Full Press Release Details
Oncolytics Biotech Inc. Announces 2014 Year End Results
CALGARY, March 16, 2015 /CNW/ - 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, 2014.
"The activities of the Company in 2014 have laid the
groundwork enabling us to plan and execute our late stage clinical strategy," said Dr. Brad Thompson, President and CEO of
Oncolytics. "We are looking forward to finalizing the plans for and initiating our registration studies for REOLYSIN ."
Since January 1, 2014, selected highlights announced by the
| ONCOLYTICS BIOTECH INC. | |||||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||
| As at December 31, | 2014 $ | 2013 $ | |||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 14,152,825 | 25,220,328 | |||
| Short-term investments | 2,031,685 | 2,001,644 | |||
| Accounts receivable | 191,751 | 105,853 | |||
| Prepaid expenses | 291,553 | 361,743 | |||
| Total current assets | 16,667,814 | 27,689,568 | |||
| Non-current assets | |||||
| Property and equipment | 525,376 | 532,459 | |||
| Total non-current assets | 525,376 | 532,459 | |||
| Total assets | 17,193,190 | 28,222,027 | |||
| Liabilities And Shareholders' Equity | |||||
| Current Liabilities | |||||
| Accounts payable and accrued liabilities | 3,373,997 | 6,008,661 | |||
| Total current liabilities | 3,373,997 | 6,008,661 | |||
| Shareholders' equity | |||||
| Share capital | |||||
| Authorized: unlimited Issued: December 31, 2014 - 93,512,494 December 31, 2013 - 84,803,818 | 237,657,056 | 228,612,564 | |||
| Warrants | - | 376,892 | |||
| Contributed surplus | 25,848,429 | 24,491,212 | |||
| Accumulated other comprehensive income | 280,043 | 79,698 | |||
| Accumulated deficit | (249,966,335) | (231,347,000) | |||
| Total shareholders' equity | 13,819,193 | 22,213,366 | |||
| Total liabilities and equity | 17,193,190 | 28,222,027 |
| ONCOLYTICS BIOTECH INC. | ||||
| CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS | ||||
| For the years ending December 31, | 2014 $ | 2013 $ | 2012 $ | |
| Expenses | ||||
| Research and development | 13,824,252 | 18,506,064 | 31,402,625 | |
| Operating | 4,998,694 | 5,392,660 | 5,285,425 | |
| Loss before the following | (18,822,946) | (23,898,724) | (36,688,050) | |
| Interest | 210,390 | 371,485 | 345,003 | |
| Loss before income taxes | (18,612,556) | (23,527,239) | (36,343,047) | |
| Income tax expense | (6,779) | (5,408) | (30,474) | |
| Net loss | (18,619,335) | (23,532,647) | (36,373,521) | |
| Other comprehensive income items that may be | ||||
| reclassified to net loss | ||||
| Translation adjustment | 200,345 | 136,813 | 60,386 | |
| Net comprehensive loss | (18,418,990) | (23,395,834) | (36,313,135) | |
| Basic and diluted loss per common share | (0.21) | (0.28) | (0.48) | |
| Weighted average number of shares (basic and diluted) | 87,869,149 | 83,530,981 | 76,102,062 |
| ONCOLYTICS BIOTECH INC. | ||||||
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | ||||||
| Share Capital $ | Warrants $ | Contributed Surplus $ | Accumulated Other Comprehensive Income $ | Accumulated Deficit $ | Total $ | |
| As at December 31, 2011 | 177,282,566 | 2,653,627 | 21,142,519 | (117,501) | (171,440,832) | 29,520,379 |
| Net loss and other comprehensive income | - | - | - | 60,386 | (36,373,521) | (36,313,135) |
| Issued, pursuant to a bought deal financing | 19,386,903 | 376,892 | - | - | - | 19,763,795 |
| Expiry of warrants | - | (2,653,627) | 2,653,627 | - | - | - |
| Exercise of stock options | 1,485,622 | - | (400,632) | - | - | 1,084,990 |
| Share based compensation | - | - | 730,751 | - | - | 730,751 |
