Full Press Release Details
210, 1167 Kensington Cr. N.W
Oncolytics Biotech Inc. Announces 2009 Second Quarter Results
CALGARY, AB, July 29, 2009 --- Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) ("Oncolytics" or the "Company") today announced its financial results for the three and six-month periods ended June 30, 2009.
"Clinical results from our monotherapy and combination clinical trials with REOLYSIN continued to emerge in the second quarter," said Dr. Brad Thompson, President and CEO of Oncolytics. "The results of these trials, and
the response and clinical benefit rates as reported by our investigators, reinforce our belief that REOLYSIN has the potential to significantly improve treatment outcomes in patients with a broad range of cancers."
Selected Second Quarter Highlights
Oncolytics Biotech Inc.
CONSOLIDATED BALANCE SHEETS
| June 30, 2009 $ | December 31, 2008 $ | |||||||
| ASSETS | ||||||||
| Current | ||||||||
| Cash and cash equivalents | 11,983,352 | 7,429,895 | ||||||
| Short-term investments | 5,846,634 | |||||||
| Accounts receivable | 102,659 | 86,322 | ||||||
| Prepaid expenses | 435,485 | 179,668 | ||||||
| 12,521,496 | 13,542,519 | |||||||
| Property and equipment | 233,435 | 263,926 | ||||||
| Intellectual property | 180,750 | |||||||
| 12,754,931 | 13,987,195 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current | ||||||||
| Accounts payable and accrued liabilities | 3,228,045 | 4,534,111 | ||||||
| Shareholders' equity | ||||||||
| Share capital | ||||||||
| Authorized: unlimited number of common shares | ||||||||
| Issued: 49,395,169 (December 31, 2008 - 43,830,748) | 102,203,004 | 95,234,924 | ||||||
| Warrants | 4,803,054 | 3,425,110 | ||||||
| Contributed surplus | 13,369,982 | 13,349,801 | ||||||
| Deficit | (110,849,154 | ) | (102,556,751 | ) | ||||
| 9,526,886 | 9,453,084 | |||||||
| 12,754,931 | 13,987,195 |
Oncolytics Biotech Inc.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
| Three Month Period Ending June 30, 2009 $ | Three Month Period Ending June 30, 2008 $ | Six Month Period Ending June 30, 2009 $ | Six Month Period Ending June 30, 2008 $ | Cumulative from inception on April 2, 1998 to June 30, 2009 $ | ||||||||||||||||
| Revenue | ||||||||||||||||||||
| Rights revenue | 310,000 | |||||||||||||||||||
| 310,000 | ||||||||||||||||||||
| Expenses | ||||||||||||||||||||
| Research and development | 3,239,210 | 4,046,904 | 6,051,865 | 6,440,301 | 80,583,642 | |||||||||||||||
| Operating | 980,721 | 1,319,498 | 1,967,485 | 2,370,392 | 26,804,510 | |||||||||||||||
| Stock based compensation | 8,544 | 18,023 | 20,181 | 37,616 | 4,789,025 | |||||||||||||||
| Foreign exchange loss/gain | 3,103 | (58,347 | ) | 59,138 | (49,085 | ) | 648,565 | |||||||||||||
| Amortization - intellectual property | 90,375 | 90,375 | 180,750 | 180,750 | 3,615,000 | |||||||||||||||
| Amortization - property and equipment | 16,536 | 12,194 | 33,840 | 23,380 | 530,991 | |||||||||||||||
| 4,338,489 | 5,428,647 | 8,313,259 | 9,003,354 | 116,971,733 | ||||||||||||||||
| Loss before the following: | 4,338,489 | 5,428,647 | 8,313,259 | 9,003,354 | 116,661,733 | |||||||||||||||
| Interest income | (3,732 | ) | (174,117 | ) | (20,856 | ) | (354,451 | ) | (6,554,861 | ) | ||||||||||
| Gain on sale of BCY LifeSciences Inc. | (299,403 | ) | ||||||||||||||||||
| Loss on sale of Transition Therapeutics Inc. | 2,156,685 | |||||||||||||||||||
| Loss before income taxes | 4,334,757 | 5,254,530 | 8,292,403 | 8,648,903 | 111,964,154 | |||||||||||||||
| Future income tax recovery | (1,115,000 | ) | ||||||||||||||||||
