Oncothyreon Inc. reported a fourth-quarter net loss of $6.6 million, or a loss of 27 cents per share, which compares with a loss of $5 million, or a loss of 20 cents per share a year earlier and bigger than analysts’ estimates of a loss of 15 cents per share.
The Seattle biotech (NASDAQ: ONTY) that is developing cancer drugs also said its expenses in 2012 are expected to be higher than in 2011, and in early Tuesday trading, shares in Oncothyreon had plummeted more than 37 percent, dropping more than $3.20 to around $5.13.
For fiscal 2011, Oncothyreon reported a loss of $42.6 million, or a loss of $1.12 per share, which compares with a loss of $15.6 million, or a loss of 58 cents per share, a greater than the fiscal year loss of $1.07 per share predicted by analysts polled by Thomson Reuters First Call. In a statement, company officials estimate “that ... existing cash, cash-equivalents and investments will be sufficient to fund operations for at least the next 12 months”
