Biomira Solidifies Cash Position As Phase III Trials Begin.(Brief Article)

2001 NOV 21 - (NewsRx.com & NewsRx.net) -- Biomira, Inc., (BIOM) reported financial for the nine months ended September 30, 2001, reflect a consolidated net loss from operations of $30.0 million or $0.59 per share compared with $33.4 million or $0.70 per share, for the same period in 2000.

The decrease in net loss is attributed to THERATOPE vaccine and vaccine licensing revenues and product development reimbursements received from Merck KGaA, Biomira's collaborator for these vaccines. Research and development expenditures for the nine months ended September 30, 2001 totaled $30.6 million compared with $31.2 million for the same period in 2000.

During the third quarter, Biomira raised approximately net $22.4 million from a private financing of convertible debentures and warrants. In addition, approximately 3.7 million shares are still available for issuance under the terms of the Company's equity line financing agreement.

As at September 30, 2001, Biomira had $81.9 million of cash and short term investments, which included partial proceeds of $13.2 million from the Company's convertible debenture financing. In early October, the Company received the remaining financing proceeds of $9.2 million, thus increasing the total available cash resources at the beginning of October to $91.1 million.

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