Biomira Inc. announces third-quarter results.EDMONTON, Alberta--(BUSINESS WIRE)--Biomira Inc. (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/TSE,ME:BRA) Monday reported financial results for the three months ended Sept. 30, 1995. Results are reported in Canadian dollars with a Sept. 30, 1995 rate of $1 Canadian equaling 74 cents U.S. For the three months ended Sept. 30, 1995, revenues were $2.1 million, compared with $1.9 million for the same period in 1994. The net loss for the three months was $4.9 million, or 19 cents loss per share, based on a weighted average of 25.8 million shares outstanding, compared with a net loss of $5.7 million, or 26 cents loss per share, based upon a weighted average of 22.1 million shares outstanding, for the same period in 1994. The increase in the weighted average number of shares is the result of the successful completion of the rights offering in June 1995 which increased the total issued and outstanding number of common shares of Biomira to 29.9 million from 22.5 million. Revenues for the nine months ended Sept. 30, 1995, were $5.6 million, compared with $4.9 million for the same period in 1994. Included in the year-to-date revenues are nine months' sales of Biomira Diagnostics Inc. as compared with seven months' sales for the same period in 1994. Biomira Diagnostics became a wholly-owned subsidiary of Biomira effective Feb. 28, 1994. 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 Sept. 30, 1995, of $15.6 million represents a loss per share of 61 cents on a weighted average of 25.8 million shares outstanding, compared with a loss of $21.2 million, equaling a loss per share of 96 cents on a weighted average of 22.1 million shares outstanding, for the corresponding period in 1994. This decreased loss is attributable to a noncash 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-percent 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 current nine-month period was $15.6 million, compared with $10.1 million for the corresponding period in 1994. This equals a net loss per share of 61 cents, compared with a net loss per share for the corresponding period in 1994 of 46 cents. The loss in 1994 is less than 1995 because of the gain on the sale of HealthVISION Corp. on Feb. 11, 1994, in the amount of $11.1 million offset by the $4.8 million noncash expense. Cash balances and short-term investments of Biomira at Sept. 30, 1995, were $38.3 million, compared with $28.1 million at Dec. 31, 1994. This increase is the result of proceeds received on completion of the rights offering, offset by cash used in ongoing operations. During this reporting period, Biomira has reached several major milestones on the road toward commercialization. In August 1995, Biomira received clearance from the U.S. Food and Drug Administration (FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. ) to proceed with a Phase II/III clinical trial to support a product license application (PLA (Programmable Logic Array) A type of programmable logic chip (PLD) that contained arrays of programmable AND and OR gates. PLAs are no longer used. See PLD. (language, music) Pla - A high-level music programming language, written in SAIL. ) for the Tru-Scint(R) AD(TM) monoclonal antibody monoclonal antibody, an antibody that is mass produced in the laboratory from a single clone and that recognizes only one antigen. Monoclonal antibodies are typically made by fusing a normally short-lived, antibody-producing B cell (see immunity) to a fast-growing kit for the detection of recurrent breast cancer. In September 1995, Biomira reached its next major accomplishment: a unanimous U.S. FDA Immunology Devices Panel recommendation for the approval of TRUQUANT(R) BR(TM) RIA (Rich Internet Application) A Web-based application that approaches the speed and elegance of a local application. An RIA may refer to a browser-based application that uses AJAX or another enhanced coding technique. blood test for detection of recurrent breast cancer. "This panel recommendation to the FDA is a major milestone for Biomira and its shareholders, and for the over 1 million women in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. who currently suffer from stage II and stage III breast cancer," said Alex McPherson, M.D., Ph.D., Biomira's president and chief executive officer. "Biomira will be working closely with the FDA to provide the product for use by the thousands of oncologists and other physicians and surgeons Physicians and surgeons are medical practitioners who treat illness and injury by prescribing medication, performing diagnostic tests and evaluations, performing surgery, and providing other medical services and advice. in the U.S. who treat breast cancer patients every day," The third quarter also brought about another major milestone, the announcement of the company's intention to acquire Onco Therapeutics Inc. (ONCO) of Cranbury, N.J., a privately held biotechnology company. "I believe that this acquisition of ONCO (finalized in October 1995), brings product candidates to Biomira with synergies in our strong areas of basic and applied research, immunotherapy and diagnostic products. Additionally, it brings to Biomira an association with the U.S. National Cancer Institute (NCI See Liberate. ). "ONCO is working with the NCI, through Cooperative Research and Development Agreements “CRADA” redirects here. For other uses, see CRADA (disambiguation). A Cooperative Research and Development Agreement (CRADA) is an agreement between a government agency and a private company to work together. (CRADA CRADA Cooperative Research And Development Agreement ), with two products about to enter Phase II clinical trials Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II . Biomira welcomes this opportunity to work with ONCO's world-class researchers and clinicians in the development of new products for cancer management," concluded McPherson. Biomira is a biotechnology company developing an integrated line of products for CANCER MANAGEMENT ... from discovery to recovery(TM). The first component in the cancer-management process is early 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 TRUQUANT(R) diagnostic blood test kits. The second component is Tru-Scint(R) imaging agents designed to pinpoint the location of tumour recurrence. Biomira approaches therapy -- the third component in cancer management -- by producing nontoxic therapeutic vaccines therapeutic vaccine Immunology A vaccine–eg, Salk's Remune™ intended to treat a viral infection by stimulating the immune system. See Vaccine therapy. that use the patient's own 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. to attack cancer cells cells once believed to be peculiar to cancers, but now know to be epithelial cells differing in no respect from those found elsewhere in the body, and distinguished only by peculiarity of location and grouping. See also: Cancer . The company's cancer-treatment products -- THERATOPE(R) therapeutic vaccine for breast, colorectal and ovarian cancer ovarian cancer Malignant tumour of the ovaries. Risk factors include early age of first menstruation (before age 12), late onset of menopause (after age 52), absence of pregnancy, presence of specific genetic mutations, use of fertility drugs, and personal history of breast , and BP1-7 for breast cancer -- are currently undergoing clinical trials. -0-
BIOMIRA INC.
SELECTED FINANCIAL DATA
(Canadian dollars, in thousands, except per share amounts)
($1 Cdn. = $0.74 U.S.)
Three Months Ended Nine Months Ended
Sept. 30 Sept. 30
(Unaudited) (Unaudited)
(Restated) (Restated)
1995 1994 1995 1994
------ ------ ------ ------
Revenue $2,089 $1,867 $5,647 $4,944 Research and development expenses 4,040 4,544 12,434 12,352 Research and development acquired on purchase of partnership -- -- -- 4,800 Loss from continuing operations (4,896) (5,657) (15,611) (21,181) Gain on sale from discontinued operations -- -- -- 11,064 Net loss (4,896) (5,657) (15,611) (10,118) Loss from continuing operations per share $(0.19) $(0.26) $(0.61) $(0.96) Net loss per share $(0.19) $(0.26) $(0.61) $(0.46) Weighted average shares outstanding (millions) 25.8 22.1 25.8 22.1 -0-
BALANCE SHEET DATA Sept. 30, 1995 Dec. 31, 1994
------------------ -----------------
(Unaudited) (Unaudited)
(Canadian dollars, in thousands, except number of shares)
Cash and short-term investments $38,314 $28,050 Working capital 38,970 27,731 Total assets 47,970 38,600 Total shareholders' equity $44,448 $34,646 Common shares issued 29,915,000 22,523,000 CONTACT: Biomira Inc., Edmonton Jane Jack, 403/490-2812 Ed Taylor, 403/490-2806 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion