Full Press Release Details
Biotech Inc. Reports
Highlights and Financial Results for 2008
CALGARY, AB, March 4, 2009 ---
Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) ("Oncolytics" or the "Company")
today reported its financial results for the year ended December 31,
we selected our first pivotal program for REOLYSIN ," said
Dr. Brad Thompson, President and CEO of Oncolytics. "The selection of
head and neck cancers was supported by interim results reported in our US and UK
clinical studies, and the successful development of a manufacturing process
capable of supplying REOLYSIN for large clinical studies."
Financial and Intellectual
greatly encouraged by the clinical results we are seeing in our clinical trials,
and by the continued enthusiasm displayed by our collaborators," said Dr.
Thompson. "We look forward to taking REOLYSIN into to the final
stages of development in 2009."
| $ | 2008 | $ | 2007 | |||||
| ASSETS | ||||||||
| Current | ||||||||
| Cash and cash equivalents | 7,429,895 | 6,715,096 | ||||||
| Short-term investments | 5,846,634 | 18,498,733 | ||||||
| Accounts receivable | 86,322 | 80,085 | ||||||
| Prepaid expenses | 179,668 | 260,300 | ||||||
| 13,542,519 | 25,554,214 | |||||||
| Property and equipment Intellectual property | 263,926 180,750 | 201,103 542,250 | ||||||
| 13,987,195 | 26,297,567 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current | ||||||||
| Accounts payable and accrued liabilities | 4,534,111 | 2,821,227 | ||||||
| Commitments and contingency | ||||||||
| Shareholders' equity | ||||||||
| Share capital | ||||||||
| Authorized: unlimited | ||||||||
| Issued: 43,830,748 (2006 - 41,180,748) | 95,234,924 | 92,759,665 | ||||||
| Warrants | 3,425,110 | 5,346,260 | ||||||
| Contributed surplus | 13,349,801 | 10,376,962 | ||||||
| Deficit | (102,556,751 | ) | (85,006,547 | ) | ||||
| 9,453,084 | 23,476,340 | |||||||
| 13,987,195 | 26,297,567 |
STATEMENTS OF LOSS AND COMPREHESIVE LOSS
periods ended December 31
| $ | 2008 | $ | 2007 | $ | 2006 | Cumulative from inception on April 2, 1998 to December 31, 2008 $ | ||||||||||
| Revenue | ||||||||||||||||
| Rights revenue | 310,000 | |||||||||||||||
| 310,000 | ||||||||||||||||
| Expenses | ||||||||||||||||
| Research and development | 13,351,875 | 12,385,743 | 11,378,998 | 74,531,777 | ||||||||||||
| Operating | 4,311,575 | 3,826,195 | 3,630,144 | 24,837,025 | ||||||||||||
| Stock based compensation | 64,039 | 539,156 | 403,550 | 4,768,844 | ||||||||||||
| Foreign exchange (gain) loss | (68,283 | ) | 8,862 | 35,270 | 589,427 | |||||||||||
| Amortization - intellectual property | 361,500 | 361,500 | 361,500 | 3,434,250 | ||||||||||||
| Amortization - property and equipment | 48,754 | 40,714 | 52,638 | 497,151 | ||||||||||||
| 18,069,460 | 17,162,170 | 15,862,100 | 108,658,474 | |||||||||||||
| Loss before the following | 18,069,460 | 17,162,170 | 15,862,100 | 108,348,474 | ||||||||||||
| Interest income | (519,256 | ) | (1,211,744 | ) | (1,233,809 | ) | (6,534,005 | ) | ||||||||
| Gain on sale of BCY LifeSciences Inc. | (299,403 | ) | ||||||||||||||
| Loss on sale of Transition Therapeutics Inc. | 2,156,685 | |||||||||||||||
| Loss before income taxes | 17,550,204 | 15,950,426 | 14,628,291 | 103,671,751 | ||||||||||||
| Future income tax recovery | (1,115,000 | ) | ||||||||||||||
| Net loss and comprehensive loss for the period | 17,550,204 | 15,950,426 | 14,628,291 | 102,556,751 | ||||||||||||
