Business
Biomira reports Full year and Fourth Quarter 2006 Financial Results
Biomira reports Full year and Fourth Quarter 2006 Financial Results.
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[{"type":"text","content":"\n\n\n\nEDMONTON, March 8 /CNW/ - Biomira Inc. (Nasdaq: BIOM) (TSX: BRA) today\nreported financial results for the year and quarter ended December 31, 2006.\nAll results are in Canadian dollars.\n\n\nNet loss for the year ended December 31, 2006, was $17.8 million or\n$0.19 per basic and diluted share, compared with $19.0 million, or $0.24 per\nbasic and diluted share in 2005. The decrease in net loss resulted from\ndecreased clinical expenditures as a result of transferring the development\nprogram for Stimuvax(R) to Merck KGaA of Darmstadt Germany ("Merck") effective\nMarch 1, 2006, partly offset by increased general and administrative expenses\nrelated to changes in accounting for stock-based compensation and charges due\nto reduction in workforce. Revenue from operations for the year ended\nDecember 31, 2006 was $4.5 million, compared with $4.4 million in the prior\nyear.\n\n\nExpenses for the year ended December 31, 2006, were $24.1 million,\ncompared with $24.5 million for the prior year. Research and development\nexpenses decreased from $16.9 million in 2005 to $13.8 million in 2006,\nprimarily as a result of reduced clinical expenditures with the transfer of\nresponsibility for the clinical development of Stimuvax to Merck. This was\noffset by an increase in G&A expenses from $6.3 million in 2005 to\n$8.7 million in 2006. This increase was primarily attributable to changes in\nthe expensing of stock options with the adoption of a new accounting policy in\n2006, a non-cash expense, and with costs related to workforce reductions and\nemployee exiting.\n\n\nNet loss for the quarter ended December 31, 2006 was $4.3 million or\n$0.04 per basic and diluted share, compared with $4.4 million or $0.05 per\nbasic and diluted share for the comparable period in 2005. Revenue from\noperations was $1.3 million, compared with $1.1 million for the comparable\nperiod in 2005. Expenses for the quarter were $6.7 million, compared with\n$6.0 million for the comparable period in 2005.\n\n\nAs of December 31, 2006, Biomira's cash, cash equivalents and short term\ninvestments were $33.0 million, compared to $21.4 million at the end of 2005,\nan increase of $11.6 million, or 54%. Major contributors to the net change\nincluded $31.9 million in net financing proceeds, offset by $15.6 million used\nin operations and $4.3 million used...