Full Press Release Details
Announces 2009 Year End Results
CALGARY, AB, March 9, 2010 ---
Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) ("Oncolytics" or the "Company")
today announced its financial results and operational highlights for the year
ended December 31, 2009.
we executed on our business plan focused on preparing the Company for late stage
clinical testing and ultimately commercial launch by making substantial clinical
progress, strengthening our intellectual property position and balance sheet,
and scaling up manufacturing to near commercial levels," said Dr. Brad Thompson,
President and CEO of Oncolytics. "Our focus in the year ahead will be
on advancing our first Phase 3 trial, which we expect to begin in the second
last 14 months the Company:
| $ | 2009 | $ | 2008 | |||||
| ASSETS | ||||||||
| Current | ||||||||
| Cash and cash equivalents | 32,448,939 | 7,429,895 | ||||||
| Short-term investments | 1,679,937 | 5,846,634 | ||||||
| Accounts receivable | 64,787 | 86,322 | ||||||
| Prepaid expenses | 507,408 | 179,668 | ||||||
| 34,701,071 | 13,542,519 | |||||||
| Property and equipment | 208,320 | 263,926 | ||||||
| Intellectual property | 180,750 | |||||||
| Long term investment | 684,000 | |||||||
| 35,593,391 | 13,987,195 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current | ||||||||
| Accounts payable and accrued liabilities | 4,226,933 | 4,534,111 | ||||||
| Commitments and contingency | ||||||||
| Shareholders' equity | ||||||||
| Share capital | ||||||||
| Authorized: unlimited | ||||||||
| Issued: 61,549,969 (2008 - 43,830,748) | 131,908,274 | 95,234,924 | ||||||
| Warrants | 4,511,441 | 3,425,110 | ||||||
| Contributed surplus | 13,734,743 | 13,349,801 | ||||||
| Deficit | (118,788,000 | ) | (102,556,751 | ) | ||||
| 31,366,458 | 9,453,084 | |||||||
| 35,593,391 | 13,987,195 |
STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
periods ended December 31
| $ | 2009 | $ | 2008 | $ | 2007 | Cumulative from inception on April 2, 1998 to December 31, 2009 $ | ||||||||||
| Revenue | ||||||||||||||||
| Rights revenue | 310,000 | |||||||||||||||
| 310,000 | ||||||||||||||||
| Expenses | ||||||||||||||||
| Research and development | 11,606,514 | 13,351,875 | 12,385,743 | 86,138,291 | ||||||||||||
| Operating | 3,782,507 | 4,311,575 | 3,826,195 | 28,619,532 | ||||||||||||
| Stock based compensation | 424,273 | 64,039 | 539,156 | 5,193,117 | ||||||||||||
| Foreign exchange loss (gain) | 179,716 | (68,283 | ) | 8,862 | 769,143 | |||||||||||
| Amortization - intellectual property | 180,750 | 361,500 | 361,500 | 3,615,000 | ||||||||||||
| Amortization - property and equipment | 64,930 | 48,754 | 40,714 | 562,081 | ||||||||||||
| 16,238,690 | 18,069,460 | 17,162,170 | 124,897,164 | |||||||||||||
| Loss before the following | 16,238,690 | 18,069,460 | 17,162,170 | 124,587,164 | ||||||||||||
| Interest income | (29,441 | ) | (519,256 | ) | (1,211,744 | ) | (6,563,446 | ) | ||||||||
| Gain on sale of BCY LifeSciences Inc. | (299,403 | ) | ||||||||||||||
| Loss on sale of Transition Therapeutics Inc. | 2,156,685 | |||||||||||||||
| Loss before income taxes | 16,209,249 | 17,550,204 | 15,950,426 | 119,881,000 | ||||||||||||
| Income taxes | 22,000 | (1,093,000 | ) | |||||||||||||
| Net loss and comprehensive loss for the period | 16,231,249 | 17,550,204 | 15,950,426 | 118,788,000 | ||||||||||||
| Basic and diluted loss per common share | (0.33 | ) | (0.42 | ) | (0.39 | ) |
STATEMENTS OF CASH FLOWS
| $ | 2009 | $ | 2008 | $ | 2007 | Cumulative from inception on April 2, 1998 to December 31, 2009 $ | ||||||||||
| OPERATING ACTIVITIES | ||||||||||||||||
| Net loss and comprehensive loss for the period | (16,231,249 | ) | (17,550,204 | ) | (15,950,426 | ) | (118,788,000 | ) | ||||||||
| Add/(deduct) non-cash items | ||||||||||||||||
| Amortization - intellectual property | 180,750 | 361,500 | 361,500 | 3,615,000 | ||||||||||||
| Amortization - property and equipment | 64,930 | 48,754 | 40,714 | 562,081 | ||||||||||||
| Stock based compensation | 424,273 | 64,039 | 539,156 | 5,193,117 | ||||||||||||
| Other non-cash items | 110,800 | - | - | 1,494,337 | ||||||||||||
| Net change in non-cash working capital | (613,383 | ) | 1,787,279 | 586,964 | 3,654,738 | |||||||||||
| Cash used in operating activities | (16,063,879 | ) | (15,288,632 | ) | (14,422,092 | ) | (104,268,727 | ) | ||||||||
| INVESTING ACTIVITIES | ||||||||||||||||
| Acquisition of property and equipment | (9,324 | ) | (111,577 | ) | (92,221 | ) | (823,068 | ) | ||||||||
| Purchase of short-term investments | (1,679,937 | ) | (347,901 | ) | (949,496 | ) | (51,096,801 | ) | ||||||||
| Redemption of short-term investments | 5,846,634 | 13,000,000 | 6,573,000 | 48,998,380 | ||||||||||||
| Investment in BCY LifeSciences Inc. | - | - | - | 464,602 | ||||||||||||
| Investment in Transition Therapeutics Inc . | - | - | - | 2,532,343 | ||||||||||||
| Cash provided by investing activities | 4,157,373 | 12,540,522 | 5,531,283 | 75,456 | ||||||||||||
| FINANCING ACTIVITIES | ||||||||||||||||
| Proceeds from exercise of stock options and warrants | 15,210,210 | 41,600 | 51,000 | 30,511,278 | ||||||||||||
| Proceeds from private placements | - | - | - | 38,137,385 | ||||||||||||
| Proceeds from acquisition of private company | 1,800,120 | - | - | 1,800,120 | ||||||||||||
| Proceeds from public offerings | 20,042,570 | 3,421,309 | 12,063,394 | 66,320,777 | ||||||||||||
| Cash provided by financing activities | 37,052,900 | 3,462,909 | 12,114,394 | 136,769,560 | ||||||||||||
| Net increase in cash and cash equivalents during the period | 25,146,394 | 714,799 | 3,223,585 | 32,576,289 | ||||||||||||
| Impact of foreign exchange on cash and cash equivalents | (127,350 | ) | - | - | (127,350 | ) | ||||||||||
| Cash and cash equivalents, beginning of period | 7,429,895 | 6,715,096 | 3,491,511 | - | ||||||||||||
| Cash and cash equivalents, end of period | 32,448,939 | 7,429,895 | 6,715,096 | 32,448,939 | ||||||||||||
| Cash interest received | 47,573 | 769,529 | 1,392,866 |
view the Company's 2009 Consolidated Financial Statements, related Notes to the
Consolidated Financial Statements, and Management's Discussion and Analysis,
please see the Company's year end 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 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.
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: