BIOMIRA INC. ANNOUNCES 3RD QUARTER FINANCIAL RESULTS
BIOMIRA INC. ANNOUNCES 3RD QUARTER FINANCIAL RESULTS EDMONTON, Alberta, Oct. 30 /PRNewswire/ -- Biomira Inc.
(NASDAQ: BIOMF, Toronto, Montreal, Calgary: BRA) announced today its financial results for the third quarter ended Sept. 30, 1992.
Revenues for the quarter were $4.7 million, compared with $3.6 million for the same period in 1991. The increase in revenue of 30 percent principally reflects increased interest revenue of $0.5 million and a 7 percent increase in revenue from the sale of computer hardware and software from H.C.S. Health Care Systems, Inc., Biomira's 75 percent-owned subsidiary. The loss for the just- completed quarter was $4.4 million, compared to $3.6 million for the corresponding quarter in 1991. This represents a per share loss of $0.24 on a weighted average number of shares of 18.0 million, as opposed to a $0.28 loss for the same period in 1991 on a weighted average number of shares of 12.7 million shares. Revenues for the nine months ended Sept. 30, 1992 were $16.1 million, compared to the corresponding period in 1991 of $13.7 million. The increase in revenue of 18 percent principally reflects increased interest revenue of $1.9 million due to significantly higher cash balances in the corporation and a 4 percent increase in revenue from the sale of computer hardware and software from H.C.S. The consolidated net loss for the period of $10.6 million represents a loss per share of $0.59 on a weighted average number of outstanding common shares of 18.0 million. Corresponding results from 1991 were a loss of $7.5 million equalling a loss per share of $0.58 based upon a weighted average of 12.7 million shares. "Biomira continues to make significant investments in research and development. This will continue to increase over the next few years as the company proceeds through the rigorous regulatory approval process," said Dr. Alex McPherson, president and chief executive officer. "Upon successful completion of clinical trials and regulatory approvals, the company will market and/or license its Tru-Scint(R) cancer diagnostic products and its THERATOPE(R) therapeutic injection on a worldwide basis." Biomira's 46 percent owned affiliated company, ADI Diagnostics Inc., is accounted for on the equity basis and has resulted in a loss for the nine months ended September 1992 of $1.9 million vs. a loss of $1.7 million for the corresponding period in 1991. Cash balances in the corporation on Sept. 30, 1992 were $39.7 million compared to $53.7 million on Dec. 31, 1991. Biomira applies its innovative technology in the areas of active specific immunotherapy, radioimmunoimaging and radioimmunotherapy. Among Biomira's new approaches for cancer treatment is THERATOPE, a therapeutic injection, which is designed to use proprietary synthetic cancer-associated antigens to stimulate a patient's own immune system. The therapy is currently in phase II clinical trials in Canada and will begin phase II clinical trials in the United States in 1993. Additionally, Biomira is developing monoclonal antibody-based products for cancer imaging. Clinical phase I/II trials for imaging agents designed to identify carcinomas of the breast, ovary, lung, cervix, colon/rectum and head and neck are underway in Canada and Germany. BIOMIRA INC. Selected Financial Data (Unaudited) (in thousands) Three Months Ended Nine Months Ended Sept. 30, Sept. 30, 1992 1991 1992 1991 Revenue $4,696 $3,615 $16,117 $13,686 Loss from operations (4,165) (3,436) (9,394) (6,266) Net loss (4,406) (3,610) (10,605) (7,450) Net loss per share ($0.24) ($0.28) ($0.59) ($0.58) Balance Sheet Data (in thousands) Sept. 30, Dec. 31, 1992 1991 (Unaudited) (Audited) Cash $39,662 $53,699 Working Capital 42,869 56,871 Total Assets 57,538 69,875 Total shareholders' equity $50,118 $60,502 Common Shares Issued 18,071 18,001 -0- 10/30/92 /CONTACT: Jane Jack of Biomira, (investors) 403-490-2812; or Mark Brand of Pondel Parsons & Wilkinson (media), 310-207-9300, for Biomira/ (BIOMF) CO: Biomira Inc. ST: Alberta IN: MTC SU: ERN
BP -- LA044 -- 7394 10/30/92 19:21 EST
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|Date:||Oct 30, 1992|
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