Business
Biomira Inc. announces first quarter 2007 results
Biomira Inc. announces first quarter 2007 results.
About this update from Skrr Exploration, Inc.
[{"type":"text","content":"\n\n\n\nEDMONTON, April 26 /CNW/ - Biomira Inc. (NASDAQ:BIOM) (TSX:BRA) today\nreported a consolidated net loss from operations of $5.4 million or $0.05 per\nbasic and diluted share for the three months ended March 31, 2007, compared to\n$5.8 million or $0.07 per basic and diluted share for the same period in 2006.\nRevenue was $0.2 million for the 2007 first quarter, compared with\n$0.4 million for the year earlier quarter. Total operating expenses were\n$6.7 million for the quarter ended March 31, 2007, compared with $6.4 million\nfor the same quarter in 2006. All results are in Canadian dollars.\n\n\nThe increase in operating expenses in the first quarter of 2007 compared\nwith the first quarter of 2006 primarily resulted from an increase in\namortization expense and marketing and business development expense of\n$0.8 million and $0.4 million respectively, partially offset by a reduction in\nresearch and development expense of $1.0 million. The increase in amortization\nexpense relates to the intangible assets acquired in the acquisition of ProlX\nPharmaceuticals Corporation in October 2006, and the increase in marketing and\nbusiness development expense relates to workforce reduction costs in the first\nquarter of 2007. The decrease in research and development expense primarily\nrelates to reduced clinical and development expenditures as a result of\ntransitioning the responsibility for the clinical development and regulatory\nactivities for Stimuvax(R) to Merck KGaA of Darmstadt, Germany ("Merck KGaA")\nduring 2006, and related workforce reductions undertaken during 2006.\n\n\nAs at March 31, 2007, our cash and cash equivalents and short-term\ninvestments were $28.7 million compared to $33.0 million at the end of 2006, a\ndecrease of $4.3 million. Major contributors to the net change included\n$3.3 million used in operations, $0.5 million used in payment of accrued\nbusiness acquisition and share issuance costs, and $0.5 million used in the\npurchase of intangible assets. Netted against cash used in operations was the\nreceipt of a milestone payment to Biomira of $2.9 million as the result of the\nenrollment of the first patient in the global phase 3 Stimuvax clinical trial.\nThis milestone payment has been recorded as deferred revenue and is being\nrecognized as revenue on a straight-line basis over the remaining...