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Last updated on April 25, 2014 at 1:22 EDT

Oncolytics Biotech(R) Inc. Announces Second Quarter 2012 Results

August 2, 2012

CALGARY, Aug. 2, 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
June 30, 2012.

“Early in the quarter, we announced that we had completed enrollment in
the first, 80-patient stage of our Phase III trial in head and neck
cancers,” said Dr. Brad Thompson, President and CEO of Oncolytics. “We
continued to make progress on this key clinical initiative during the
quarter with our independent Data Monitoring Committee recommending the
trial proceed based on a review of the safety data. We continue to
await the results of an ongoing data review which will enable us to
determine the next steps for the study.”

Selected Highlights

Since March 31, 2012, the Company has made a number of significant
announcements:

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);

        --  Review by Company's independent Data Monitoring Committee (DMC)
            of the safety data for the first stage of the Company's Phase
            III trial in head and neck cancers and received a
            recommendation that enrollment continue in the study while
            awaiting the ongoing data review;

        --  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 advanced or metastatic colorectal cancer enrolling up to
            100 patients;

        --  Entry into an agreement whereby the NCIC CTG will sponsor and
            conduct a randomized Phase II study of REOLYSIN in patients
            with advanced or metastatic non-small cell lung cancer
            enrolling up to 150 patients;

        --  Entry into an agreement whereby the NCIC CTG will sponsor and
            conduct a randomized Phase II study of REOLYSIN in patients
            with advanced or metastatic breast cancer enrolling up to 100
            patients; and

Clinical Trial Results

        --  Publication of a paper entitled "Cell Carriage, Delivery, and
            Selective Replication of an Oncolytic Virus in Tumor in
            Patients," in the June 13,2012 issue of the journal Science
            Translational Medicine (Vol. 4 Issue 138 138ra77), covering
            findings 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. The researchers found that
            intravenously-administered reovirus could specifically target
            and infect metastatic liver tumors in 90% of the patients, even
            though all patients treated had had a pre-existing immunity to
            the virus.


                                     ONCOLYTICS BIOTECH INC.

               INTERM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

                                              (unaudited)

                                           June 30,       December 31,

                                              2012              2011
                                                $                 $

    Assets                                                             

    Current assets                                                     

    Cash and cash equivalents              33,802,813        32,918,751

    Short-term investments                  1,969,228         1,936,787

    Accounts receivable                        89,574            55,392

    Prepaid expenses                          699,348           721,576

    Total current assets                   36,560,963        35,632,506

    Non-current assets                                                 

    Property and equipment                    428,167           392,111

    Total non-current assets                  428,167           392,111

    Total assets                           36,989,130        36,024,617

    Liabilities And Shareholders'
    Equity                                                             

    Current Liabilities                                                

    Accounts payable and accrued
    liabilities                             5,302,680         6,504,238

    Total current liabilities               5,302,680         6,504,238

    Shareholders' equity                                               

    Share capital                                                      

      Authorized: unlimited                                

      Issued:                                              

    June 30, 2012 - 76,606,085                                         

    December 31, 2011 - 71,251,335        197,947,858       177,282,566

    Warrants                                3,030,519         2,653,627

    Contributed surplus                    20,821,795        21,142,519

    Accumulated other comprehensive
    loss                                     (35,560)         (117,501)

    Accumulated deficit                 (190,078,162)     (171,440,832)

    Total shareholders' equity             31,686,450        29,520,379

    Total liabilities and equity           36,989,130        36,024,617


                                              ONCOLYTICS BIOTECH INC.

                  INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

                                                       (unaudited)

                      Three Month      Three Month      Six Month        Six Month
                         Period          Period           Period           Period
                      Ending June      Ending June     Ending June      Ending June
                          30,              30,             30,              30,
                          2012            2011             2012             2011
                           $                $               $                $

    Expenses                                                                         

    Research and
    development          9,053,329       5,483,131       16,543,873        8,454,742

    Operating            1,222,090       1,068,623        2,310,141        2,195,634

    Operating
    loss              (10,275,419)     (6,551,754)     (18,854,014)     (10,650,376)

    Write down of
    asset
    available for
    sale                   --       (735,681)          --        (735,681)

    Change in
    fair value of
    warrant
    liability              --         --          --           36,000

    Interest                93,389         123,197          213,456          214,703

    Loss before
    income taxes      (10,182,030)     (7,164,238)     (18,640,558)     (11,135,354)

    Income tax
    expense                  3,228         --            3,228          --

    Net loss          (10,178,802)     (7,164,238)     (18,637,330)     (11,135,354)

    Other
    comprehensive
    loss (income)
    - translation
    adjustment             116,200        (75,211)           81,941         (38,331)

    Net
    comprehensive
    loss              (10,062,602)     (7,239,449)     (18,555,389)     (11,173,685)

    Basic and
    diluted loss
    per common
    share                   (0.13)          (0.10)           (0.25)           (0.16)

    Weighted
    average
    number of
    shares (basic
    and diluted)        76,542,861      71,209,164       75,547,842       70,586,073


                                              ONCOLYTICS BIOTECH INC.

                             INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                       (unaudited)

                     Three Month      Three Month      Six Month        Six Month
                        Period          Period           Period           Period
                     Ending June      Ending June     Ending June      Ending June
                         30,              30,             30,              30,
                         2012            2011             2012             2011
                          $                $               $                $

    Operating
    Activities                                                                      

    Net loss for
    the period       (10,178,802)     (7,164,238)     (18,637,330)     (11,135,354)

    Amortization
    - property
    and
    equipment              29,510          29,992           57,571           47,267

    Share based
    compensation           58,343          40,469           72,196           43,342

    Change in
    fair value
    of warrant
    liability             --         --          --         (36,000)

    Write down
    of asset
    available
    for sale              --         735,681          --          735,681

    Unrealized
    foreign
    exchange
    loss                   61,171          28,978           16,162          220,127

    Net change
    in non-cash
    working
    capital           (1,174,059)       1,417,496      (1,213,512)        1,357,514

    Cash used in
    operating
    activities       (11,203,837)     (4,911,622)     (19,704,913)      (8,767,423)

    Investing
    Activities                                                                      

    Acquisition
    of property
    and
    equipment            (61,695)        (33,831)         (93,627)         (49,107)

    Purchase of
    short-term
    investments           --       1,679,940         (32,441)        1,679,940

    Cash used in
    investing
    activities           (61,695)       1,646,109        (126,068)        1,630,833

    Financing
    Activities                                                                      

    Proceeds
    from
    exercise of
    stock
    options and
    warrants              422,886          23,300          885,469       14,738,597

    Proceeds
    from public
    offering             (31,648)         --       19,763,795          --

    Cash
    provided by
    financing
    activities            391,238          23,300       20,649,264       14,738,597

    Increase in
    cash             (10,874,294)     (3,242,213)          818,283        7,602,007

    Cash and
    cash
    equivalents,
    beginning of
    period             44,622,078      49,912,873       32,918,751       39,296,682

    Impact of
    foreign
    exchange on
    cash and
    cash
    equivalents            55,029        (30,429)           65,779        (258,458)

    Cash and
    cash
    equivalents,
    end of
    period             33,802,813      46,640,231       33,802,813       46,640,231

To view the Company’s Second 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.


Source: PR Newswire