Business
Biomira Inc. Announces Second Quarter 2006 Results
Biomira Inc. Announces Second Quarter 2006 Results.
About this update from Skrr Exploration, Inc.
[{"type":"text","content":"\n\n\n\n\nEDMONTON, July 27 /CNW/ - Biomira Inc. (Nasdaq Global Market: BIOM)\n(TSX:BRA), a leading developer of innovative therapeutic approaches to cancer\nmanagement, today reported financial results for the three and six months\nended June 30, 2006.\n\"This has been a solid quarter for Biomira, with our lead product\nStimuvax(R) continuing to make important progress toward the start of a phase\n3 trial,\" said Edward Taylor, Biomira's interim President and CEO. \"With\nMerck's greater involvement, we have turned our attention to bolstering the\npipeline of products between Stimuvax(R) and BGLP40 Liposomal Vaccine\n(L-BGLP40) and we have already seen a number of promising opportunities, which\nwould benefit from Biomira's expertise in moving products through all stages\nof development. We have also made cost containment a priority as we seek to\nmaximize and reallocate our resources in the most appropriate fashion. We look\nforward to further significant product news in the second half of the year.\"\n\n>\n\nFinancial Update\nFinancial results for the six months ended June 30, 2006 reflect a\nconsolidated net loss from operations of $9.8 million or $0.11 per share\ncompared to $9.2 million or $0.12 per share for the same period in 2005. The\nincreased net loss of $0.6 million in 2006 arises from lower revenues of\n$0.4 million, reduced investment and other income of $0.4 million and higher\ngeneral and administrative expenses of $1.0 million, partially offset by\ndecreased research and development expenditures of $0.9 million and marketing\nand business development expenses of $0.3 million. The increased net loss\nprimarily relates to workforce reduction and exiting costs incurred in the\nfirst half of 2006, partially offset by a deferral of Stimuvax(R)\nmanufacturing costs incurred in preparation for the planned Merck-led phase 3\ntrial in NSCLC expected to commence by the end of the year, and reduced\nclinical expenditures in anticipation of finalizing the amendments to the\nexisting supply and collaboration agreements with Merck for the future\nclinical development of Stimuvax(R).\nAs at June 30, 2006, our cash and cash equivalents and short-term\ninvestments were $28.7 million compared to $21.4 million at the end of 2005,\nan increase of $7.3 million or 34%.\nFor a further discussion of the Company's financial results for...