Oncothyreon Reports Third Quarter 2015 Financial Results

SEATTLE, Nov. 05, 2015 (GLOBE NEWSWIRE) — Oncothyreon Inc. (NASDAQ:ONTY) today reported financial results for the third quarter ended September 30, 2015.

Net loss for the three months ended September 30, 2015 was $4.6 million, or $0.05 per basic and diluted share, compared with a net loss of $6.7 million, or $0.09 per basic and diluted share, for the comparable period in 2014. The $2.1 million decrease in net loss was attributable to the difference in the change in the fair value of warrant liability of $1.3 million. The decrease in net loss was also due to decreases in research and development expenses of $0.5 million and decreases in general and administrative expenses of $0.3 million. 

Net loss for the nine months ended September 30, 2015 was $23.5 million, or $0.24 per basic and diluted share, compared with a net loss of $22.4 million, or $0.31 per basic and diluted share, for the comparable period in 2014. The $1.1 million increase in net loss was attributable to the difference in the change in the fair value of warrant liability of $0.4 million and increases in research and development expenses of $0.7 million.

Oncothyreon’s cash, cash equivalents and investments totaled $63.7 million as of both September 30, 2015 and December 31, 2014.

Financial Guidance

Oncothyreon believes the following financial guidance to be correct as of the date provided.  Oncothyreon is providing this guidance as a convenience to investors and assumes no obligation to update it.

Oncothyreon currently expects operating expenses in 2015 to be lower than in 2014, which included the upfront payment to Array BioPharma Inc. for the exclusive license to ONT-380.  Oncothyreon currently expects cash used in operations in 2015 to be approximately $30.0 – $32.0 million.

Conference Call and Webcast

Oncothyreon will conduct a conference call today, November 5, 2015, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its third quarter 2015 financial results and provide a review of its pipeline of products in development.  To participate in the call by telephone, please dial (877) 280-7291 (United States) or (707) 287-9361 (International).  In addition, the call will be webcast live and can be accessed on the “Events” page of the “News & Events” section of Oncothyreon’s website at www.oncothyreon.com.  An archive of the webcast will be available after completion of the discussion and will be posted on Oncothyreon’s website.

About Oncothyreon

Oncothyreon is a biotechnology company specializing in the development of innovative therapeutic products for the treatment of cancer. Oncothyreon’s goal is to discover, develop and commercialize compounds that have the potential to improve the lives and outcomes of cancer patients. For more information, visit www.oncothyreon.com.

Forward-Looking Statements

In order to provide Oncothyreon’s investors with an understanding of its current results and future prospects, this release contains statements that are forward-looking. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include Oncothyreon’s expectations regarding future expenses and the use and adequacy of cash resources.

Forward-looking statements involve risks and uncertainties related to Oncothyreon’s business and the general economic environment, many of which are beyond its control. These risks, uncertainties and other factors could cause Oncothyreon’s actual results to differ materially from those projected in forward-looking statements, including the risks associated with the costs and expenses of developing its product candidates, the adequacy of financing and cash, cash equivalents and investments, changes in general accounting policies, general economic factors, achievement of the results it anticipates from its preclinical development and clinical trials of its product candidates and its ability to adequately obtain and protect its intellectual property rights. Although Oncothyreon believes that the forward-looking statements contained herein are reasonable, it can give no assurance that its expectations are correct. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. For a detailed description of Oncothyreon’s risks and uncertainties, you are encouraged to review the documents filed with the securities regulators in the United States on EDGAR and in Canada on SEDAR. Except as required by law, Oncothyreon does not undertake any obligation to publicly update its forward-looking statements based on events or circumstances after the date hereof.

Additional Information

Additional information relating to Oncothyreon can be found on EDGAR at www.sec.gov and on SEDAR at www.sedar.com.

ONCOTHYREON INC. 2601 Fourth Avenue, Suite 500, Seattle, WA 98121

Tel: (206) 801-2100   Fax:  (206) 801-2101

http://www.oncothyreon.com

     
ONCOTHYREON INC.
Condensed Consolidated Statements of Operations
(In thousands except share and per share amounts)
(Unaudited)
     
  Three months ended
September 30,
Nine months ended
September 30,
    2015     2014     2015     2014  
                         
Operating Expenses        
Research and development $ 5,122   $ 5,663   $ 16,581   $ 15,876  
General and administrative   2,100     2,357       7,057     7,101  
Total operating expenses   7,222     8,020      23,638     22,977  
Loss from operations   (7,222 )   (8,020 )   (23,638 )   (22,977 )
Other income (expense)                    
Investment and other income (expense), net   25     11      60     52  
Change in fair value of warrant liability   2,578     1,273      128     541  
Total other income (expense), net   2,603     1,284       188     593  
Net loss $ (4,619 ) $ (6,736 ) $ (23,450 ) $ (22,384 )
Net loss per share – basic and diluted $ (0.05 ) $ (0.09 ) $   (0.24 ) $ (0.31 )
Shares used to compute basic and diluted net loss per share   94,914,536     77,237,246     97,184,183     72,919,829  

 
ONCOTHYREON INC.
Consolidated Balance Sheet Data
(In thousands except share amounts)
(Unaudited)
 
      As of  
      September 30, 2015   December 31, 2014  
  Cash, cash equivalents and investments   $ 63,678     $ 63,714    
  Total assets   $ 103,226     $ 103,411    
  Long term liabilities   $ 7,639     $ 7,430    
  Stockholders’ equity   $ 92,055     $ 91,266    
  Common shares outstanding     94,928,170       91,601,352    

 

CONTACT: Investor and Media Relations Contact:
Julie Rathbun
Rathbun Communications
206-769-9219
ir@oncothyreon.com