OncoMed Pharma Q2 Loss Widens - Quick Facts

(RTTNews) - OncoMed Pharmaceuticals, Inc.(OMED) posted a significantly wider loss for the second quarter, mainly due to the timing of a milestone payment.

The company reported a wider loss for the second-quarter of $9.6 million, compared with a loss of $3.8 million last year. On a per share basis, net loss available to common stockholders was $8.83 per share, compared with loss of $3.64 per share a year ago.

The company, which is reporting its first results after public listing, attributed the wider loss mainly to the timing of a $5 million milestone payment that was achieved in the second quarter of 2012. The company also said, in August, it received a $10 million clinical milestone related to the Phase 1 dose escalation in its vantictumab program, which is part of its collaboration with Bayer Pharma AG.

For the three-month period, collaboration revenues were $2.9 million, compared with $7.5 million a year ago. Research and development expenses rose to $10.5 million from $9.6 million during the same quarter last year, mainly due to an increase in external program costs.

OncoMed's Chairman, President and Chief Executive Officer, Paul Hastings said: "The successful completion of our IPO positions us to advance our broad research and development pipeline. We continue to see progress in our robust discovery and preclinical pipeline as well as with our five OncoMed-discovered anti-cancer stem cell therapeutics that are in clinical trials."