Full Press Release Details
Oncolytics Biotech Inc. Announces 2016 Year-End
CALGARY, March 10, 2017 /CNW/ - Oncolytics Biotech
Inc. (TSX: ONC) (OTCQX: ONCYF) (Oncolytics or the Company) today announced its financial results and operational highlights for
the year ended December 31, 2016.
"It was a year of change for Oncolytics, highlighted
by additional clinical data that saw our understanding of REOLYSIN 's mechanism of action evolve and grow,"
said Dr. Matt Coffey, President and CEO of Oncolytics. "Through this process, and with the help of our expanding senior team,
we thoughtfully and deliberately put in place a plan that initially contemplates combinations with chemotherapy for late-stage
clinical development, but will expand to include targeted immunotherapies over the longer term as we look to leverage the role
of the immune system in patient treatment. In the coming months we will specifically define our first registration pathway.
In the year ahead we expect data readouts from as many as five sponsored, randomized Phase 2 studies, including one in advanced
or metastatic breast cancer."
Since January 1, 2016, selected highlights announced by the
| ONCOLYTICS BIOTECH INC. | |||||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||
| 2016 | 2015 | ||||
| As at December 31, | $ | $ | |||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 12,034,282 | 24,016,275 | |||
| Short-term investments | 2,088,800 | 2,060,977 | |||
| Accounts receivable | 54,406 | 340,059 | |||
| Prepaid expenses | 260,841 | 506,669 | |||
| Total current assets | 14,438,329 | 26,923,980 | |||
| Non-current assets | |||||
| Property and equipment | 319,955 | 459,818 | |||
| Total non-current assets | 319,955 | 459,818 | |||
| Total assets | 14,758,284 | 27,383,798 | |||
| Liabilities And Shareholders' Equity | |||||
| Current Liabilities | |||||
| Accounts payable and accrued liabilities | 4,068,664 | 2,709,492 | |||
| Total current liabilities | 4,068,664 | 2,709,492 | |||
| Shareholders' equity | |||||
| Share capital | |||||
| Authorized: unlimited Issued: December 31, 2016 - 121,258,222 December 31, 2015 - 118,151,622 | 262,321,825 | 261,324,692 | |||
| Contributed surplus | 26,643,044 | 26,277,966 | |||
| Accumulated other comprehensive income | 554,060 | 760,978 | |||
| Accumulated deficit | (278,829,309) | (263,689,330) | |||
| Total shareholders' equity | 10,689,620 | 24,674,306 | |||
| Total liabilities and equity | 14,758,284 | 27,383,798 |
| ONCOLYTICS BIOTECH INC. | |||||||
| CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS | |||||||
| 2016 | 2015 | 2014 | |||||
| For the years ending December 31, | $ | $ | $ | ||||
| Expenses | |||||||
| Research and development | 9,770,007 | 8,601,864 | 13,824,252 | ||||
| Operating | 5,524,500 | 5,315,837 | 4,998,694 | ||||
| Loss before the following | (15,294,507) | (13,917,701) | (18,822,946) | ||||
| Interest | 163,902 | 197,859 | 210,390 | ||||
| Loss before income taxes | (15,130,605) | (13,719,842) | (18,612,556) | ||||
| Income tax recovery (expense) | (9,374) | (3,153) | (6,779) | ||||
| Net loss | (15,139,979) | (13,722,995) | (18,619,335) | ||||
| Other comprehensive income items that may be reclassified to net loss | |||||||
| Translation adjustment | (206,918) | 480,935 | 200,345 | ||||
| Net comprehensive loss | (15,346,897) | (13,242,060) | (18,418,990) | ||||
| Basic and diluted loss per common share | (0.13) | (0.12) | (0.21) | ||||
| Weighted average number of shares (basic and diluted) | 119,880,200 | 112,613,845 | 87,869,149 |
| 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, 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 | 8,861,652 | - | - | - | - | 8,861,652 |
| Issued, pursuant to "At the Market" Agreement | 1,468,668 | - | - | - | - | 1,468,668 |
| Expired warrants | - | (376,892) | 376,892 | - | - | - |
| Share based compensation | - | - | 980,325 | - | - | 980,325 |
| Share issue costs | (1,285,828) | - | - | - | - | (1,285,828) |
| As at December 31, 2014 | 237,657,056 | - | 25,848,429 | 280,043 | (249,966,335) | 13,819,193 |
