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Biomira announces second quarter 2007 financial results
Biomira announces second quarter 2007 financial results.
About this update from Skrr Exploration, Inc.
[{"type":"text","content":"\n\n\n\nEDMONTON, Aug. 2 /CNW/ - Biomira Inc. ("Biomira" or the "Company")\n(NASDAQ:BIOM) (TSX:BRA) today reported a consolidated net loss from operations\nof $6.3 million or $0.05 per basic and diluted share for the three months\nended June 30, 2006, compared to $4.0 million or $0.04 per basic and diluted\nshare for the same period in 2006. Revenue was $0.7 million for the 2007\nsecond quarter, compared with $1.2 million for the year earlier quarter. Total\noperating expenses were $7.0 million for the quarter ended June 30, 2007,\ncompared with $5.4 million for the same quarter in 2006. All results are in\nCanadian dollars.\n\n\nThe increase in net loss of $2.3 million primarily resulted from lower\nrevenues of $0.5 million and increased operating expenses of $1.6 million. The\nlower revenues resulted from reduced contract research and development funding\nas a result of transitioning the responsibility for the clinical development\nand regulatory activities for Stimuvax(R) to Merck KGaA of Darmstadt, Germany\n("Merck KGaA") during 2006. The increase in operating expenses primarily\nresulted from higher research and development expenses and increased\namortization expense related to the Company's acquisition of ProlX\nPharmaceuticals Corporation in October 2006.\n\n\nFinancial results for the six months ended June 30, 2006 reflect a\nconsolidated net loss from operations of $11.6 million or $0.10 per basic and\ndiluted share compared to $9.8 million or $0.11 per basic and diluted share\nfor the same period in 2006.\n\n\nAs at June 30, 2007, cash and cash equivalents and short-term investments\nwere $21.9 million compared to $33.0 million at the end of 2006, a decrease of\n$11.1 million. Major contributors to the net change included $9.8 million used\nin operations, $0.5 million used in payment of accrued business acquisition\nand share issuance costs, and $0.6 million used in the purchase of capital and\nintangible assets. Included in cash used in operations is an increase in\ninventory of $3.1 million related to Stimuvax manufacturing activities, which\nresumed in the first quarter of 2007 as a result of the commencement of the\nMerck KGaA-led phase 3 trial of Stimuvax in non-small cell lung cancer.\n\n\nAbout Biomira\n\n\nBiomira is a biotechnology company specializing in the development of\ninno...