Oncothyreon reports second quarter 2008 financial results

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[{"type":"text","content":"\n\n\n\nBELLEVUE, WA, Aug. 7 /CNW/ - Oncothyreon Inc. (NASDAQ: ONTY) (TSX: ONY)\n(the "Company") today reported financial results for the quarter and six\nmonths ending June 30, 2008.\n\n\nTotal revenue was $1.2 million and $3.2 million for the three and six\nmonth periods ended June 30, 2008, compared to $0.6 million and $0.8 million\nfor the comparable periods in 2007. The increase in total revenue reflects\nincreased sales of clinical trial material to Merck KGaA to support the Phase\n3 trial of Stimuvax(R).\n\n\nNet loss was $4.9 million, or $0.25 per basic and diluted share, for the\nthree months ended June 30, 2008, and a net loss of $10.0 million, or $0.51\nbasic and diluted share, for the six months ended June 30, 2008, compared with\n$5.0 million and $9.6 million, or $0.25 and $0.49 per basic and diluted share,\nfor the comparable periods in 2007.\n\n\nExpenses for the three and six month periods ended June 30, 2008, were\n$6.1 million and $13.2 million, compared with $5.6 million and $10.4 for the\ncomparable periods in 2007. The increase in operating expenses is primarily\nattributable to the manufacturing costs associated with the increase in sales\nof Stimuvax clinical trial material to Merck KGaA and increased legal,\naccounting and investor communication costs associated with the preparation of\nstatutory filings in the United States with the Securities and Exchange\nCommission.\n\n\nAs of June 30, 2008, Oncothyreon's cash, cash equivalents and short term\ninvestments were $14.2 million, compared to $24.2 million at the end of 2007,\na decrease of $10.0 million. The decrease was primarily the result of the use\nof cash to fund operations.\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\nFor the balance of 2008, Oncothyreon expects expenses to remain\napproximately the same as in the first half of the year. Manufacturing and\nprocess development activities for Stimuvax are expected to continue at the\nsame level for the balance of the year. The Company increased its inventory of\nStimuvax in the first half of 2008 to support the ongoing Phase 3 trial and an\nanticipated additional trial. Oncothyreon expects revenue rela...

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