| Net loss and other comprehensive income | - | - | - | 480,935 | (13,722,995) | (13,242,060) |
| Issued, pursuant to Share Purchase Agreement | 4,371,687 | - | - | - | - | 4,371,687 |
| Issued, pursuant to "At the Market" Agreement | 20,049,693 | - | - | - | - | 20,049,693 |
| Share based compensation | - | - | 429,537 | - | - | 429,537 |
| Share issue costs | (753,744) | - | - | - | - | (753,744) |
| As at December 31, 2015 | 261,324,692 | - | 26,277,966 | 760,978 | (263,689,330) | 24,674,306 |
| Net loss and other comprehensive income | - | - | - | (206,918) | (15,139,979) | (15,346,897) |
| Issued, pursuant to incentive share award plan | 41,000 | - | (41,000) | - | - | - |
| Issued, pursuant to "At the Market" Agreement | 1,456,296 | - | - | - | - | 1,456,296 |
| Share based compensation | - | - | 406,078 | - | - | 406,078 |
| Share issue costs | (500,163) | - | - | - | - | (500,163) |
| As at December 31, 2016 | 262,321,825 | - | 26,643,044 | 554,060 | (278,829,309) | 10,689,620 |
| ONCOLYTICS BIOTECH INC. | ||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
| 2016 | 2015 | 2014 | ||||
| For the years ending December 31, | $ | $ | $ | |||
| Operating Activities | ||||||
| Net loss for the year | (15,139,979) | (13,722,995) | (18,619,335) | |||
| Amortization - property and equipment | 162,233 | 180,411 | 163,501 | |||
| Share based compensation | 406,078 | 429,537 | 980,325 | |||
| Unrealized foreign exchange (gain) loss | (139,810) | (816,319) | 242,542 | |||
| Net change in non-cash working capital | 2,233,865 | (1,105,464) | (2,443,988) | |||
| Cash used in operating activities | (12,477,613) | (15,034,830) | (19,676,955) | |||
| Investing Activities | ||||||
| Acquisition of property and equipment | (23,527) | (108,268) | (152,750) | |||
| Redemption (purchase) of short-term investments | (27,823) | (29,292) | (30,041) | |||
| Cash used in investing activities | (51,350) | (137,560) | (182,791) | |||
| Financing Activities | ||||||
| Proceeds from Share Purchase Agreement | - | 4,305,396 | 7,830,409 | |||
| Proceeds from "At the Market" equity distribution agreement | 956,133 | 19,362,240 | 1,214,083 | |||
| Cash provided by financing activities | 956,133 | 23,667,636 | 9,044,492 | |||
| (Decrease) increase in cash | (11,572,830) | 8,495,246 | (10,815,254) | |||
| Cash and cash equivalents, beginning of year | 24,016,275 | 14,152,825 | 25,220,328 | |||
| Impact of foreign exchange on cash and cash equivalents | (409,163) | 1,368,204 | (252,249) | |||
| Cash and cash equivalents, end of year | 12,034,282 | 24,016,275 | 14,152,825 |
To view the Company's Fiscal 2016 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 under the Company's profile at www.sedar.com and on Oncolytics' website at http://www.oncolyticsbiotech.com/investor-centre/financials/.
About Oncolytics Biotech Inc.
Oncolytics is a biotechnology company developing REOLYSIN, an immuno-oncology viral-agent, as a potential treatment for a variety
of tumor types. The compound induces selective tumor lysis and promotes an inflamed tumor phenotype through innate and adaptive
immune responses to potentially treat a variety of cancers. Oncolytics' clinical development program emphasizes three pillars:
chemotherapy combinations to trigger selective tumor lysis; immuno-therapy combinations to produce adaptive immune responses; and
immune modulator (IMiD) combinations to facilitate innate immune responses. 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 2017 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 applicable laws.
SOURCE Oncolytics Biotech Inc.
To view the original version on PR Newswire, visit: http://www.newswire.ca/en/releases/archive/March2017/10/c7203.html
For further information: Oncolytics Investor & Media Contact:
Oncolytics Biotech Inc., Michael Moore, Vice President, Investor Relations & Corporate Communications, 858-886-7813, mmoore@oncolytics.ca;
AXON Media Contact: Marian Cutler, 914-701-0100 ext. 5361, mcutler@axon-com.com
CO: Oncolytics Biotech Inc.
CNW 07:30e 10-MAR-17