Oncothyreon reports full year and fourth quarter 2007 financial results

About this update from Cascade Copper Corp.

[{"type":"text","content":"\n\n\n\nBELLEVUE, WA, March 10 /CNW/ - Oncothyreon Inc. (Nasdaq: ONTY) (TSX: ONY)\n(the "Company") today reported financial results for the year and quarter\nended December 31, 2007. All results are in U.S. dollars and prepared using\nU.S. GAAP.\n\n\nNet loss for the year ended December 31, 2007, was $20.3 million or $1.04\nper basic and diluted share, compared with $36.4 million, or $2.38 per basic\nand diluted share in 2006. The substantial decrease in net loss when compared\nwith 2006 primarily reflects the charge of $24.9 million in 2006 related to\nthe acquisition of ProlX Pharmaceuticals, Inc. General and administrative\nexpenses increased by $4.2 million for the year ended December 31, 2007,\ncompared with the year ended December 31, 2006, primarily due to costs\nassociated with the Company's reincorporation into the United States and\ncertain costs associated with a reduction in administrative staff. Revenue\nfrom operations for the year ended December 31, 2007, was $3.8 million,\ncompared to $4.0 million in the prior year.\n\n\nNet loss for the quarter ended December 31, 2007, was $5.2 million or\n$0.26 per basic and diluted share, compared with $27.1 million or $1.58 per\nbasic and diluted share for the comparable period in 2006. Revenue from\noperations was $1.9 million, compared to $1.1 million for the same period in\n2006. Expenses for the quarter were $7.1 million, compared with $28.7 million\nfor the comparable period in 2006, which included charges of $24.9 million\nrelating to the October 2006 acquisition of ProlX.\n\n\nAs of December 31, 2007, Oncothyreon's cash, cash equivalents and\nshort-term investments were $24.2 million, compared to $28.4 million at the\nend of 2006, a decrease of $4.2 million, or 14.8 percent. The net decrease\nreflects operating expenditures of $22.8 million in 2007 offset by $15.8\nmillion in cash received under the Company's collaborative and contract\nmanufacturing agreements. The decrease was also offset by the favorable effect\nof exchange rate fluctuations on cash and cash equivalents of $1.7 million and\nshort-term investments of $1.9 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 i...

More updates from Cascade Copper Corp.