Full Press Release Details
Biotech Inc. Announces
Investment in Private Biotechnology Company
CALGARY, AB --- October 20,
2009 - Oncolytics Biotech Inc. (TSX: ONC, NASDAQ: ONCY) ("Oncolytics")
announced today that it has made an investment in British Canadian Biosciences
Corp. (BCBC), a privately held biotechnology company specializing in the
development of peptides for the treatment of a variety of conditions, including
has purchased all of the convertible preferred shares of BCBC in exchange for
200,000 common shares of Oncolytics. If converted to common shares,
Oncolytics would own 10% of the outstanding BCBC common shares. In addition,
Oncolytics has obtained a right, under certain circumstances, to purchase the
rights to BCBC's oncology product which is entering Phase II studies for use in
solid tumours. The purpose of the transaction is to gain access, at a
future date, to a potential new oncology product. Beyond this transaction,
Oncolytics has no commitments for future program support to
BCBC. None of the directors, officers, or related parties of
Oncolytic's own shares in or have any commercial interests in BCBC.
Oncolytics Biotech Inc.
is a Calgary-based biotechnology company focused on the development of oncolytic
viruses as potential cancer therapeutics. Oncolytics' clinical
program includes a variety of human trials including a Phase III trial in head
and neck cancers using REOLYSIN , its
proprietary formulation of the human reovirus. For further information about
Oncolytics, please visit: www.oncolyticsbiotech.com.
press release contains forward-looking statements. Forward-looking
statements, including the Company's expectations related to the acquisition of
the convertible preferred shares of BCBC and the potential of BCBC's oncology
product, as to progress in the clinical trial program and the Company's belief
as to the potential of REOLYSIN as a cancer therapeutic, 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 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 may be required pursuant to applicable
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