Full Press Release Details
210, 1167 Kensington Cr.
Biotech Inc. Announces
2009 First Quarter Results
CALGARY, AB, May 5, 2009 ---
Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) ("Oncolytics" or the "Company")
today announced its financial results for the three-month period ended March 31,
first quarter of 2009 was highlighted by the announcement of very positive
results in several of our combination REOLYSIN clinical
trials," said Dr. Brad Thompson, President and CEO of Oncolytics. "We
continue to report clinical benefit in the majority of patients treated with
REOLYSIN in combination with chemotherapy or radiation, paving the way for our
pivotal program to begin this year."
First Quarter Highlights:
to quarter end, the Company announced:
CONSOLIDATED BALANCE SHEETS
| March 31, 2009 $ | December 31, 2008 $ | |||||||
| ASSETS | ||||||||
| Current | ||||||||
| Cash and cash equivalents | 7,366,481 | 7,429,895 | ||||||
| Short-term investments | 1,925,600 | 5,846,634 | ||||||
| Accounts receivable | 68,411 | 86,322 | ||||||
| Prepaid expenses | 101,025 | 179,668 | ||||||
| 9,461,517 | 13,542,519 | |||||||
| Property and equipment | 249,971 | 263,926 | ||||||
| Intellectual property | 90,375 | 180,750 | ||||||
| 9,801,863 | 13,987,195 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current | ||||||||
| Accounts payable and accrued liabilities | 4,273,538 | 4,534,111 | ||||||
| Shareholders' equity | ||||||||
| Share capital | ||||||||
| Authorized: unlimited number of common shares | ||||||||
| Issued: 43,855,748 (December 31, 2008 - 43,830,748) | 95,256,174 | 95,234,924 | ||||||
| Warrants | 3,425,110 | 3,425,110 | ||||||
| Contributed surplus | 13,361,438 | 13,349,801 | ||||||
| Deficit | (106,514,397 | ) | (102,556,751 | ) | ||||
| 5,528,325 | 9,453,084 | |||||||
| 9,801,863 | 13,987,195 |
CONSOLIDATED STATEMENTS OF LOSS AND
| Three Month Period Ending March 31, 2009 $ | Three Month Period Ending March 31, 2008 $ | Cumulative from inception on April 2, 1998 to March 31, 2009 $ | ||||||||||
| Revenue | ||||||||||||
| Rights revenue | 310,000 | |||||||||||
| Expenses | ||||||||||||
| Research and development | 2,812,655 | 2,393,397 | 77,344,432 | |||||||||
| Operating | 986,764 | 1,050,894 | 25,823,789 | |||||||||
| Stock-based compensation | 11,637 | 19,593 | 4,780,481 | |||||||||
| Foreign exchange loss | 56,035 | 9,262 | 645,462 | |||||||||
| Amortization - intellectual property | 90,375 | 90,375 | 3,524,625 | |||||||||
| Amortization - property and equipment | 17,304 | 11,186 | 514,455 | |||||||||
| 3,974,770 | 3,574,707 | 112,633,244 | ||||||||||
| Loss before the following | 3,974,770 | 3,574,707 | 112,323,244 | |||||||||
| Interest income | (17,124 | ) | (180,334 | ) | (6,551,129 | ) | ||||||
| Gain on sale of BCY LifeSciences Inc. | (299,403 | ) | ||||||||||
| Loss on sale of Transition Therapeutics Inc. | 2,156,685 | |||||||||||
| Loss before income taxes | 3,957,646 | 3,394,373 | 107,629,397 | |||||||||
| Future income tax recovery | (1,115,000 | ) | ||||||||||
| Net loss and comprehensive loss for the period | 3,957,646 | 3,394,373 | 106,514,397 | |||||||||
| Basic and diluted loss per share | (0.09 | ) | (0.08 | ) | ||||||||
| Weighted average number of shares (basic and diluted) | 43,849,637 | 41,180,748 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Month Period Ending March 31, 2009 $ | Three Month Period Ending March 31, 2008 $ | Cumulative from inception on April 2, 1998 to March 31, 2009 $ | ||||||||||
| OPERATING ACTIVITIES | ||||||||||||
| Net loss for the period | (3,957,646 | ) | (3,394,373 | ) | (106,514,397 | ) | ||||||
| Add / (deduct) non-cash items | ||||||||||||
| Amortization - intellectual property | 90,375 | 90,375 | 3,524,625 | |||||||||
| Amortization - property and equipment | 17,304 | 11,186 | 514,455 | |||||||||
| Stock-based compensation | 11,637 | 19,593 | 4,780,481 | |||||||||
| Other non-cash items | 1,383,537 | |||||||||||
| Net change in non-cash working capital | (164,019 | ) | 24,681 | 4,104,102 | ||||||||
| Cash used in operating activities | (4,002,349 | ) | (3,248,538 | ) | (92,207,197 | ) | ||||||
| INVESTING ACTIVITIES | ||||||||||||
| Purchase of property and equipment | (3,349 | ) | (2,665 | ) | (817,093 | ) | ||||||
| Purchase of short-term investments | (8,966 | ) | (137,187 | ) | (49,425,830 | ) | ||||||
| Redemption of short-term investments | 3,930,000 | 4,000,000 | 47,081,746 | |||||||||
| Investment in BCY LifeSciences Inc. | 464,602 | |||||||||||
| Investment in Transition Therapeutics Inc . | 2,532,343 | |||||||||||
| Cash provided by (used in) investing activities | 3,917,685 | 3,860,148 | (164,232 | ) | ||||||||
| FINANCING ACTIVITIES | ||||||||||||
| Proceeds from exercise of warrants and stock options | 21,250 | 15,322,318 | ||||||||||
| Proceeds from private placements | 38,137,385 | |||||||||||
| Proceeds from public offerings | 46,278,207 | |||||||||||
| Cash provided by financing activities | 21,250 | 99,737,910 | ||||||||||
| Net increase (decrease) in cash and cash equivalents during the period | (63,414 | ) | 611,610 | 7,366,481 | ||||||||
| Cash and cash equivalents, beginning of the period | 7,429,895 | 6,715,096 | ||||||||||
| Cash and cash equivalents, end of the period | 7,366,481 | 7,326,706 | 7,366,481 |
view the 2009 First Quarter Report which includes the Consolidated Financial
Statements, related Notes to Consolidated Financial Statements, and Management's
Discussion and Analysis, please see the Company's first quarter filings which
will be available on www.sedar.com and on
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
REOLYSIN, its 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. 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 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
FURTHER INFORMATION PLEASE CONTACT: