Biomira Inc. Announces 4th Quarter and 1995 Results.EDMONTON Edmonton (ĕd`məntən), city (1991 pop. 616,741), provincial capital, central Alta., Canada, on the North Saskatchewan River. The center of the largest metropolitan area in Alberta, Edmonton, known as the "Gateway to the North," is located , Alberta--(BUSINESS WIRE)--March 22, 1996--BIOMIRA INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: BRA; NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BIOMF) Biomira Inc. today reported financial results for the fourth quarter and year ended December 31, 1995. (Results are reported in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents with a December 31, 1995 rate of $1.00 Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. equaling $0.73 U.S.) For the three months ended December 31, 1995, revenues were $2.0 million compared with $2.0 million for the same period in 1994. Revenues for the year ended December 31, 1995, were $7.7 million compared to $6.9 million in 1994. Included in the year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenues are twelve months sales of Biomira Diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler Inc. as compared to ten months sales for the same period in 1994. Biomira Diagnostics became a wholly-owned subsidiary of Biomira effective February 28, 1994. Biomira's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Alex McPherson, M.D., Ph.D., said "We are pleased with our results in 1995, moving us closer to bringing our products for Cancer Management toward commercialization. We look forward to meeting our milestones for 1996, which include continued clinical trials to support registration of our products around the world," concluded McPherson. The net loss for the three months was $5.8 million, or $0.21 per share, based on a weighted average of 27.4 million shares outstanding, compared to a net loss of $7.5 million, or $0.34 per share, based upon a weighted average of 22.2 million shares outstanding for the same period in 1994. The increase in the weighted average number of shares resulted from the successful Rights Offering completed in June 1995 and the acquisition of OncoTherapeutics, Inc. completed in October 1995. These activities increased the total issued and outstanding number of common shares to 33.4 million from 22.5 million. The loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the to December 31, 1995 of $21.4 million represents a loss per share of $0.78 on a weighted average of 27.4 million shares outstanding compared to a loss of $28.1 million, equaling a loss per share of $1.27 on a weighted average of 22.2 million shares outstanding for the corresponding period in 1994. This decreased loss reflects a reduction in research and development expense and a non cash expense recorded in 1994 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the acquisition of the remaining 50 per cent interest in the Radioimmunoimaging Partnership. Biomira expensed this acquisition consistent with its present accounting policy for research and development expenditures. The consolidated net loss for the year was $21.4 million compared to $17.0 million from the corresponding period in 1994. This equals a net loss per share of $0.78 compared to a net loss per share for the corresponding period in 1994 of $0.77. 1994 included a gain of $11.1 million or $0.50 per share on the sale of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Cash balances and short term investments of Biomira at December 31, 1995 were $36.8 million compared with $28.1 million at December 31, 1994. This increase is the result of proceeds received on completion of the Rights Offering, offset by cash used in ongoing operations. "All of our business decisions and activities reflect our corporate commitment to the diagnosis and treatment of cancer. In line with this corporate approach, we enhanced and expanded our product base through the acquisition of OncoTherapeutics, Inc., Cranbury, New Jersey. The harmony with Biomira's Cancer Management mission and the resulting array of new products and technologies this secures for our product portfolio is truly exciting," concluded McPherson. Biomira is a biotechnology company specializing in developing vaccine vaccine Preparation containing either killed or weakened live microorganisms or their toxins, introduced by mouth, by injection, or by nasal spray to stimulate production of antibodies against an infectious agent. and cellular therapies for Cancer Management ... from discovery to recover(TM). The company also develops novel diagnostic products to aid in the detection of recurrent cancer recurrent cancer Oncology A cancer that reappears in a site where it was eradicated or disappeared. Cf Remission, Residual cancer. through blood tests or imaging agents, as well as a diagnostic product candidate designed to identify a patient's immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. status and assess the potential of the patient to respond to immune-based therapies. -0- BIOMIRA INC. SELECTED FINANCIAL DATA ($1.00 Cdn. - $0.73 US)
Three Months Ended Year Ended
December 31, December 31,
(Unaudited) (Audited)
1995 1994 1995 1994
---- ---- ---- ----
(Canadian dollars, in thousands, except per share amounts)
Revenue $2,048 $2,004 $7,695 $6,948 Research and development expenses 3,408 5,952 15,842 18,304 Research and development acquired on purchase of partnership - - - 4,800 Loss from continuing operations (5,800) (7,454) (21,411) (28,075) Gain on sale/(share of loss) from discontinued operations - - - 11,064 Net loss (5,800) (7,454) (21,411) (17,011) Loss from continuing operations per share $ (0.21) $ (0.34) $ (0.78) $ (1.27) Net loss per share $ (0.21) $ (0.34) $ (0.78) $ (0.77) Weighted average shares outstanding (millions) 27.4 22.2 27.4 22.2
BALANCE SHEET DATA December 31, 1995 December 31, 1994
----------------- -----------------
(Audited)
(Canadian dollars, in thousands, except number of shares)
Cash and Short-Term Investments $36,791 $28,050 Working Capital 37,646 27,731 Total Assets 53,096 38,600 Total Shareholders' Equity $49,611 $34,646 Common Shares Issued 33,365,000 22,523,000 CONTACT: Biomira Inc. Jane Jack, 403/490-2812 Ed Taylor, 403/490-2806 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion