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Biomira Inc. announces third quarter 2006 results
Biomira Inc. announces third quarter 2006 results.
About this update from Skrr Exploration, Inc.
[{"type":"text","content":"\n\n\n\n\nEDMONTON, AB, Nov. 2 /CNW/ - Biomira Inc. (NASDAQ:BIOM) (TSX:BRA) today\nreported financial results for the three and nine months ended September 30,\n2006.\nAs at September 30, 2006, Biomira's cash and cash equivalents and\nshort-term investments were $26.6 million compared to $21.4 million at the end\nof 2005, an increase of $5.2 million or 24%. Major contributors to the net\nchange included $17.5 million in net financing proceeds offset by $12.1\nmillion used in operations, which includes workforce reduction costs of $1.4\nmillion.\nFinancial results for the three months ended September 30, 2006 reflect a\nconsolidated net loss from operations of $3.7 million or $0.04 per share\ncompared to $5.5 million or $0.07 per share for the same period in 2005. The\ndecrease in net loss of $1.8 million arises from higher revenues of $0.4\nmillion, increased investment and other income of $0.5 million, lower research\nand development expenses of $1.0 million and reduced marketing and business\ndevelopment expense of $0.1 million, partially offset by higher general and\nadministrative expenses of $0.2 million. The decreased net loss primarily\nrelates to reduced clinical expenditures with the development program for\nStimuvax(R) in the hands of Merck effective March 1, 2006 and a lower foreign\nexchange loss on our U.S. dollar holdings.\nFinancial results for the nine months ended September 30, 2006 reflect a\nconsolidated net loss from operations of $13.5 million or $0.15 per share\ncompared to $14.6 million or $0.19 per share for the same period in 2005.\nAdditional contributing factors to the year-to-date decrease in net loss of\n$1.1 million include a deferral of Stimuvax(R) manufacturing costs incurred in\npreparation for the planned Merck-led phase 3 trial in non-small cell lung\ncancer, partially offset by workforce reduction and exiting costs.\n\n>\n\nFor a further discussion of the Company's financial results for the three\nand nine months ended September 30, 2006, please refer to the Company's\ncomplete set of unaudited consolidated financial statements and the Company's\nManagement Discussion & Analysis of Financial Condition and Results of\nOperations which will be made available on SEDAR at www.sedar.com and U.S.\nEDGAR at www.sec.gov.\n\nBiomira Inc.\nBiomira is a biotechnology company specializing in the devel...