| Net loss and comprehensive loss for the period | 4,334,757 | 5,254,530 | 8,292,403 | 8,648,903 | 110,849,154 | |||||||||||||||
| Basic and diluted loss per share | 0.09 | 0.13 | 0.18 | 0.21 | ||||||||||||||||
| Weighted average number of shares (basic and diluted) | 47,449,182 | 41,180,748 | 45,659,353 | 41,180,748 |
Oncolytics Biotech Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Month Period Ending June 30, 2009 $ | Three Month Period Ending June 30, 2008 $ | Six Month Period Ending June 30, 2009 $ | Six Month Period Ending June 30, 2008 $ | Cumulative from inception on April 2, 1998 to June 30, 2009 $ | ||||||||||||||||
| OPERATING ACTIVITIES | ||||||||||||||||||||
| Net loss for the period | (4,334,757 | ) | (5,254,530 | ) | (8,292,403 | ) | (8,648,903 | ) | (110,849,154 | ) | ||||||||||
| Deduct non-cash items | ||||||||||||||||||||
| Amortization - intellectual property | 90,375 | 90,375 | 180,750 | 180,750 | 3,615,000 | |||||||||||||||
| Amortization - property and equipment | 16,536 | 12,194 | 33,840 | 23,380 | 530,991 | |||||||||||||||
| Stock based compensation | 8,544 | 18,023 | 20,181 | 37,616 | 4,789,025 | |||||||||||||||
| Other non-cash items | 1,383,537 | |||||||||||||||||||
| Net changes in non-cash working capital | (1,414,201 | ) | 1,157,662 | (1,578,220 | ) | 1,182,343 | 2,689,901 | |||||||||||||
| (5,633,503 | ) | (3,976,276 | ) | (9,635,852 | ) | (7,224,814 | ) | (97,840,700 | ) | |||||||||||
| INVESTING ACTIVITIES | ||||||||||||||||||||
| Capital assets | (56,080 | ) | (3,349 | ) | (58,745 | ) | (817,093 | ) | ||||||||||||
| Purchase of short-term investments | (115,009 | ) | (252,196 | ) | (49,416,864 | ) | ||||||||||||||
| Redemption of short-term investments | 1,925,600 | 5,000,000 | 5,846,634 | 9,000,000 | 48,998,380 | |||||||||||||||
| Investment in BCY LifeSciences Inc. | 464,602 | |||||||||||||||||||
| Investment in Transition Therapeutics Inc . | 2,532,343 | |||||||||||||||||||
| 1,925,600 | 4,828,911 | 5,843,285 | 8,689,059 | 1,761,368 | ||||||||||||||||
| FINANCING ACTIVITIES | ||||||||||||||||||||
| Proceeds from exercise of warrants and stock options | 351,835 | 373,085 | 15,674,153 | |||||||||||||||||
| Proceeds from acquisition of private company | 1,800,120 | 1,800,120 | 1,800,120 | |||||||||||||||||
| Proceeds from private placements | 38,137,385 | |||||||||||||||||||
| Proceeds from public offerings | 6,172,819 | 6,172,819 | 52,451,026 | |||||||||||||||||
| 8,324,774 | 8,346,024 | 108,062,684 | ||||||||||||||||||
| Increase in cash and cash equivalents during the period | 4,616,871 | 852,635 | 4,553,457 | 1,464,245 | 11,983,352 | |||||||||||||||
| Cash and cash equivalents, beginning of the period | 7,366,481 | 7,326,706 | 7,429,895 | 6,715,096 | ||||||||||||||||
| Cash and cash equivalents, end of the period | 11,983,352 | 8,179,341 | 11,983,352 | 8,179,341 | 11,983,352 |
To view the 2009 Second Quarter Report which includes the Consolidated Financial Statements, related Notes to Consolidated Financial Statements, and Management's Discussion and Analysis, please see the Company's second quarter filings which will be available on www.sedar.com and
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 Phase I/II and Phase II human trials using REOLYSIN, its proprietary formulation of the human reovirus, alone and in combination with radiation
or chemotherapy. 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 2009 and beyond, the Company's planned operations, 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.
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