OncoMed Pharma Loss Widens

(RTTNews) - OncoMed Pharmaceuticals Inc. (OMED) Tuesday reported fourth-quarter net loss of $4.34 million or $0.15 per share compared with a loss of $4.3 million or $4.01 per share last year. Loss per share results for the recent quarter reflect a higher share count.

Revenues for the quarter were $19 million compared with $7 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.15 per share on revenues of $20.97 million for the quarter. Analysts' estimates typically exclude special items.

Revenue growth was due mainly to collaborative revenues in the form of milestone payments from Bayer associated with the vantictumab and OMP-54F28 programs and the amortization of upfront payments from OncoMed's agreements with GSK, Bayer and Celgene.

Expenses for the quarter climbed to $21.4 million from $11.3 million a year ago.

OncoMed is a clinical-stage company developing novel therapeutics that target cancer stem cells, or tumor-initiating cells.