Friday May 7, 7:29 am Eastern Time
Company Press Release
SOURCE: Biomira Inc.
Biomira Inc. Announces 1st Quarter Results
EDMONTON, Alberta, May 7 /PRNewswire/ -- Biomira Inc. (Nasdaq: BIOM - news; Toronto, Montreal: BRA)
today reported financial results for the three months ended March 31, 1999. Results are reported in Canadian
dollars with a March 31, 1999 rate of $1.00 Canadian equaling $0.66 U.S.
Financial results for the three months ended March 31, 1999 reflect a consolidated net loss from operations of $5.7 million, or $0.13 per share, compared to
$5.4 million or $0.12 per share, for the same period in 1998. The 1999 first quarter net loss has only marginally increased from the previous year despite the
start of our Phase III THERATOPE® vaccine trial. The effects of our corporate restructuring in 1998 have allowed Biomira to absorb the increased spending
in THERATOPE® vaccine without a large impact on our burn rate. However, despite the 1998 restructuring, the anticipated rapid accrual of THERATOPE®
vaccine patients will increase our burn rate for the remainder of the year.
As at March 31, our cash position remains strong, with $53 million in cash reserves.
''At this time 71 main sites, some with several additional satellite clinics have been initiated in the Phase III THERATOPE® vaccine trial. Patient accrual
currently meets the plan of entering 900 evaluable patients over 18 months. Patients are currently being accrued in North America, the United Kingdom, France,
Spain, Belgium and Germany,'' said Alex McPherson, MD, PhD, President and CEO. ''Being the largest immunotherapy trial of its kind ever conducted in
patients with metastatic breast cancer, it is a costly trial for the Company and stakeholders alike. However, we believe it gives us the greatest opportunity for a
potential approval of our lead product, THERATOPE® vaccine, in its first Phase III indication.''
Biomira is a biotechnology company specializing in developing innovative therapeutic approaches to cancer management. This commitment to the treatment of
cancer currently focuses on the development of synthetic vaccines and novel strategies for immunotherapy of cancer. We are The Cancer Vaccine People(TM).
Biomira Inc.
SELECTED FINANCIAL DATA
$1.00 Cdn. - $0.66 US)
Three Months Ended
March 31
(Unaudited)
1999 1998
(Canadian dollars, in thousands, except per share)
Revenue $ 1,145 $ 1,283
Research and Development expenses 5,061 4,410
Loss for the Period from Continuing
Operations (5,715) (5,558)
Discontinued Operations -- 159
Net loss for the Period (5,715) (5,399)
Net Loss per common share-Continuing
Operations $(0.13) $(0.12)
Net (Loss)/Income per common share-
Discontinued Operations $0.00 $0.00
Total Loss Per Common Share $(0.13) $(0.12)
Weighted Average Number of Common
Shares Outstanding (millions) 44.4 44.3
Balance Sheet Data
March 31, 1999 December 31, 1998
(Unaudited) (Audited)
(Canadian dollars, in thousands, except number of shares)
Cash and Short-Term
Investments $ 53,093 $ 58,520
Working Capital 50,917 56,913
Total Assets 57,338 63,486
Total Shareholders' Equity $ 53,234 $ 58,742
Common Shares Issued 44,408,368 44,364,618
SOURCE: Biomira Inc.
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