Company to Hold Conference Call at 4:30 p.m. EDT Today
SEATTLE, May 7, 2012 /PRNewswire/ - Oncothyreon Inc. (NASDAQ: ONTY) today
reported financial results for the first quarter ending March 31, 2012.
Loss from operations decreased to $5.7 million in the first quarter of
2012 from $5.9 million in the first quarter of 2011 as the result of
decreased general and administrative expenses to $1.5 million from $1.8
million, partially offset by increased research and development
expenses to $4.3 million from $4.2 million.
Net income for the quarter ended March 31, 2012 was $9.7 million or
$0.22 per basic and $0.21 per diluted share, compared with a net loss
of $7.1 million or $0.24 per basic and diluted share for the comparable
period in 2011. The increase in net income for the three months ended
March 31, 2012 compared to the prior year period net loss was primarily
attributable to non-cash income of $15.6 million as a result of the
change in fair value of warrant liability.
As of March 31, 2012, Oncothyreon's cash, cash equivalents and
investments were $58.8 million, compared to $66.4 million at December
31, 2011, a decrease of $7.6 million attributable to cash used in
operations and capital expenditures during the quarter.
On April 3, 2012, Oncothyreon closed an underwritten public offering of
13,512,500 shares of its common stock at a price to the public of $4.00
per share for gross proceeds of approximately $54.1 million. The net
proceeds from the sale of the shares, after deducting the underwriters'
discounts and other offering expenses payable by Oncothyreon, were
approximately $50.3 million.
Oncothyreon believes the following financial guidance to be correct as
of the date provided. Oncothyreon is providing this guidance as a
convenience to investors and assumes no obligation to update it.
Expenses in 2012 are expected to be higher when compared to 2011,
primarily as a result of the more advanced clinical development of
PX-866 and the ongoing Phase 1 clinical trial of ONT-10. Oncothyreon
currently expects cash used in operations in 2012 to be between
approximately $30.0 and approximately $33.0 million. As a result,
Oncothyreon estimates that its existing cash, cash equivalents and
investments will be sufficient to fund operations for at least the next
Conference Call and Webcast
Oncothyreon will conduct a conference call to discuss its first quarter
2012 financial results and provide a review of its pipeline of products
in development today, May 7, 2012 at 4:30 p.m. Eastern time (1:30 p.m.
Pacific time). To participate in the call by telephone, please dial
(877) 280-7291 (United States) or (707) 287-9361 (International). In
addition, the call will be webcast live and can be accessed on the
"Events" page of the "News & Events" section of Oncothyreon's website
at www.oncothyreon.com. An archive of the webcast will be available
after completion of the discussion and will be posted on Oncothyreon's
Oncothyreon is a biotechnology company specializing in the development
of innovative therapeutic products for the treatment of cancer.
Oncothyreon's goal is to develop and commercialize novel synthetic
vaccines and targeted small molecules that have the potential to
improve the lives and outcomes of cancer patients. For more
information, visit www.oncothyreon.com.
In order to provide Oncothyreon's investors with an understanding of its
current results and future prospects, this release may contain
statements that are forward-looking. Any statements contained in this
press release that are not statements of historical fact may be deemed
to be forward-looking statements. Words such as "believes,"
"anticipates," "plans," "expects," "will," "intends," "potential,"
"possible" and similar expressions are intended to identify
forward-looking statements. These forward-looking statements include
our expectations regarding future expenses, clinical development
activities and the use and adequacy of cash resources.
Forward-looking statements involve risks and uncertainties related to
our business and the general economic environment, many beyond our
control. These risks, uncertainties and other factors could cause our
actual results to differ materially from those projected in
forward-looking statements, including the risks associated with the
costs and expenses of developing our product candidates, the adequacy
of financing and cash, cash equivalents and investments, changes in
general accounting policies, general economic factors, achievement of
the results we anticipate from our clinical trials with our products
and our ability to adequately obtain and protect our intellectual
property rights. Although we believe that the forward-looking
statements contained herein are reasonable, we can give no assurance
that our expectations are correct. All forward-looking statements are
expressly qualified in their entirety by this cautionary statement. For
a detailed description of our risks and uncertainties, you are
encouraged to review the official corporate documents filed with the
securities regulators in the United States on U.S. EDGAR and in Canada
on SEDAR. Oncothyreon does not undertake any obligation to publicly
update its forward-looking statements based on events or circumstances
after the date hereof.
Additional information relating to Oncothyreon can be found on U.S.
EDGAR at www.sec.gov and on SEDAR at www.sedar.com.