ID Biomedical reports fiscal 2004 year end results

• Published in: PR Newswire p. 1
• Format: Newsletter
• Language: English
• Published: New York PR Newswire Association LLC 16.03.2005
• Subjects: Administrative expenses; Financial performance; Funding; Influenza; Interest income; Investments; Licenses; Net losses; R&D; Research & development; Sales; Tax credits; Vaccines; British Columbia

Research and development contract revenue in the amount of $13.4 million was recorded for the year ended December 31, 2004 compared to $4.1 million for the year ended December 31, 2003. Research and development contract revenue includes revenue recognized as a result of the Shire Funding Facility to support the development of the non- flu vaccine candidates acquired from Shire. Revenue recognized from the Shire Funding Facility totaled $6.8 million for the year ended December 31, 2004. The Company determined that these amounts are appropriate to recognize as revenue since the amount and date of repayment of these advances are not known and there is no requirement to repay any advances if the early stage, non-flu vaccine candidates acquired from Shire are not successful. Other research and development contract revenue totaling $6.6 million in 2004 and $4.1 million in 2003 is a result of agreements executed during 2003 with Dynport Vaccine Company for the development of an antigen for a injectable subunit plague vaccine. Research and development tax credits and grants include amounts received or receivable from Technology Partnerships Canada, National Institutes of Health ("NIH") and provincial government investment tax credits. Research and development tax credits and grants was $2.8 million for the year ended December 31, 2004 compared to $2.3 million for the year ended December 31, 2003. There were $0.9 million in TPC grants recognized for the year ended December 31, 2004 compared to $1.8 million for the year ended December 31, 2003. NIH grants totaled $0.8 million for the year ended December 31, 2004. There were no NIH grants during 2003. Provincial government investment tax credits totaled $1.2 million for the year ended December 31, 2004 as compared to $0.6 million for the year ending December 31, 2003. The information in this news release contains so-called "forward- looking" statements. These include statements regarding ID Biomedical's expectations and plans relating to the integration of the vaccine business acquired from Shire, statements about ID Biomedical's expectations, beliefs, intentions or strategies for the future, which may be indicated by words or phrases such as "anticipate", "expect", "intend", "plan", "will", "we believe", "ID Biomedical believes", "management believes", and similar language. All forward-looking statements are based on ID Biomedical's current expectations and are subject to risks and uncertainties and to assumptions made. Important factors that could cause actual results to differ materially from those expressed or implied by such forward- looking statements include: (i) the company's ability to successfully integrate the Shire vaccine business; (ii) the company's ability to successfully complete preclinical and clinical development of its products; (iii) the company's ability to manufacture its products; (iv) the seasonality of the flu-vaccine business and related fluctuations in the company's revenues from quarter to quarter; (v) decisions, and the timing of decisions, made by the health regulatory agencies regarding approval of its products for human testing; (vi) the company's ability to enter into distribution agreements for its products, and to complete and maintain corporate alliances relating to the development and commercialization of its technology and products; (vii) market acceptance of its technologies and products; and (viii) the competitive environment and impact of technological change and other risks detailed in the company's filings with the Securities and Exchange Commission. ID Biomedical bases its forward-looking statements on information currently available to it, and assumes no obligation to update them.