cash, cash equivalents
and investments |
|
$ |
63,678 |
|
|
$ |
63,714 |
|
|
|
Total assets |
|
$ |
103,226 |
|
|
$ |
103,411 |
|
|
|
Long term
liabilities |
|
$ |
7,639 |
|
|
$ |
7,430 |
|
|
|
Stockholders’
equity |
|
$ |
92,055 |
|
|
$ |
91,266 |
|
|
|
Common shares
outstanding |
|
|
94,928,170 |
|
|
|
91,601,352 |
|
|
Investor and Media Relations Contact:
Julie Rathbun
Rathbun Communications
206-769-9219
ir@oncothyreon.com
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