EDMONTON, AB, Nov. 2 /PRNewswire-FirstCall/ - Biomira Inc. today reported financial results for the three and nine months ended September 30, 2006.
As at September 30, 2006, Biomira’s cash and cash equivalents and short-term investments were $26.6 million compared to $21.4 million at the end of 2005, an increase of $5.2 million or 24%. Major contributors to the net change included $17.5 million in net financing proceeds offset by $12.1 million used in operations, which includes workforce reduction costs of $1.4 million.
Financial results for the three months ended September 30, 2006 reflect a consolidated net loss from operations of $3.7 million or $0.04 per share compared to $5.5 million or $0.07 per share for the same period in 2005. The decrease in net loss of $1.8 million arises from higher revenues of $0.4 million, increased investment and other income of $0.5 million, lower research and development expenses of $1.0 million and reduced marketing and business development expense of $0.1 million, partially offset by higher general and administrative expenses of $0.2 million. The decreased net loss primarily relates to reduced clinical expenditures with the development program for Stimuvax(R) in the hands of Merck effective March 1, 2006 and a lower foreign exchange loss on our U.S. dollar holdings.
Financial results for the nine months ended September 30, 2006 reflect a consolidated net loss from operations of $13.5 million or $0.15 per share compared to $14.6 million or $0.19 per share for the same period in 2005. Additional contributing factors to the year-to-date decrease in net loss of $1.1 million include a deferral of Stimuvax(R) manufacturing costs incurred in preparation for the planned Merck-led phase 3 trial in non-small cell lung cancer, partially offset by workforce reduction and exiting costs.
Summary of Interim Results (expressed in 000’s except per share data) ------------------------------------------------------------------------- 3rd 3rd Year Year Quarter Quarter to date to date Sept 30, Sept 30, Sept 30, Sept 30, Fiscal year 2006 2006 2005 2006 2005 ------------------------------------------------------------------------- Total revenue $1,715 $1,338 $3,251 $3,262 ------------------------------------------------------------------------- Research and development costs $3,623 $4,625 $10,551 $12,452 ------------------------------------------------------------------------- Net loss $(3,739) $(5,476) $(13,548) $(14,637) ------------------------------------------------------------------------- Basic and diluted loss per share $(0.04) $(0.07) $(0.15) $(0.19) ------------------------------------------------------------------------- Weighted average number of common shares outstanding 89,389 78,607 88,227 78,607 ------------------------------------------------------------------------- Cash position $26,622 $21,415 ------------------------------------------------------------------------- Working Capital $25,296 $19,925 ------------------------------------------------------------------------- Common shares outstanding 89,389 78,817 ------------------------------------------------------------------------- -------------------------------------------------------------------------
For a further discussion of the Company’s financial results for the three and nine months ended September 30, 2006, please refer to the Company’s complete set of unaudited consolidated financial statements and the Company’s Management Discussion & Analysis of Financial Condition and Results of Operations which will be made available on SEDAR at www.sedar.com and U.S. EDGAR at www.sec.gov.
Biomira Inc.
Biomira is a biotechnology company specializing in the development of innovative therapeutic approaches to cancer management. Biomira’s commitment to the treatment of cancer currently focuses on the development of synthetic vaccines and novel strategies for cancer immunotherapy.
Forward-Looking Statements
In order to provide our investors with an understanding of our current results and future prospects, this report and the referenced complete set of Interim Financial Reports on SEDAR and U.S. EDGAR contain statements that are forward looking. These forward-looking statements represent Biomira’s intentions, plans, expectations and beliefs and are based on our experience and our assessment of historical and future trends and the application of key assumptions relating to future events and circumstances.
Forward-looking statements involve risks and uncertainties related to our business and the general economic environment, many beyond our control. These risks, uncertainties and other factors could cause our actual results to differ materially from those projected in forward-looking statements, including those predicting adequacy of financing and reserves on hand; currency exchange rate fluctuations; changes in general accounting policies; and general economic factors. Although we believe that the forward-looking statements contained herein are reasonable, we can give no assurance that our expectations are correct. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. For a detailed description of our risks and uncertainties, you are encouraged to review the official corporate documents filed with the securities regulators in Canada and the United States, including the risk factors described in our 2005 Annual Report.
Additional Information
Additional information relating to Biomira, including a copy of our Annual Information Form and Proxy Circular, can be found on SEDAR at www.sedar.com or U.S. EDGAR at www.sec.gov.
BIOMIRA INC. 2011 - 94 St. Edmonton, AB, Canada T6N 1H1 Tel: (780) 450-3761 Fax: (780) 463-0871 http://www.biomira.com
Biomira Inc.
CONTACT: Biomira Company Contact: Edward Taylor, Vice President Financeand Administration & Chief Financial Officer, (780) 490-2806; U.S. Investorand Media Contacts: John Capodanno/Jonathan Birt, Financial Dynamics, (212)850-5600, jcapodanno@fd-us.com, jbirt@fd-us.com
