Business
Biomira Inc. announces year-end results
Biomira Inc. announces year-end results.
About this update from Skrr Exploration, Inc.
[{"type":"text","content":"\n\n\n\n\nEDMONTON, March 9 /CNW/ - Biomira Inc. (Nasdaq:BIOM) (TSX:BRA) today\nreported financial results for the fiscal year ended December 31, 2005.\nResults are reported in Canadian dollars with a December 31, 2005 rate of\n$1.00 Canadian equaling $0.86 U.S.\n\nHighlights:\n- In January 2006, we announced the signing of a letter of intent to\n amend the agreements governing the collaboration between Biomira and\n Merck for L-BLP25. Under the letter of intent, approved by the Boards\n of both Companies, Merck will take over administrative and financial\n responsibility for the development and commercialization of L-BLP25,\n including the planned phase 3 trial in NSCLC. Merck also plans to\n investigate the use of L-BLP25 to treat other types of cancer. All\n future development, regulatory, commercialization and marketing costs\n for L-BLP25 (including the planned phase 3 trial, but excluding the\n Canadian territory) will be borne exclusively by Merck effective\n March 1, 2006.\n- Biomira conducts a phase 2, single-arm, multi-centre, open label study\n of L-BLP25. The trial assessed the safety of the formulation of\n L-BLP25 that is expected to be used in the upcoming phase 3 study,\n finding there were no safety concerns with the reformulated vaccine.\n- The start of the planned L-BLP25 phase 3 study is delayed to address\n an accelerated stability issue discovered during the manufacturing\n process. This issue has now been addressed.\n- Biomira arranges a U.S. $16.07 million financing, which closed at the\n end of January, 2006\n- Dr. Christopher S. Henney join's Biomira's Board of Directors.\n- Biomira exercises its put option in relationship to Prima BioMed,\n acquiring a 1.62 per cent equity stake in the Company.\n\nFinancial Update\nConsolidated net losses for the years 2005, 2004, and 2003 were \n$19.0 million, $12.2 million, and $19.0 million, respectively. The increase in\nnet loss in fiscal 2005, as compared to fiscal 2004, was primarily\nattributable to lower revenues as a result of the recognition into income in\n2004 of the remaining deferred revenue balance related to Theratope(R) vaccine\ndue to the return of development and commercialization rights for this product\ncandidate by Merck KGaA announced in June 2004. In addition, we experienced an\nincrease in research and development expenditures, as compared to ...