Biomira's Results On Target In 1994

Canadian biotechnology company Biomira's financial results for 1994 were in line with expectations. Revenues for the year were C$6.9 million ($4.9 million), increasing 50%. A loss for the year from continuing operations of C$28.1 million was reported, compared with a deficit of C$15.5 million in 1993. The loss per share was C$1.27. In 1993, the loss per share was C$0.80. The consolidated net deficit in 1994 was C$17 million, down from C$21 million in 1993. The loss per share fell from C$1.09 in 1993 to C$0.77 in 1994.

For the fourth quarter, revenues soared to C$2 million from C$800,000 in 1993. This was a result of the inclusion of sales of ADI Diagnostics, which became a wholly-owned subsidiary of Biomira in February 1994. The net loss was $7.5 million, or C$0.34 per share. In the 1993 fourth quarter the loss had been C$7.7 million or $0.40 per share.

The decline in the net deficit was attributed to the net gain on the sale of Health-VISION in February last year for C$11.1 million, offset by a C$4.8 million non-cash expense which relates to the acquisition of the remaining 50% of Radio-simmuno-imaging Partnership.