Oncolytics Biotech(R) Inc. Announces Third Quarter 2012 Results
CALGARY, Nov. 8, 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
September 30, 2012.
“We continue to make progress across the entire breadth of our clinical
program and completed enrollment in multiple trials this quarter,” said
Dr. Brad Thompson, President and CEO of Oncolytics. “Our near term
focus remains on completing the initial follow-up on the expanded 167
patient group enrolled in the REO 018 study so that we can receive our
first randomized clinical data for REOLYSIN(®).”
During the quarter the Company has made a number of significant
-- Appointment of Dr. Alan Tuchman to the role of Chief Medical Officer and Senior Vice President, Clinical and Medical Development.
Clinical Trial Program
-- Expanded enrollment in the first stage of our Phase III head and neck cancer clinical trial (REO 18) to include 167 patients, all of whom have now been enrolled, and introduced an additional patient segregation to differentiate between patients with local recurrent disease, with or without metastases, and patients with distal metastases while maintaining the blind; -- Reaching the primary endpoint in the first stage of a U.S. Phase II clinical trial in patients with squamous cell carcinoma of the lung (SCCLC) using intravenous administration of REOLYSIN in combination with carboplatin and paclitaxel (REO 021); -- Completion of enrollment in a U.K. Phase I clinical trial using intravenously-administered REOLYSIN in combination with cyclophosphamide in patients with advanced malignancies (REO 012); and -- Completion of enrollment in a U.S. Phase I clinical trial using intravenously-administered REOLYSIN in combination with FOLFIRI in patients with colorectal cancer (REO 022).
Since September 30, 2012, the Company also announced completion of
patient enrollment in a U.S. Phase II clinical trial using intravenous
administration of REOLYSIN in combination with gemcitabine (Gemzar®) in
patients with advanced or metastatic pancreatic cancer (REO 017).
ONCOLYTICS BIOTECH INC. INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (unaudited) September 30, December 31, 2012 2011 $ $ Assets Current assets Cash and cash equivalents 26,007,318 32,918,751 Short-term investments 1,969,228 1,936,787 Accounts receivable 89,842 55,392 Prepaid expenses 592,927 721,576 Total current assets 28,659,315 35,632,506 Non-current assets Property and equipment 426,983 392,111 Total non-current assets 426,983 392,111 Total assets 29,086,298 36,024,617 Liabilities And Shareholders' Equity Current Liabilities Accounts payable and accrued liabilities 6,711,147 6,504,238 Total current liabilities 6,711,147 6,504,238 Shareholders' equity Share capital Authorized: unlimited Issued: September 30, 2012 - 76,661,085 December 31, 2011 - 71,251,335 198,049,608 177,282,566 Warrants 3,030,519 2,653,627 Contributed surplus 20,700,110 21,142,519 Accumulated other comprehensive (83,022) (117,501) loss Accumulated deficit (199,322,064) (171,440,832) Total shareholders' equity 22,375,151 29,520,379 Total liabilities and equity 29,086,298 36,024,617
ONCOLYTICS BIOTECH INC. INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (unaudited) Three Month Three Month Nine Month Period Period Nine Month Period Ending Ending Period Ending September September Ending September 30, 2012 30, September 30, $ 2011 30, 2012 2011 $ $ $ Expenses Research and 8,129,328 5,315,134 24,673,201 13,769,876 development Operating 1,175,227 1,019,335 3,485,368 3,214,969 Operating (9,304,555) (6,334,469) (28,158,569) (16,984,845) loss Write down of -- -- -- (735,681) asset available for sale Change in -- -- -- 36,000 fair value of warrant liability Interest 74,053 102,445 287,509 317,148 Loss before (9,230,502) (6,232,024) (27,871,060) (17,367,378) income taxes Income tax (13,400) -- (10,172) -- expense Net loss (9,243,902) (6,232,024) (27,881,232) (17,367,378) Other comprehensive (loss) income - translation adjustment (47,462) (9,587) 34,479 28,744 Net (9,291,364) (6,241,611) (27,846,753) (17,338,634) comprehensive loss Basic and (0.12) (0.09) (0.37) (0.25) diluted loss per common share Weighted 76,607,281 71,221,218 75,903,566 70,800,114 average number of shares (basic and diluted)
ONCOLYTICS BIOTECH INC. INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Month Nine Month Three Month Period Nine Month Period Period Ending Period Ending Ending September Ending September September 30, September 30, 30, 2012 2011 30, 2012 2011 $ $ $ $ Operating Activities Net loss for (17,367,378) the period (9,243,902) (6,232,024) (27,881,232) Amortization - property and equipment 26,422 21,258 83,993 68,525 Share based compensation (121,685) 181,183 (49,489) 224,525 Change in fair value of warrant liability -- -- -- (36,000) Write down of asset available for sale -- -- -- 735,681 Unrealized foreign exchange loss 983 (121,391) 17,145 98,736 Net change in non-cash working capital 1,514,620 (427,319) 301,108 930,195 Cash used in operating (15,345,716) activities (7,823,562) (6,578,293) (27,528,475) Investing Activities Acquisition of property and equipment (25,238) (62,087) (118,865) (111,194) Purchase of short-term investments -- -- (32,441) 1,679,940 Cash used in investing activities (25,238) (62,087) (151,306) 1,568,746 Financing Activities Proceeds from exercise of stock options and warrants 101,750 54,985 987,219 14,793,582 Proceeds from public offering -- -- 19,763,795 -- Cash provided by financing activities 101,750 54,985 20,751,014 14,793,582 Increase in cash (7,747,050) (6,585,395) (6,928,767) 1,016,612 Cash and cash equivalents, beginning of period 33,802,813 46,640,231 32,918,751 39,296,682 Impact of foreign exchange on cash and cash equivalents (48,445) 188,466 17,334 (69,992) Cash and cash equivalents, end of period 26,007,318 40,243,302 26,007,318 40,243,302
To view the Company’s Third 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 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
SOURCE Oncolytics Biotech Inc.