Cascadian Therapeutics
May 9, 2016

Oncothyreon Reports First Quarter 2016 Financial Results & Provides Corporate Update

SEATTLE, May 09, 2016 (GLOBE NEWSWIRE) -- Oncothyreon Inc. (NASDAQ:ONTY), a clinical-stage biopharmaceutical company, today provided a corporate update and reported financial results for the quarter ended March 31, 2016.

"During the first quarter, the Company continued to advance its portfolio of oncology product candidates and achieved a major milestone with the commencement of the Phase 2 combination trial of ONT-380 with Herceptin® and Xeloda® in patients with HER2-positive, third-line metastatic breast cancer," said Scott Myers, President and CEO of Oncothyreon.

"In my short tenure so far, it is already clear the Company is committed to making an impact on the lives and outcomes of cancer patients, and I look forward to building upon that foundation," continued Mr. Myers. "In the coming months, the Company plans to review all programs and implement a development strategy for the optimal allocation of resources, with the goal of delivering novel therapies to cancer patients."

First Quarter and Recent Highlights:

Clinical Development:

Corporate Update:  

First Quarter 2016 Financial Highlights

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 2016 to be higher than in 2015. This increase will primarily be related to expenditures associated with the Phase 2 trial of ONT-380. Oncothyreon currently expects cash used in operations in 2016 to be approximately $38.0 million to $40.0 million.  With cash, cash equivalents and investments of $46.5 million as of March 31, 2016, Oncothyreon estimates that its cash, cash-equivalents and investments will be sufficient to fund operations for at least the next 12 months.

Upcoming Events

ONT-380 Poster Presentation at ASCO Annual Meeting:

R & D Day:

About Oncothyreon

Oncothyreon is a clinical-stage biopharmaceutical company specializing in the development of innovative therapeutic products for the treatment of cancer. Our goal is to discover, develop and commercialize novel compounds that have the potential to improve the lives and outcomes of cancer patients. Our most advanced product candidate is ONT-380, an orally active and selective small molecule HER2 inhibitor. 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 clinical and preclinical development activities, potential benefits of its current and future product candidates, 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.
Condensed Consolidated Statements of Operations
(In thousands except share and per share amounts)
(Unaudited)
  
 Three months ended
March 31,
  2016   2015 
Expenses       
Research and development$   6,337  $5,758 
General and administrative    6,633   2,321 
Total operating expenses    12,970   8,079 
Loss from operations    (12,970)  (8,079)
Other income (expense)       
Investment and other income (expense), net    83   16 
Change in fair value of warrant liability    128 
Total other income (expense), net    83   144 
Net loss $   (12,887) $(7,935)
Net loss per share - basic and diluted$   (0.14) $(0.08)
Shares used to compute basic and diluted net loss per share     94,961,859   98,311,193 
        


ONCOTHYREON INC.
Consolidated Balance Sheet Data
(In thousands except share amounts)
(Unaudited)
   
   As of
    March 31, 2016 December 31, 2015
Cash, cash equivalents and investments $46,514 $56,360
Total assets $87,130 $96,574
Long term liabilities $7,916 $8,044
Stockholders' equity $73,753 $83,735
Common shares outstanding  94,961,859  94,961,859
   


Investor Contact:



Julie Rathbun

Rathbun Communications

206-769-9219

ir@oncothyreon.com



Tricia Truehart

The Trout Group

646-378-2953

ttruehart@troutgroup.com

Primary Logo

Source: Oncothyreon Inc.

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