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Biotech / Medical : Oncothyreon
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To: opalapril who wrote (1588)3/1/2001 9:39:11 AM
From: Jibacoa  Read Replies (1) of 2344
 
BIOM:( Earnings )reported today. As expected loss increased for the Q and the Fiscal Year due to the cost of the THERATOPE program and other research in progress.

However, since the company was able to issue 4.3 million shares at average price of 14.79 raising $63.6 million, it finished the year with current assets of 61.9 million vs. 32.9 in 1999 while current liabilities increased only by about 5 million (9.3 vs. 4.1)

Some excerpts from the report:

"Research and development expenditures for the year ended December 31, 2000 totalled $42.1 million compared to $28.9 million in 1999, with the largest increase attributable to expenditures associated with the Company's THERATOPE® vaccine Phase III clinical trial."

"The increase in THERATOPE® vaccine expenditures is related to both the expansion of the Phase III trial to approximately 120 sites in 11 countries worldwide and acceleration of patient enrollment.

Advancements in other programs such as BLP25 and Liposomal IL-2 are also a contributing factor to the year over year increase in research and development expenditures."

Bottom line is that BIOM seems to have enough cash to complete the current Phase III of the THERATOPE program and if needed still has an available line of credit.

Will see if we can get an even better opportunity to scoop up some shares in view of the present market's condition. <g>

Bernard
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