CALGARY, Dec. 18 /CNW/ - Oncolytics Biotech Inc. ("Oncolytics" or the "Corporation") (TSX:ONC; NASDAQ:ONCY) announced today that the Corporation has entered into an agreement with Osprey Capital Partners ("Osprey") to amend the terms of the 320,000 broker warrants issued to Osprey on December 29, 2005. Prior to the amendment, each broker warrant entitled Osprey to acquire one common share of Oncolytics at an exercise price of $5.65 per warrant until 4:30 p.m. (Calgary time) on December 29, 2008. None of the warrants are held by insiders of the Corporation.
The amendments include adjusting the exercise price from $5.65 to $1.80, and extending the expiry date from December 29, 2008 to December 29, 2009, subject to acceleration of the expiry date in certain circumstances.
The Toronto Stock Exchange has been provided with notice of the amendments, which will take effect 10 business days subsequent to the issue of this press release. Oncolytics will receive financial consideration for the price adjustment and extension of the expiry date from Osprey.
About Oncolytics Biotech Inc.
Oncolytics is a Calgary-based biotechnology company focused on the development of oncolytic viruses as potential cancer therapeutics. Oncolytics' clinical program includes a variety of Phase I/II and Phase II human trials using REOLYSIN®, its proprietary formulation of the human reovirus, alone and in combination with radiation or chemotherapy. For further information about Oncolytics, please visit www.oncolyticsbiotech.com.
This press release contains forward-looking statements. Forward-looking statements, including the Company's expectations related to the exercising of the warrants, as to progress in the clinical trial program and the Company's belief as to the potential of REOLYSIN® as a cancer therapeutic, involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue Research and Development projects, the efficacy of REOLYSIN® as a cancer treatment, the success and timely completion of clinical studies and trials, the Company's ability to successfully commercialize REOLYSIN®, uncertainties related to the research and development of pharmaceuticals, uncertainties related to the regulatory process and general changes to the economic environment. Investors should consult the Company's quarterly and annual filings with the Canadian securities commissions for additional information on risks and uncertainties relating to the forward looking statements. Investors are cautioned against placing undue reliance on forward-looking statements. The Company does not undertake to update these forward-looking statements, except as may be required pursuant to applicable securities laws.