Full Press Release Details
Oncolytics Biotech Inc. Announces 2017 Second Quarter
CALGARY and SAN DIEGO, CA, Aug. 3, 2017 /CNW/ - Oncolytics
Biotech Inc. (Oncolytics or the Company) (TSX:ONC) (OTCQX:ONCYF) today announced its financial results and operational
highlights for the quarter ended June 30, 2017.
"After selecting metastatic breast cancer as our registration
pathway for REOLYSIN and announcing statistically significant clinical data in this indication in the second quarter,
obtaining Fast Track designation was a key development as we prepare for our End-of-Phase 2 meeting with the FDA," said Dr.
Matt Coffey, President and CEO of Oncolytics Biotech. "We expect to receive guidance from the FDA that will help form the
basis of our Phase 3 registration study and expect to announce the outcome of our filings in the fourth quarter. In parallel,
we will continue to pursue additional clinical collaborations to study REOLYSIN's therapeutic potential in combination with other
immunotherapies as part of our previously announced clinical development plan."
Selected Highlights from Q2 and through the end of July
Anticipated Milestones
Q2 2017 Financial Results
| ONCOLYTICS BIOTECH INC. INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (unaudited) | |||
| June 30, 2017 $ | December 31, 2016 $ | ||
| Assets | |||
| Current assets | |||
| Cash and cash equivalents | 16,676,298 | 12,034,282 | |
| Short-term investments | - | 2,088,800 | |
| Accounts receivable | 62,109 | 54,406 | |
| Prepaid expenses | 485,075 | 260,841 | |
| Total current assets | 17,223,482 | 14,438,329 | |
| Non-current assets | |||
| Property and equipment | 355,309 | 319,955 | |
| Total non-current assets | 355,309 | 319,955 | |
| Total assets | 17,578,791 | 14,758,284 | |
| Liabilities And Shareholders' Equity | |||
| Current Liabilities | |||
| Accounts payable and accrued liabilities | 3,310,948 | 4,068,664 | |
| Total current liabilities | 3,310,948 | 4,068,664 | |
| Shareholders' equity | |||
| Share capital | |||
| Authorized: unlimited | |||
| Issued: | |||
| June 30, 2017 - 139,231,722 | |||
| December 31, 2016 - 121,258,222 | 270,091,373 | 262,321,825 | |
| Warrants | 3,617,900 | - | |
| Contributed surplus | 26,766,168 | 26,643,044 | |
| Accumulated other comprehensive loss | 488,572 | 554,060 | |
| Accumulated deficit | (286,696,170) | (278,829,309) | |
| Total shareholders' equity | 14,267,843 | 10,689,620 | |
| Total liabilities and equity | 17,578,791 | 14,758,284 |
| ONCOLYTICS BIOTECH INC. INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (unaudited) | |||||
| Three Month Period Ending June 30, 2017 $ | Three Month Period Ending June 30, 2016 $ | Six Month Period Ending June 30, 2017 $ | Six Month Period Ending June 30, 2016 $ | ||
| Expenses | |||||
| Research and development | 2,918,673 | 1,490,956 | 5,186,744 | 4,217,085 | |
| Operating | 1,444,543 | 1,125,458 | 2,744,843 | 2,485,870 | |
| Operating loss | (4,363,216) | (2,616,414) | (7,931,587) | (6,702,955) | |
| Interest income | 14,163 | 35,537 | 64,878 | 105,158 | |
| Loss before income taxes | (4,349,053) | (2,580,877) | (7,866,709) | (6,597,797) | |
| Income tax (recovery) expense | (89) | 169 | (152) | 314 | |
| Net loss | (4,349,142) | (2,580,708) | (7,866,861) | (6,597,483) | |
| Other comprehensive income items that may be reclassified to net loss | |||||
| Translation adjustment | (44,740) | (130,827) | (65,488) | (300,886) | |
| Net comprehensive loss | (4,393,882) | (2,711,535) | (7,932,349) | (6,898,369) | |
| Basic and diluted loss per common share | (0.03) | (0.02) | (0.06) | (0.06) | |
| Weighted average number of shares (basic and diluted) | 127,349,643 | 119,601,638 | 124,320,760 | 118,900,812 |
| ONCOLYTICS BIOTECH INC. INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) | ||||||
| Share Capital $ | Warrants $ | Contributed Surplus $ | Accumulated Other Comprehensive Loss $ | Accumulated Deficit $ | Total $ | |
| As at December 31, 2015 | 261,324,692 | - | 26,277,966 | 760,978 | (263,689,330) | 24,674,306 |
