Business
Biomira Inc. announces first quarter 2006 results
Biomira Inc. announces first quarter 2006 results.
About this update from Skrr Exploration, Inc.
[{"type":"text","content":"\n\n\n\n\nEDMONTON, April 27 /CNW/ - Biomira Inc. (Nasdaq:BIOM) (TSX:BRA), a\nleading developer of cancer vaccines, today reported financial results for the\nthree months ended March 31, 2006.\n\nHighlights\n- Financial results for the three months ended March 31, 2006 reflect a\n consolidated net loss from operations of $5.8 million or $0.07 per\n share compared to $4.4 million or $0.06 per share for the same period\n in 2005. The increased net loss of $1.4 million in 2006 arises from\n lower revenues of $0.4 million and lower investment and other income\n of $0.2 million, combined with increases in research and development\n expenditures of $0.4 million and general and administrative expenses\n of $0.4 million.\n- In January 2006, Biomira announced the signing of a letter of intent\n to amend the agreements governing the collaboration between Biomira\n and Merck KGaA of Darmstadt, Germany for Stimuvax(R) (formerly BLP25\n Liposome Vaccine (L-BLP25)). Under the letter of intent, approved by\n the Boards of both Companies, effective March 1, 2006 Merck will\n assume most of the administrative and financial responsibility for\n the development and commercialization of Stimuvax(R), including the\n planned phase 3 trial in non-small cell lung cancer, which is\n expected to commence in the summer of 2006. Merck also plans to\n investigate the use of Stimuvax(R) to treat other types of cancer. In\n return Biomira's co-promotion interest in U.S. sales will be\n converted to a specified royalty rate, which will be higher than what\n Merck has agreed to pay on its sales of Stimuvax(R) in markets\n outside of North America. The Companies are currently in the process\n of revising the agreements governing the collaboration.\n- In January, Biomira announced the completion of a U.S. $16.07 million\n financing.\n- Biomira has resolved an accelerated stability issue discovered\n earlier during the manufacturing process of Stimuvax(R).\n Manufacturing for the phase 3 study has now recommenced.\n\nAdditionally, on April 3rd, Biomira announced that Alex McPherson, M.D.,\nPh.D. will step down as the Company's President and Chief Executive Officer\nfollowing the Annual General Meeting scheduled for May 17, 2006. The Board has\ninitiated a search process for Dr. McPherson's successor. An interim\nsuccession plan has been put in place, should it be ...