UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 11, 2015
ONCOTHYREON INC.
(Exact
name of registrant as specified in its charter)
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Delaware |
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001-33882 |
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26-0868560 |
(State or other jurisdiction of
incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
2601 Fourth Avenue, Suite 500
Seattle, Washington 98121
(Address of principal executive offices, including zip code)
(206) 801-2100
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 |
Results of Operations and Financial Condition |
On May 11, 2015, Oncothyreon Inc.
(the Company) issued a press release and will hold a conference call regarding the Companys financial results for the quarter ended March 31, 2015. A copy of the Companys press release is attached hereto as Exhibit 99.1.
The information furnished with this report, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18
of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Exchange Act or under the
Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.
Item 9.01 |
Financial Statements and Exhibits |
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Exhibit Number |
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Description |
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99.1 |
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Press Release issued by Oncothyreon Inc. dated May 11, 2015. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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ONCOTHYREON INC. |
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By: |
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/s/ Robert L. Kirkman |
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Robert L. Kirkman |
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President & Chief Executive Officer |
Date: May 11, 2015
3
EXHIBIT INDEX
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Exhibit Number |
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Description |
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99.1 |
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Press Release issued by Oncothyreon Inc. dated May 11, 2015. |
4
Exhibit 99.1
Oncothyreon Reports First Quarter 2015
Financial Results
Company to Hold Conference Call at 4:30 p.m. EDT Today
SEATTLE, WASHINGTON, May 11, 2015/PRNewswire/ - Oncothyreon Inc. (NASDAQ: ONTY) today reported financial results for the first quarter
ended March 31, 2015.
Net loss for the three months ended March 31, 2015 was $7.9 million, or $0.08 per basic and diluted share, compared with
a net loss of $9.6 million, or $0.14 per basic and diluted share, for the comparable period in 2014. The $1.7 million decrease in net loss was primarily attributable to the difference in the change in the fair value of warrant liability of $2.6
million offset by increases in research and development of $1.0 million.
As of March 31, 2015, Oncothyreons cash, cash
equivalents and investments were $77.5 million, compared to $63.7 million at December 31, 2014, an increase of $13.8 million, or 21.7 percent. The increase was primarily attributable to the net proceeds of $22.4 million from the closing of
concurrent but separate underwritten offerings of common stock and Series B convertible preferred stock in February 2015, partially offset by $8.2 million of cash used in operations during the three months ended March 31, 2015.
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 for the
exclusive license to ONT-380. Oncothyreon currently expects cash used in operations in 2015 to be approximately $35.0 - $38.0 million.
Conference Call
and Webcast
Oncothyreon will conduct a conference call today, May 11, 2015, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
to discuss its first 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 Oncothyreons website at www.oncothyreon.com. An archive of the webcast will
be available after completion of the discussion and will be posted on Oncothyreons website.
About Oncothyreon
Oncothyreon is a biotechnology company specializing in the development of innovative therapeutic products for the treatment of cancer.
Oncothyreons 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 Oncothyreons 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 Oncothyreons expectations regarding future expenses and the use and adequacy of cash resources.
Forward-looking statements involve risks and uncertainties related to Oncothyreons business and the general economic environment,
many of which are beyond its control. These risks, uncertainties and other factors could cause Oncothyreons 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 Oncothyreons 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. 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.
Investor and Media Relations Contact:
Julie Rathbun
Rathbun Communications
206-769-9219
ir@oncothyreon.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)
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Three months ended March 31, |
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2015 |
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2014 |
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Expenses |
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Research and development |
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$ |
5,758 |
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$ |
4,813 |
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General and administrative |
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2,321 |
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2,347 |
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Total operating expenses |
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8,079 |
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7,160 |
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Loss from operations |
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(8,079 |
) |
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(7,160 |
) |
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Other income (expense) |
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Investment and other income (expense), net |
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16 |
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21 |
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Change in fair value of warrant liability |
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128 |
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(2,477 |
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Total other income (expense), net |
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144 |
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(2,456 |
) |
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Net loss |
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$ |
(7,935 |
) |
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$ |
(9,616 |
) |
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Net loss per share basic and diluted |
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$ |
(0.08 |
) |
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$ |
(0.14 |
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Shares used to compute basic and diluted net loss per share |
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98,311,193 |
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70,688,243 |
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ONCOTHYREON INC.
Consolidated Balance Sheet Data
(In thousands except share amounts)
(Unaudited)
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As of |
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March 31, 2015 |
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December 31, 2014 |
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Cash, cash equivalents and investments |
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$ |
77,544 |
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$ |
63,714 |
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Total assets |
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$ |
117,337 |
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$ |
103,411 |
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Long term liabilities |
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$ |
7,426 |
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$ |
7,430 |
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Stockholders equity |
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$ |
106,279 |
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$ |
91,266 |
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Common shares outstanding |
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102,301,012 |
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91,601,352 |
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