| Basic and diluted loss per share | (0.42 | ) | (0.39 | ) | (0.40 | ) |
STATEMENTS OF CASH FLOWS
periods ended December 31
| $ | 2008 | $ | 2007 | $ | 2006 | Cumulative from inception on April 2, 1998 to December 31, 2008 $ | ||||||||||
| OPERATING ACTIVITIES | ||||||||||||||||
| Net loss and comprehensive loss for the period | (17,550,204 | ) | (15,950,426 | ) | (14,628,291 | ) | (102,556,751 | ) | ||||||||
| Add/(deduct) non-cash items | ||||||||||||||||
| Amortization - intellectual property | 361,500 | 361,500 | 361,500 | 3,434,250 | ||||||||||||
| Amortization - property and equipment | 48,754 | 40,714 | 52,638 | 497,151 | ||||||||||||
| Stock based compensation | 64,039 | 539,156 | 403,550 | 4,768,844 | ||||||||||||
| Other non-cash items | - | - | - | 1,383,537 | ||||||||||||
| Net change in non-cash working capital | 1,787,279 | 586,964 | 812,622 | 4,268,121 | ||||||||||||
| Cash used in operating activities | (15,288,632 | ) | (14,422,092 | ) | (12,997,981 | ) | (88,204,848 | ) | ||||||||
| INVESTING ACTIVITIES | ||||||||||||||||
| Acquisition of property and equipment | (111,577 | ) | (92,221 | ) | (35,838 | ) | (813,744 | ) | ||||||||
| Purchase of short-term investments | (347,901 | ) | (949,496 | ) | (1,035,427 | ) | (49,416,864 | ) | ||||||||
| Redemption of short-term investments | 13,000,000 | 6,573,000 | 13,808,000 | 43,151,746 | ||||||||||||
| Investment in BCY LifeSciences Inc. | - | - | - | 464,602 | ||||||||||||
| Investment in Transition Therapeutics Inc . | - | - | - | 2,532,343 | ||||||||||||
| Cash provided by (used in) investing activities | 12,540,522 | 5,531,283 | 12,736,735 | (4,081,917 | ) | |||||||||||
| FINANCING ACTIVITIES | ||||||||||||||||
| Proceeds from exercise of stock options and warrants | 41,600 | 51,000 | 241,400 | 15,301,068 | ||||||||||||
| Proceeds from private placements | - | - | - | 38,137,385 | ||||||||||||
| Proceeds from public offerings | 3,421,309 | 12,063,394 | - | 46,278,207 | ||||||||||||
| Cash provided by financing activities | 3,462,909 | 12,114,394 | 241,400 | 99,716,660 | ||||||||||||
| Net increase (decrease) in cash and cash equivalents during the period | 714,799 | 3,223,585 | (19,846 | ) | 7,429,895 | |||||||||||
| Cash and cash equivalents, beginning of period | 6,715,096 | 3,491,511 | 3,511,357 | - | ||||||||||||
| Cash and cash equivalents, end of period | 7,429,895 | 6,715,096 | 3,491,511 | 7,429,895 | ||||||||||||
| Cash interest received | 769,529 | 1,392,866 | 940,100 |
view the Company's Financial Statements and Management's Discussion and
Analysis, please see the Company's 2008 Annual Filings which will be available
on www.sedar.com and
Oncolytics Biotech Inc.
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
proprietary formulation of the human reovirus, alone and in combination with
radiation or chemotherapy. For further information about Oncolytics
please visit www.oncolyticsbiotech.com
press release contains forward-looking statements, within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended and under applicable
Canadian provincial securities legislation. 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 2009 and beyond, 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 the Company's planned expansion of such
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
FURTHER INFORMATION PLEASE CONTACT: