BIOMIRA INC. ANNOUNCES 1991 FINANCIAL RESULTS
BIOMIRA INC. ANNOUNCES 1991 FINANCIAL RESULTS EDMONTON, Alberta, March 27 /PRNewswire/ -- Biomira Inc.
(Toronto, Montreal, Calgary: BRA) today announced its financial results for the 12 months ending Dec. 31, 1991.
Revenues of $20.107 million were reported for the 1991 fiscal year, compared to the $8.378 million for the corresponding period in 1990. The increase reflects the integration of revenues from H.C.S. Health Care Systems, Inc. which was acquired in September of 1990. The consolidated net loss of $9.240 million for the period represents a loss per share of $0.70 on a weighted average number of common shares outstanding of 13.099 million. These figures compare to 1990's net loss of $6.004 million, representing a loss per share of $0.61 with a weighted average of 9.793 million shares outstanding. Biomira continues to invest its resources in the research and development and human clinical trials of its products for the diagnosis and treatment of cancer. These expenditures, all of which have been expensed in the operating results of Biomira, totalled $8.948 million in 1991 compared to $6.149 million in the previous year. During 1991, Biomira issued an additional 6.758 million common shares, raising $59.908 million. Total common shares outstanding at December 31, 1991 were 18,001,300. As a result, the firm's cash position was $53.699 million on Dec. 31, 1991, compared to $3.672 million at the close of 1990. During the next few years, these cash reserves will be directed toward developing new applications for Biomira's proprietary technologies and expanding human clinical trials to additional sites in Canada, the United States and Europe. Extensive clinical testing precedes the commercialization of pharmaceutical product lines such as those being developed by Biomira which focus on the diagnosis and treatment of high incidence cancers. Biomira currently markets four in vitro test kits under the TRUQUANT label to diagnose gastrointestinal, ovarian and breast cancers, plus one which measures the probability of human anti-mouse antibody (HAMA) reaction. A number of other products, including therapeutic "vaccines" and diagnostic radioimmunoconjugates, are at various phases in the clinical trial process. -0- 3/27/92 /CONTACT: Alex McPherson, president and CEO, or Jim Devaney, VP-finance, 403-450-3761, of Biomira/ (BRA.) CO: Biomira Inc. ST: Alberta IN: MTC SU: ERN
EH -- LA025 -- 2571 03/27/92 18:05 EST
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|Date:||Mar 27, 1992|
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