| As at December 31, 2012 | 198,155,091 | 376,892 | 24,126,265 | (57,115) | (207,814,353) | 14,786,780 |
| Net loss and other comprehensive income | - | - | - | 136,813 | (23,532,647) | (23,395,834) |
| Issued, pursuant to a bought deal financing | 30,218,796 | - | - | - | - | 30,218,796 |
| Expiry of warrants | - | - | - | - | - | - |
| Exercise of stock options | 238,677 | - | (59,437) | - | - | 179,240 |
| Share based compensation | - | - | 424,384 | - | - | 424,384 |
| As at December 31, 2013 | 228,612,564 | 376,892 | 24,491,212 | 79,698 | (231,347,000) | 22,213,366 |
| Net loss and other comprehensive income | - | - | - | 200,345 | (18,619,335) | (18,418,990) |
| Issued, pursuant to Share Purchase Agreement | 7,830,409 | - | - | - | - | 7,830,409 |
| Issued, pursuant to "At the Market" Agreement | 1,214,083 | - | - | - | - | 1,214,083 |
| Expired warrants | - | (376,892) | 376,892 | - | - | - |
| Share based compensation | - | - | 980,325 | - | - | 980,325 |
| As at December 31, 2014 | 237,657,056 | - | 25,848,429 | 280,043 | (249,966,335) | 13,819,193 |
| ONCOLYTICS BIOTECH INC. | |||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
| For the years ending December 31, | 2014 $ | 2013 $ | 2012 $ |
| Operating Activities | |||
| Net loss for the year | (18,619,335) | (23,532,647) | (36,373,521) |
| Amortization - property and equipment | 163,501 | 131,623 | 109,275 |
| Share based compensation | 980,325 | 424,384 | 730,751 |
| Unrealized foreign exchange loss | 242,542 | (89,721) | 89,890 |
| Net change in non-cash working capital | (2,443,988) | (1,374,172) | 1,187,967 |
| Cash used in operating activities | (19,676,955) | (24,440,533) | (34,255,638) |
| Investing Activities | |||
| Acquisition of property and equipment | (152,750) | (254,834) | (126,412) |
| Redemption (purchase) of short-term investments | (30,041) | (32,416) | (32,441) |
| Cash used in investing activities | (182,791) | (287,250) | (158,853) |
| Financing Activities | |||
| Proceeds from exercise of stock options and warrants | - | 179,240 | 1,084,990 |
| Proceeds from Share Purchase Agreement | 7,830,409 | - | - |
| Proceeds from "At the Market" equity distribution agreement | 1,214,083 | - | - |
| Proceeds from public offering | - | 30,218,796 | 19,763,795 |
| Cash provided by financing activities | 9,044,492 | 30,398,036 | 20,848,785 |
| (Decrease) increase in cash | (10,815,254) | 5,670,253 | (13,565,706) |
| Cash and cash equivalents, beginning of year | 25,220,328 | 19,323,541 | 32,918,751 |
| Impact of foreign exchange on cash and cash equivalents | (252,249) | 226,534 | (29,504) |
| Cash and cash equivalents, end of year | 14,152,825 | 25,220,328 | 19,323,541 |
To view the Company's Fiscal 2014 Consolidated Financial Statements,
related Notes to the Consolidated Financial Statements, and Management's Discussion and Analysis, please see the Company's annual
filings, which will be available on www.sedar.com and on www.oncolyticsbiotech.com/for-investors/financials.
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 later-stage, randomized human trials in various indications 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 2015 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
SOURCE Oncolytics Biotech Inc.
For further information: TMX Equicom, Nick Hurst, 300 5th
Ave. SW, 10th Floor, Calgary, Alberta T2P 3C4, Tel: 403.218.2835, Fax: 403.218.2830, nhurst@tmxequicom.com ;TMX Equicom, Michael
Moore, San Diego, CA, Tel: 858.886.7813, mmoore@tmxequicom.com; Dian Griesel, Inc., Susan Forman, 335 West 38th Street, 3rd Floor,
New York, NY 10018, Tel: 212.825.3210, Fax: 212.825.3229, sforman@dgicomm.com
CO: Oncolytics Biotech Inc.
CNW 18:08e 16-MAR-15