Full Press Release Details
Oncolytics Biotech Inc. Announces 2015 First Quarter Results
CALGARY, May 7, 2015 /CNW/ - Oncolytics Biotech
Inc. (TSX:ONC, NASDAQ:ONCY) ("Oncolytics" or the "Company") today announced its financial results and operational
highlights for the quarter ended March 31, 2015.
"In the first quarter, we obtained Orphan Drug Designation
from the U.S. FDA and the EMA in Europe for a number of different indications, which will support future development of REOLYSIN ,"
said Dr. Brad Thompson, President and CEO of Oncolytics. "We also reported a range of clinical and preclinical data that furthered
our understanding of how REOLYSIN works and the specific benefits it can confer in combination with other approved
Since January 1, 2015, selected highlights announced by the
The Company continues to actively focus on developing its
go-forward clinical path, which could include one or more registration studies. In addition to actively speaking with key-opinion
leaders, regulatory consultants and regulators themselves, Oncolytics expects to evaluate its growing library of clinical trial
data in an effort to identify the most expeditious route to the commercial endpoint.
| ONCOLYTICS BIOTECH INC. | |||||||
| INTERM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||
| (unaudited) | |||||||
| As at | March 31, 2015 | December 31, 2014 | |||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | 28,578,023 | 14,152,825 | |||||
| Short-term investments | 2,060,977 | 2,031,685 | |||||
| Accounts receivable | 45,706 | 191,751 | |||||
| Prepaid expenses | 264,708 | 291,553 | |||||
| Total current assets | 30,949,414 | 16,667,814 | |||||
| Non-current assets | |||||||
| Property and equipment | 495,531 | 525,376 | |||||
| Total non-current assets | 495,531 | 525,376 | |||||
| Total assets | 31,444,945 | 17,193,190 | |||||
| Liabilities And Shareholders' Equity | |||||||
| Current Liabilities | |||||||
| Accounts payable and accrued liabilities | 4,274,515 | 3,373,997 | |||||
| Total current liabilities | 4,274,515 | 3,373,997 | |||||
| Shareholders' equity | |||||||
| Share capital | |||||||
| Authorized: unlimited Issued: March 31, 2015 - 109,708,373 December 31, 2014 - 93,512,494 | 254,219,570 | 237,657,056 | |||||
| Contributed surplus | 25,963,399 | 25,848,429 | |||||
| Accumulated other comprehensive income | 505,634 | 280,043 | |||||
| Accumulated deficit | (253,518,173) | (249,966,335) | |||||
| Total shareholders' equity | 27,170,430 | 13,819,193 | |||||
| Total liabilities and equity | 31,444,945 | 17,193,190 |
| ONCOLYTICS BIOTECH INC. | ||||||
| INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS | ||||||
| (unaudited) | ||||||
| 2015 | 2014 | |||||
| For the three month period ending March 31 | $ | $ | ||||
| Expenses | ||||||
| Research and development | 2,425,539 | 4,178,334 | ||||
| Operating | 1,182,734 | 1,391,254 | ||||
| Operating loss | (3,608,273) | (5,569,588) | ||||
| Interest | 56,435 | 87,987 | ||||
| Loss before income taxes | (3,551,838) | (5,481,601) | ||||
| Income tax expense | - | (3,850) | ||||
| Net loss | (3,551,838) | (5,485,451) | ||||
| Other comprehensive income items that may be reclassified to net loss | ||||||
| Translation adjustment | 225,591 | (18,694) | ||||
| Net comprehensive loss | (3,326,247) | (5,504,145) | ||||
| Basic and diluted loss per common share | (0.04) | (0.06) | ||||
| Weighted average number of shares (basic and diluted) | 99,557,654 | 85,148,242 |
| ONCOLYTICS BIOTECH INC. | ||||||||||||
| INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | ||||||||||||
| (unaudited) | ||||||||||||
| Share Capital $ | Contributed Surplus $ | Warrants $ | Accumulated Other Comprehensive Income $ | Accumulated Deficit $ | Total $ | |||||||
| As at December 31, 2013 | 228,612,564 | 24,491,212 | 376,892 | 79,698 | (231,347,000) | 22,213,366 | ||||||
| Net loss and comprehensive loss | - | - | - | (18,694) | (5,485,451) | (5,504,145) | ||||||
| Issued, pursuant to Share Purchase Agreement | 1,188,442 | - | - | - | - | 1,188,442 | ||||||
| Exercise of stock options | - | 376,892 | (376,892) | - | - | - | ||||||
| Share based compensation | - | 304,597 | - | - | - | 304,597 | ||||||
| As at March 31, 2014 | 229,801,006 | 25,172,701 | - | 61,004 | (236,832,451) | 18,202,260 | ||||||
| Share Capital $ | Contributed Surplus $ | Warrants $ | Accumulated Other Comprehensive Income $ | Accumulated Deficit $ | Total $ | |||||||
| As at December 31, 2014 | 237,657,056 | 25,848,429 | - | 280,043 | (249,966,335) | 13,819,193 | ||||||
| Net loss and comprehensive income | - | - | - | 225,591 | (3,551,838) | (3,326,247) | ||||||
| Issued, pursuant to Share Purchase Agreement | 1,925,596 | - | - | - | - | 1,925,596 | ||||||
| Issued, pursuant to "At the Market" Agreement | 14,636,918 | - | - | - | - | 14,636,918 | ||||||
| Share based compensation | - | 114,970 | - | - | - | 114,970 | ||||||
| As at March 31, 2015 | 254,219,570 | 25,963,399 | - | 505,634 | (253,518,173) | 27,170,430 |
| ONCOLYTICS BIOTECH INC. | |||||||
| INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| ( unaudited) | |||||||
| 2015 | 2014 | ||||||
| For the three month period ending March 31 | $ | $ | |||||
| Operating Activities | |||||||
| Net loss for the period | (3,551,838) | (5,485,451) | |||||
| Amortization - property and equipment | 45,130 | 39,657 | |||||
| Share based compensation | 114,970 | 304,597 | |||||
| Impact of unrealized foreign exchange (gains) losses | (305,156) | 24,070 | |||||
| Net change in non-cash working capital | 949,705 | (1,046,951) | |||||
| Cash used in operating activities | (2,747,189) | (6,164,078) | |||||
| Investing Activities | |||||||
| Acquisition of property and equipment | (11,940) | (15,980) | |||||
| Purchase of short-term investments | (29,292) | (30,041) | |||||
| Cash used in investing activities | (41,232) | (46,021) | |||||
| Financing Activities | |||||||
| Proceeds from Share Purchase Agreement | 1,925,596 | 1,188,442 | |||||
| Proceeds from "At the Market" equity distribution agreement | 14,636,918 | - | |||||
| Cash provided by financing activities | 16,562,514 | 1,188,442 | |||||
| Increase in cash | 13,774,093 | (5,021,657) | |||||
| Cash and cash equivalents, beginning of period | 14,152,825 | 25,220,328 | |||||
| Impact of foreign exchange on cash and cash equivalents | 651,105 | (42,764) | |||||
| Cash and cash equivalents, end of period | 28,578,023 | 20,155,907 |
To view the Company's Fiscal 2015 First Quarter 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 06:30e 07-MAY-15