Oncolytics Biotech(R) Inc. Announces First Quarter 2012 Results
CALGARY, May 10, 2012 /PRNewswire/ – 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, 2012.
“In early April, 2012, we announced that we had completed enrollment in
the first, 80-patient stage of our Phase III trial in head and neck
cancers. The analysis of this patient group will be a significant
milestone,” said Dr. Brad Thompson, President and CEO of Oncolytics.
“We’ve also significantly expanded our Phase II program through
agreements with the NCIC which allow us to conduct randomized clinical
studies in both prostate and colorectal cancers.”
Since January 1, 2012, the Company has made a number of significant
Clinical Trial Program
-- Completion of enrollment in the first, 80-patient stage of its Phase III clinical trial examining REOLYSIN® in combination with paclitaxel and carboplatin in patients with platinum-refractory head and neck cancers (REO 018); -- Entry into an agreement whereby the NCIC Clinical Trials Group (CTG) at Queen's University in Kingston, Ontario, will sponsor and conduct a randomized Phase II study of REOLYSIN in patients with recurrent or metastatic castration resistant prostate cancer enrolling up to 80 patients; -- Entry into an agreement whereby the NCIC CTG at Queen's University will sponsor and conduct a randomized Phase II study of REOLYSIN in patients with advanced or metastatic colorectal cancer enrolling up to 100 patients;
-- Presentation of five posters covering preclinical research in a range of cancer types at the 2012 AACR Annual Meeting in Chicago, IL; and
-- Closed bought deal financing, which was increased post-announcement from $15 million to $18.5 million, for gross proceeds of $21.3 million following the full exercise of the over-allotment option by the syndicate of underwriters.
ONCOLYTICS BIOTECH INC.
INTERM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
March 31, December31, 2012 2011 $ $ Assets Current assets Cash and cash equivalents 44,622,078 32,918,751 Short-term investments 1,969,228 1,936,787 Accounts receivable 52,957 55,392 Prepaid expenses 331,523 721,576 Total current assets 46,975,786 35,632,506 Non-current assets Property and equipment 395,982 392,111 Total non-currentassets 395,982 392,111 Total assets 47,371,768 36,024,617 LiabilitiesAnd Shareholders' Equity Current Liabilities Accounts payable and accrued 6,072,297 6,504,238 liabilities Total current liabilities 6,072,297 6,504,238 Shareholders' equity Share capital Authorized: unlimited Issued: March 31, 2012 - 76,464,251 December 31, 2011 - 71,251,335 197,371,836 177,282,566 Warrants 3,030,519 2,653,627 Contributed surplus 20,948,236 21,142,519 Accumulated other comprehensive loss (151,760) (117,501) Accumulated deficit (179,899,360) (171,440,832) Total shareholders' equity 41,299,471 29,520,379 Total liabilities and equity 47,371,768 36,024,617
ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
For the three month period ending March 2012 2011 31, $ $ Expenses Research and development 7,490,544 2,971,611 Operating 1,088,051 1,127,011 Operating loss (8,578,595) (4,098,622) Change in fair value of warrant liability -- 36,000 Interest 120,067 91,506 Loss before income taxes (8,458,528) (3,971,116) Income tax expense -- -- Net loss (8,458,528) (3,971,116) Other comprehensive loss - translation (34,259) (36,880) adjustment Net comprehensive loss (8,492,787) (4,007,996) Basic and diluted loss per common share (0.11) (0.06) Weighted average number of shares (basic 74,552,824 69,956,058 and diluted)
ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Accumulated Other Share Contributed Comprehensive Accumulated Capital Surplus Warrants Loss Deficit Total $ $ $ $ $ $ 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 Share 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 Accumulated Other Share Contributed Comprehensive Accumulated Capital Surplus Warrants Loss Deficit Total $ $ $ $ $ $ As at 177,282,566 21,142,519 2,653,627 (117,501) (171,440,832) 29,520,379 December 31, 2011 Net loss and -- -- -- (34,259) (8,458,528) (8,492,787) comprehensive loss Issued, 19,418,551 -- 376,892 -- -- 19,795,443 pursuant to a bought deal financing Exercise of 670,719 (208,136) -- -- -- 462,583 stock options Share based -- 13,853 -- -- -- 13,853 compensation As at March 197,371,836 20,948,236 3,030,519 (151,760) (179,899,360) 41,299,471 31, 2012
ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three month period ending 2012 2011 March, $ $ Operating Activities Net loss for the period (8,458,528) (3,971,116) Amortization - property and 28,061 17,275 equipment Share based compensation 13,853 2,873 Change in fair value of warrant -- (36,000) liability Unrealized foreign exchange loss (45,009) 191,149 Net change in non-cash working (39,453) (59,982) capital Cash used in operating activities (8,501,076) (3,855,801) Investing Activities Acquisition of property and (31,932) (15,276) equipment Purchase of short-term investments (32,441) -- Cash used in investing activities (64,373) (15,276) Financing Activities Proceeds from exercise of stock 462,583 14,715,297 options and warrants Proceeds from public offering 19,795,443 -- Cash provided by financing 20,258,026 14,715,297 activities Increase in cash 11,692,577 10,844,220 Cash and cash equivalents, beginning 32,918,751 39,296,682 of period Impact of foreign exchange on cash 10,750 (228,029) and cash equivalents Cash and cash equivalents, endof 44,622,078 49,912,873 period
To view the Company’s First Quarter 2012 Consolidated Financial
Statements, related Notes to Consolidated Financial Statements, and
Management’s Discussion and Analysis, please see the Company’s
quarterly filings which will be available on www.sedar.com and on www.oncolyticsbiotech.com.
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 human trials
including a Phase III trial in head and neck cancers using REOLYSIN,
its proprietary formulation of the human reovirus. For further
information about Oncolytics, please visit: www.oncolyticsbiotech.com.
This press release contains forward-looking statements, within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements, including the Company’s belief as
to the potential of REOLYSIN as a cancer therapeutic; the Company’s
expectations as to the success of its research and development programs
in 2012 and beyond, the Company’s planned operations, the value of the
additional patents and intellectual property; the Company’s
expectations related to the applications of the patented technology;
the Company’s expectations as to adequacy of its existing capital
resources; the design, timing, success of planned clinical trial
programs; and other statements related to anticipated developments in
the Company’s business and technologies 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 and U.S. 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
required by applicable laws.
SOURCE Oncolytics Biotech Inc.