Oncothyreon Reports First Quarter 2008 Financial Results

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[{"type":"text","content":"\n\n\n\nBELLEVUE, WA, May 7 /CNW/ - Oncothyreon Inc. (Nasdaq: ONTY) (TSX: ONY)\n(the "Company") today reported a net loss of $5.1 million or $0.26 per basic\nand diluted share for the quarter ended March 31, 2008, compared with\n$4.7 million or $0.24 per basic and diluted share for the comparable period in\n2007. All results are in U.S. dollars.\n\n\nTotal revenue was $2.0 million in the first quarter of 2008, compared to\n$0.2 million for the same period in 2007. The increase of $1.8 million\nreflects the increased sale of clinical trial material to Merck KGaA to\nsupport the Phase 3 trial of Stimuvax.\n\n\nExpenses for the quarter ended March 31, 2008, were $7.1 million,\ncompared with $4.8 million for the comparable period in 2007. The increase in\noperating expenses of $2.3 million resulted from an increase in manufacturing\nand sale of Stimuvax for the Phase 3 clinical trial of $2.1 million and an\nincrease in general and administrative expense of $0.8 million arising from\nprofessional and consulting fees. Partially offsetting this increase were\nreductions in research and development expense and marketing and business\ndevelopment expense of $0.7 million and $0.5 million respectively.\n\n\nAs of March 31, 2008, Oncothyreon's cash, cash equivalents and short term\ninvestments were $16.5 million, compared to $24.2 million at the end of 2007,\na decrease of $7.7 million, or 31.8 percent. Major contributors to the net\nchange included $5.1 million used in operations, an increase in inventory and\naccounts receivable totaling $2.0 million and a decrease in accounts payable\nand accrued liabilities of $1.5 million.\n\n\nFinancial Guidance\n\n\nOncothyreon believes the following financial guidance to be correct as of\nthe date provided. The Company is providing this guidance as a convenience to\ninvestors and assumes no obligation to update it.\n\n\nOncothyreon's financial guidance is unchanged from that reported with the\nCompany's 2007 financial results. For 2008, Oncothyreon expects expenses to\nincrease over 2007 as a result of increased manufacturing and process\ndevelopment activities for Stimuvax and more advanced clinical development\nactivity for the Company's small molecule drugs. Oncothyreon increased its\ninventory of Stimuvax in the first quarter of 2008 to support the ongoing\nPhase 3 trial and an anticip...

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