Oncothyreon reports third quarter 2008 financial results

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[{"type":"text","content":"\n\n\n\nSEATTLE, Nov. 6 /CNW/ - Oncothyreon Inc. (NASDAQ: ONTY) (TSX: ONY) (the\n"Company") today reported financial results for the quarter and nine months\nending September 30, 2008.\n\n\nTotal revenue was $0.8 million and $4.0 million for the three and nine\nmonth periods ended September 30, 2008, compared to $1.1 million and $1.9\nmillion for the comparable periods in 2007. The increase in total revenue for\nthe nine month period reflects increased sales of clinical trial material to\nMerck KGaA to support the Phase 3 trial of Stimuvax(R).\n\n\nNet loss was $3.6 million, or $0.18 per basic and diluted share, for the\nthree months ended September 30, 2008, and $13.6 million, or $0.70 per basic\nand diluted share, for the nine months ended September 30, 2008, compared with\n$5.6 million and $15.2 million, or $0.28 and $0.78 per basic and diluted\nshare, for the comparable periods in 2007.\n\n\nExpenses for the three and nine month periods ended September 30, 2008,\nwere $4.4 million and $17.6 million, compared with $6.7 million and $17.0\nmillion for the comparable periods in 2007. The decrease in expenses for the\nthree month period in 2008 compared to 2007 is primarily attributable to\nhigher general and administrative expense in the earlier period related to\nOncothyreon's reincorporation in the United States. For the nine month\nperiods, lower general and administrative expense in 2008 was offset by an\nincrease in manufacturing costs associated with the increase in sales of\nStimuvax clinical trial material to Merck KGaA.\n\n\nAs of September 30, 2008, Oncothyreon's cash, cash equivalents and short\nterm investments were $11.4 million, compared to $24.2 million at the end of\n2007, a decrease of $12.8 million. The decrease was primarily the result of\nthe use of 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 final quarter of 2008, Oncothyreon expects expenses to remain at\napproximately the same level as in the first three quarters of the year.\nManufacturing and process development activities for Stimuvax are expected to\ncontinue at the same level for the balance of the year. The Company\na...

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