Oncothyreon reports decreased net operating loss in Q2 2014 -
Oncothyreon Inc .: reported (NASDAQ ONTY) today reported financial results for the second quarter ended June 30, 2014.
operating loss decreased to $ 7.8 million for the three months ended June 30, 2014 against $ 18.0 million for the comparable period in 2013 and decreased $ 15.0 million for the six months ended June 30, 2014 against $ 26.0 million for the comparable period in 2013. the decrease in operating loss for the three and six months ended June 30, 2014 against periods of the previous year is attributable to costs of research and development of lower primarily due to an upfront payment of $ 10.0 million to Array BioPharma Inc. (Array) in June 2013. the decrease was partially offset by a slight increase in general and administrative expenses.
The net loss for the three months ended June 30, 2014 was $ 6.0 million, or $ 0.09 per basic and diluted share, compared to a net loss of $ 16.4 million , or $ 0.28 per basic and diluted share, for the corresponding period in 2013. net loss for the six months ended June 30, 2014 was $ 15.6 million, or $ 0.22 per share basic and diluted, compared to a net loss of $ 24.7 million, or $ 0.43 per basic and diluted share, for the corresponding period in 2013. the decrease in net loss for the three months ended June 30, 2014 against the period last year is due to lower expenses in research and development primarily to an initial payment of $ 10.0 million to die in June 2013, partially offset by a slight increase in general and administrative expenses . The decrease in net loss for the six months ended June 30, 2014 against the period last year is due to lower research and development expenses primarily attributable to the initial payment of $ 10.0 million in matrix June 2013, partially offset by $ 0.7 million of non -Cash costs of the change in fair value of the liability of the warrants for the six months ended June 30, 2014 against $ 1.3 million of income non-cash the change in fair value of the liability of the warrants for the six months ended June 30, 2013, and a slight increase in general and administrative expenses.
to June 30, 2014, cash Oncothyreon, cash equivalents and investments were $ 58.5 million compared to $ 72.6 million at December 31, 2013, a decrease of 14.1 million $, or 19.4 percent. The decrease was primarily due to $ 13.7 million of cash used in operations for the six months ended June 30, 2014.
Financial Guidance
Oncothyreon believes the following financial guidance to be correct as scheduled. Oncothyreon provides this guide as a convenience to investors and assumes no obligation to update.
Oncothyreon currently expects operating expenses in 2014 to be lower than in 2013, which included one-time upfront payment to Array. Oncothyreon currently expects cash used in operations in 2014 to about $ 30 million to $ 33, including costs related to the acquisition of Alpine Biosciences, Inc. This guidance remains unchanged from that given in the previous quarter. As a result, Oncothyreon estimates that its cash, cash equivalents and existing cash investments will be sufficient to fund operations for at least the next 12 months.
Conference Call and Webcast
Oncothyreon hold a conference call today, August 11, 2014 16:30 Eastern Time (1:30 p.m. Pacific Time) to discuss its financial results for the second quarter 2014 and provide a review of its portfolio of products in development.
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