Net loss reported at CAN$0.34 per share.(Brief Article)

2002 SEP 18 - (NewsRx.com & NewsRx.net) -- Biomira, Inc., (BIOM; BRA) reported financial results for the 6 months ended June 30, 2002.

Results are reported in Canadian dollars with a June 30, 2002, rate of $1.00 Canadian equaling US$0.66.

Financial results for the 6 months ended June 30, 2002, reflect a consolidated net loss from operations of $15.4 million or $0.34 per share compared with $22.9 million or $0.45 per share, for the same period in 2001. The decreased loss in 2002 is due to an $8.6 million reduction in gross research and development expenditures offset by $1.1 million in market development costs.

Contract research and development revenues for the 6 months ended June 30, 2002, totaled $1.9 million compared with $1.7 million for the same period in 2001 and represent research and development funding received from Merck KGaA related to Biomira's lead programs involving Theratope and BLP25 vaccines.

Licensing revenues from collaborative arrangements of $0.53 million compared with $0.18 million for the same period in 2001 represent the amortization of upfront payments received from Merck KGaA upon commencement of the Biomira/Merck KGaA collaboration.

Research and development expenditures for the 6 months ended June 30, 2002, totaled $13.7 million compared with $22.3 million for the same period in 2001. The decrease in research and development expenditures is attributable to the winding down of the Theratope vaccine phase III trial and the suspension of the autologous vaccine and Liposomal Interleukin-2 (L-IL-2) programs.

Market and business development expenditures of $1.1 million result from costs associated with both the development of Biomira's internal marketing capabilities and with pre-launch activities related to the potential worldwide commercialization of Theratope vaccine.