CALGARY, May 12 /PRNewswire-FirstCall/ – Oncolytics Biotech Inc. (TSX: ONC, NASDAQ: ONCY)
(“Oncolytics” or the “Company”) today announced its financial results
and operational highlights for the quarter ended March 31, 2011.
“In order to maximize the future commercial potential for REOLYSIN®, we continue to expand and advance our clinical program through a
combination of our own trials and sponsored initiatives that allow us
to cost effectively expand the scope of our clinical work,” said Dr.
Brad Thompson, President and CEO of Oncolytics. “In the quarter we
reported positive results from multiple trials and our strengthened
balance sheet will enable us to expand the number of randomized studies
we are running in 2011.”
Selected Highlights
Since January 1, 2011 the Company has announced:
Clinical Trial Results
-- Preliminary results from a U.S. Phase 2 clinical trial (REO 017) using
intravenous administration of REOLYSIN in combination with gemcitabine
(Gemzar®) in patients with advanced pancreatic cancer. Seventeen
evaluable patients with pancreatic cancer were expected to be treated in
the first stage and if three or more patients received clinical benefit,
the study would then proceed to the next stage. This endpoint was met
after six evaluable patients were enrolled;
-- Completion of enrollment and interim data from a U.K. translational
clinical trial (REO 013) investigating intravenous administration of
REOLYSIN in patients with metastatic colorectal cancer prior to surgical
resection of liver metastases. On initial histological analysis of the
10 treated patients, there was evidence of selective delivery of virus
to tumour versus normal liver and viral replication in the majority
(seven) of patients;
Ongoing Clinical Program
-- The opening of enrollment in a U.S. Phase 1 study of REOLYSIN in
combination with FOLFIRI (Folinic Acid (leucovorin) + Fluorouracil
(5-FU) + Irinotecan) in patients with oxaliplatin refractory/intolerant
Kras mutant colorectal cancer (REO 022);
-- Start of enrollment in a 2-Arm randomized Phase 2 study of carboplatin,
paclitaxel plus REOLYSIN versus carboplatin and paclitaxel alone in the
first line treatment of patients with recurrent or metastatic pancreatic
cancer sponsored by the NCI;
-- Completion of enrollment in a U.S. Phase 2 clinical trial using
intravenous administration of REOLYSIN in combination with paclitaxel
and carboplatin in patients with advanced head and neck cancers (REO
015);
Financial
-- Pursuant to the acceleration of the expiry date of those warrants issued
on November 23, 2009, the Company received proceeds of approximately
US$6.8 million resulting from the exercise of 1,943,000 warrants; and
-- The exercise of 1,322,750 warrants, issued in connection with the
financing that closed on November 8, 2010, providing the Company with
proceeds of approximately $8.2 million.
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(unaudited)
March31, December 31, January 1,
2011 2010 2010
As at, $ $ $
Assets
Current assets
Cash and cash equivalents 49,912,873 39,296,682 32,448,939
Short-term investments 3,609,246 3,609,246 1,679,937
Accounts receivable 72,653 284,988 64,787
Prepaid expenses 389,839 278,934 507,408
Total current assets 53,984,611 43,469,850 34,701,071
Non-currentassets
Property and equipment 224,912 226,911 208,320
Long term investments 684,000
Total non-current assets 224,912 226,911 892,320
Asset held for sale 735,681 735,681
Total assets 54,945,204 44,432,442 35,593,391
Liabilities And
Shareholders Equity
Current Liabilities
Accounts payable and accrued 2,339,270 2,500,682 4,226,933
liabilities
Warrant liability 5,536,800 1,023,051
Total currentliabilities 2,339,270 8,037,482 5,249,984
Shareholders equity
Share capital
Authorized: unlimited
Issued:
March 31, 2011 - 71,207,318
December 31, 2010 -
67,958,302
January 1, 2010 - 177,147,062 155,439,610 131,908,274
61,549,969
Warrants 2,653,627 4,108,652 2,437,460
Contributed surplus 19,366,032 19,399,489 13,734,743
Accumulated other (193,540) (156,660)
comprehensive loss
Deficit (146,367,247) (142,396,131) (117,737,070)
Total shareholdersequity 52,605,934 36,394,960 30,343,407
Total Liabilities AndEquity 54,945,204 44,432,442 35,593,391
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(unaudited)
2011 2010
For the three month period ending March 31, $ $
Expenses
Research and development 2,971,611 3,041,814
Operating 1,127,011 964,309
4,098,622 4,006,123
Loss before the following (4,098,622) (4,006,123)
Change in fair value of warrant liability 36,000 (541,489)
Interest 91,506 9,819
Loss before income taxes (3,971,116) (4,537,793)
Income taxes
Net loss (3,971,116) (4,537,793)
Other comprehensive loss - translation (36,880) (144,907)
adjustment
Net comprehensiveloss (4,007,996) (4,682,700)
Basic and dilutedloss per share (0.06) (0.07)
Weighted average number of shares (basicand 69,956,058 61,549,969
diluted)
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited)
Forthe three month period ending,March 31, 2010
Accumulated
Other
Share Contributed Comprehensive Total
capital Surplus Warrants Income Deficit Equity
$ $ $ $ $ $
As at January 131,908,274 13,734,743 2,437,460 (117,737,070) 30,343,407
1, 2010
Net loss and (144,907) (4,537,793) (4,682,700)
comprehensive
loss for the
period
Expired 2,438,000 (2,438,000)
warrants
Stock based 1,029 1,029
compensation
Other 540 540
As at March 131,908,274 16,173,772 (144,907) (122,274,863) 25,662,276
31, 2010
Forthe three month periodending, March31, 2011
Accumulated
Other
Share Contributed Comprehensive Total
capital Surplus Warrants Income Deficit Equity
$ $ $ $ $ $
As at 155,439,610 19,399,489 4,108,652 (156,660) (142,396,131) 36,394,960
December 31,
2010
Net loss and (36,880) (3,971,116) (4,007,996)
comprehensive
loss
Exercise of 21,487,080 (1,455,025) 20,032,055
warrants
Exercise of 220,372 (36,330) 184,042
stock options
Stock based 2,873 2,873
compensation
As at March 177,147,062 19,366,032 2,653,627 (193,540) (146,367,247) 52,605,934
31, 2011
Released May 12, 2011