Business
Oncothyreon reports third quarter 2009 financial results & provides product pipeline update
Oncothyreon reports third quarter 2009 financial results & provides product pipeline update
About this update from Cascade Copper Corp.
[{"type":"text","content":"\n\n\n\nNov. 11, 2009 (Canada NewsWire Group) -- SEATTLE, Nov. 11 /CNW/ -- Oncothyreon Inc. (NASDAQ: ONTY) today reported financial results for the three and nine months ended September 30, 2009 and provided a product pipeline update. Management will hold a conference call today at 4:30 p.m. ET, 1:30 p.m. PT (see below for details).Oncothyreon reported a loss from operations of $2.8 million for the three months ended September 30, 2009, compared with a loss from operations of $3.6 million for the comparable period in 2008. Oncothyreon also reported a loss from operations of $9.0 million for the nine months ended September 30, 2009, compared with a loss from operations of $13.7 million for the comparable period in 2008. For both the three-month and nine-month periods, the decrease in loss from operations was primarily the result of decreased research and development, manufacturing and general and administrative expenses, offset by a decrease in revenue.Operating expenses for the three and nine months ended September 30, 2009 were $2.8 million and $9.1 million respectively, compared with $4.4 million and $17.7 million for the comparable periods in 2008. Combined research and development and manufacturing expenses decreased to $1.3 million for the three months ended September 30, 2009 from $2.1 million for the three months ended September 30, 2008, and to $4.0 million from $9.5 million for the nine month periods, primarily as a result of the cessation of manufacturing activities for Stimuvax and the transfer of our Edmonton, Alberta facility to Merck KGaA. General and administrative expenses decreased to $1.4 million in the three months ended September 30, 2009 from $2.1 million in the three months ended September 30, 2008. General and administrative expenses decreased to $4.9 million in the first nine months of 2009 from $7.8 million in the first nine months of 2008, primarily as a result of expenses in 2008 related to Oncothyreon's reincorporation in the United States and fewer personnel in 2009.Total revenue was $4,000 and $39,000, respectively, for the three and nine months ended September 30, 2009, compared to $0.8 million and $4.0 million for the same periods in 2008. The decrease in revenue was primarily the result of the transfer of manufacturing of Stimuvax to Merck KGaA in December 2008.Oncothyreon reported a net loss of ...