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Biomira announces third quarter 2007 financial results
Biomira announces third quarter 2007 financial results.
About this update from Skrr Exploration, Inc.
[{"type":"text","content":"\n\n\n\nEDMONTON, Nov. 1 /CNW/ - Biomira Inc. ("Biomira" or the "Company")\n(NASDAQ:BIOM) (TSX:BRA) today reported a consolidated net loss of $6.8 million\nor $0.06 per basic and diluted share for the three months ended September 30,\n2007, compared to $3.7 million or $0.04 per basic and diluted share for the\nsame period in 2006. Revenue was $1.2 million for the 2007 third quarter,\ncompared with $1.7 million for the year earlier quarter. Total operating\nexpenses were $7.9 million for the quarter ended September 30, 2007, compared\nwith $5.6 million for the same quarter in 2006. All results are in Canadian\ndollars.\n\n\nThe increase in net loss of $3.1 million primarily resulted from lower\nrevenues of $0.5 million and increased operating expenses of $2.3 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 is primarily\nattributable to professional fees associated with the Company's proposed\nreincorporation into the United States. Also contributing to the increase in\noperating expenses is higher amortization expense related to intangible assets\nacquired as part of the ProlX acquisition in October 2006. Partially\noffsetting these variances is lower research and development expenses, once\nagain resulting from transitioning the responsibility for the clinical\ndevelopment and regulatory activities for Stimuvax to Merck KGaA during 2006.\n\n\nFinancial results for the nine months ended September 30, 2007 reflect a\nconsolidated net loss of $18.4 million or $0.16 per basic and diluted share\ncompared to $13.5 million or $0.15 per basic and diluted share for the same\nperiod in 2006.\n\n\nAs at September 30, 2007, cash and cash equivalents and short-term\ninvestments were $20.5 million compared to $33.0 million at the end of 2006, a\ndecrease of $12.5 million. Major contributors to the net change included\n$10.6 million used in operations, $0.5 million used in payment of accrued\nbusiness acquisition and share issuance costs, and $1.1 million used in the\npurchase of capital and intangible assets. Included in cash used in operations\nis an ...