Bernard,
One other line in the report implies an injection of some more capital. With the Theratope Ph III fully enrolled, their bargaining position can only improve as long as the expected results are seen.
Ian.
+++++++
Biomira Inc. Announces 4th Quarter and Year-End Results
EDMONTON, Mar 1, 2001 /PRNewswire via COMTEX/ -- Biomira Inc. (NASD:BIOM) (TSE:BRA) today reported financial results for the twelve months ended December 31, 2000. Results are reported in Canadian dollars with a December 31, 2000 rate of $1.00 Canadian equaling $0.67 U.S.
Financial results for the twelve months ended December 31, 2000 reflect a consolidated net loss from operations of $44.9 million or $0.93 per share compared to $31.4 million or $0.71 per share, for the same period in 1999. The increased loss in 2000 is due primarily to increased research and development expenditures and is reflective of advancements in the Company's product pipeline during the 2000 fiscal year.
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(R) vaccine Phase III clinical trial. The increase in THERATOPE(R) 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.
Biomira's cash position remains strong with $58.5 million in cash and short term investments as at December 31, 2000. The Company's cash position was strengthened during the twelve months with the issue of 4.3 million shares for proceeds of $63.6 million under the Company's equity line agreement. Approximately 4.1 million shares are still available under the terms of the existing equity line agreement.
"We continued making significant progress towards our major goals for the quarter and year. The THERATOPE(R) vaccine trial ramped up during the 4th quarter, and has now surpassed enrolment of 935 patients. Enrolment should complete by the end of this quarter. This will allow us to commence a first interim analysis, as early as the third quarter of 2001, based upon the occurrence of the requisite number of clinical events. We are also in the process of negotiating a collaboration for our two lead product candidates, THERATOPE(R) vaccine and BLP25 vaccine. With a strong cash position we are poised to movunotherapy. We are The Cancer Vaccine People(TM).
<<
Biomira Inc.
SELECTED FINANCIAL DATA
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Canadian dollars, in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31 December 31
(Unaudited) (Unaudited)
2000 1999 2000 1999
---- ---- ---- ----
Revenue $ 1,002 $ 641 $ 4,673 $ 4,798
------------------------------------------
Research and Development 10,851 9,209 42,055 28,933
Other Operating Expenses 1,807 1,587 6,710 6,265
Depreciation and Amortization 234 90 1,255 1,008
------------------------------------------
Total Expenses 12,892 10,886 50,020 36,206
------------------------------------------
Net Loss Before Undernoted
Item (11,890) (10,245) (45,347) (31,408)
Benefit (Provision) For
Income Tax and Large
Corporation Tax 412 (11) 428 (24)
------------------------------------------
Net Loss (11,478) (10,256) (44,919) (31,432)
------------------------------------------
------------------------------------------
Loss per common share $ (0.24) $ (0.23) $ (0.93) $ (0.71)
Weighted Average Number of
Common Shares Outstanding
(millions) 48.4 44.4 48.4 44.4
CONDENSED CONSOLIDATED BALANCE SHEET
(Canadian dollars, in thousands, except number of shares)
December 31, 2000 December 31, 1999
------------------ -----------------
(Audited) (Audited)
Current assets
Cash and cash equivalents $ 9,581 $ 6,682
Short-term investments 48,927 21,863
Other current assets 849 1,854
---------------------------------------
59,357 30,399
Capital assets (net) 2,551 2,586
---------------------------------------
$ 61,908 $ 32,985
---------------------------------------
---------------------------------------
Current liabilities $ 9,359 $ 4,116
Long term liabilities 252 239
Shareholders' equity 52,297 28,630
---------------------------------------
$ 61,908 $ 32,985
---------------------------------------
---------------------------------------
Common Shares Issued and Outstanding 49,735,798 44,661,131
>>
At December 31, 2000, the exchange rate was approximately Cdn. $1 equals
U.S. $0.67
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