| Net loss and comprehensive loss | - | - | - | (300,886) | (6,597,483) | (6,898,369) |
| Issued pursuant to "At the Market" Agreement | 1,078,193 | - | - | - | - | 1,078,193 |
| Issued pursuant to incentive share award plan | 41,000 | - | (41,000) | - | - | - |
| Share issue costs | (468,363) | - | - | - | - | (468,363) |
| Share based compensation | - | - | 201,266 | - | - | 201,266 |
| As at June 30, 2016 | 261,975,522 | - | 26,438,232 | 460,092 | (270,286,813) | 18,587,033 |
| Share Capital $ | Warrants $ | Contributed Surplus $ | Accumulated Other Comprehensive Loss $ | Accumulated Deficit $ | Total $ | |
| As at December 31, 2016 | 262,321,825 | - | 26,643,044 | 554,060 | (278,829,309) | 10,689,620 |
| Net loss and comprehensive loss | - | - | - | (65,488) | (7,866,861) | (7,932,349) |
| Issued pursuant to "At the Market" agreement | 668,648 | - | - | - | - | 668,648 |
| Issued pursuant to public offering | 7,893,600 | 3,617,900 | - | - | - | 11,511,500 |
| Issued pursuant to stock option plan | 461,823 | - | (166,473) | - | - | 295,350 |
| Share issue costs | (1,254,523) | - | - | - | - | (1,254,523) |
| Share based compensation | - | - | 289,597 | - | - | 289,597 |
| As at June 30, 2017 | 270,091,373 | 3,617,900 | 26,766,168 | 488,572 | (286,696,170) | 14,267,843 |
| ONCOLYTICS BIOTECH INC. INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS ( unaudited) | |||||
| Three Month Period Ending June 30, 2017 $ | Three Month Period Ending June 30, 2016 $ | Six Month Period Ending June 30, 2017 $ | Six Month Period Ending June 30, 2016 $ | ||
| Operating Activities | |||||
| Net loss for the period | (4,349,142) | (2,580,708) | (7,866,861) | (6,597,483) | |
| Amortization - property and equipment | 25,688 | 44,675 | 49,724 | 90,617 | |
| Share based compensation | 155,708 | 119,626 | 289,597 | 201,266 | |
| Unrealized foreign exchange gain | (164,676) | (243,914) | (112,644) | (102,619) | |
| Net change in non-cash working capital | (216,906) | 37,581 | (854,552) | 762,236 | |
| Cash used in operating activities | (4,549,328) | (2,622,740) | (8,494,736) | (5,645,983) | |
| Investing Activities | |||||
| Acquisition of property and equipment | (80,050) | (5,702) | (85,886) | (5,702) | |
| Redemption (purchase) of short-term | |||||
| investments | - | - | 2,088,800 | (27,823) | |
| Cash used in investing activities | (80,050) | (5,702) | 2,002,914 | (33,525) | |
| Financing Activities | |||||
| Proceeds from "At the Market" equity | |||||
| distribution agreement | 570,027 | 710,374 | 559,527 | 609,830 | |
| Proceeds from public offering | 10,366,098 | - | 10,366,098 | - | |
| Proceeds from exercise of options | 295,350 | - | 295,350 | - | |
| Cash provided by financing activities | 11,231,475 | 710,374 | 11,220,975 | 609,830 | |
| Increase (decrease) in cash | 6,602,097 | (1,918,068) | 4,729,153 | (5,069,678) | |
| Cash and cash equivalents, beginning of period | 10,102,393 | 20,233,408 | 12,034,282 | 24,016,275 | |
| Impact of foreign exchange on cash and cash | |||||
| equivalents | (28,192) | 5,641 | (87,137) | (625,616) | |
| Cash and cash equivalents, end of period | 16,676,298 | 18,320,981 | 16,676,298 | 18,320,981 |
To view the Company's Fiscal 2017 Second 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 under the Company's profile at www.sedar.com and on Oncolytics' website
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 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. Oncolytics is currently planning its first registration study
in breast cancer, as well as studies in combination with checkpoint inhibitors and IMiD/targeted therapies in solid and hematological
malignancies. 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 (pelareorep) 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.
View original content: http://www.newswire.ca/en/releases/archive/August2017/03/c2040.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
CO: Oncolytics Biotech Inc.
CNW 07:00e 03-AUG-17