SEATTLE, March 13, 2014 /PRNewswire/ - Oncothyreon Inc. (NASDAQ: ONTY) today reported financial results for the year and quarter ended December 31, 2013.
Loss from operations was $41.2 million for the year ended December 31, 2013 compared with $28.5 million for the year ended December 31, 2012. The increase in loss from operations resulted primarily from an increase in research and development expenses to $33.2 million from $22.0 million, which included a $10.0 million upfront payment to Array BioPharma Inc. (Array) upon execution of the collaboration agreement with Array in May 2013.
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