Biomira Inc. Announces 4th Quarter and 1999 Results
Friday March 3, 7:30 am Eastern Time
Company Press Release
SOURCE: Biomira Inc.
EDMONTON, Alberta, March 3 /PRNewswire/ -- Biomira Inc. (Nasdaq: BIOM - news; Toronto: BRA. - news) today reported financial results for the fourth quarter and year ended December 31,1999. Results are reported in Canadian dollars with a December 31, 1999 rate of $1.00 Canadian equaling $0.68 U.S.
Financial results for the year ended December 31, 1999 reflect a consolidated net loss from operations of $31.4 million or $0.71 per share compared to $23.9 million or $0.54 per share, for the same period in 1998. The increased loss in 1999 is primarily attributable to an increase in expenditures related to the advancement of Biomira's major product candidate, THERATOPE© vaccine for metastatic breast cancer, now being evaluated in a multinational Phase III trial.
Biomira's cash position remains strong, with both $28.5 million in cash reserves as at December 31, 1999 and the ability under its previously announced equity line facility to access up to US $100 million over a 42 month period following the date of the initial drawdown. To date, the Company has drawn a total of approximately $23.5 million (US $16 million), under the equity line facility, which brings the current cash reserve figure after operating expenditures to approximately $46 million.
``We have made strategic investments in the interest of moving THERATOPE vaccine and our Phase III THERATOPE vaccine trial forward on schedule, while continuing to be secure in our cash position for the long term,' commented Alex McPherson, MD, PhD, President and CEO.
Biomira last month announced that the Company is in the process of adding approximately 30 new clinical sites to its THERATOPE vaccine trial to support enrolment, which is anticipated to be completed in the second half of 2000. With more than 100 sites soon to be operational, patients and physicians have responded favorably and enrolment has been increasing steadily in recent months.
Biomira is a biotechnology company specializing in the development of innovative therapeutic approaches to cancer management. The Company is currently enrolling approximately 900 evaluable patients in a multinational Phase III trial with THERATOPE vaccine, as well as developing a portfolio of complementary vaccine candidates, including BLP25 for non-small cell lung cancer, now in Phase II trials. The commitment to the treatment of cancer currently focuses on the development of synthetic vaccines and novel strategies for cancer immunotherapy. We are the Cancer Vaccine People(TM).
Biomira Inc.
SELECTED FINANCIAL DATA
($1.00 Cdn. - $0.68 US)
Three Months Ended Twelve Months Ended
December 31, 1999 December 31, 1999
(Unaudited) (Unaudited)
1999 1998 1999 1998
(Canadian dollars, in thousands, except per share amounts)
Revenue $641 $1,156 $4,798 $5,965
Research and Development expenses 9,209 6,899 28,933 20,223
Loss for the Period from Continuing
Operations (10,256) (7,189) (31,432) (22,482)
Discontinued Operations -- (174) -- (1,398)
Net loss for the Period (10,256) (7,363) (31,432) (23,880)
Loss per common share-Continuing
Operations $(0.23) $(0.16) $(0.71) $(0.51)
Loss per common share-
Discontinued Operations $ -- $ -- $ -- $(0.03)
Loss per common share $(0.23) $(0.16) $(0.71) $(0.54)
Weighted Average Number of Common
Shares Outstanding (millions) 44.4 44.3 44.4 44.3
Balance Sheet Data December 31, 1999 December 31, 1998
(Unaudited) (Audited)
(Canadian dollars, in thousands, except number of shares)
Cash and Short-Term Investments $28,545 $58,520
Working Capital 26,283 56,913
Total Assets 32,985 63,486
Total Shareholders' Equity $28,630 $58,742
Common Shares Issued 44,661,131 44,364,618 |
