Full Press Release Details
210, 1167 Kensington Cr. N.W
Oncolytics Biotech Inc. Announces First Quarter 2010 Results
CALGARY, AB, May 12, 2010 --- 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, 2010.
"We have recently seen a range of preclinical and clinical results that both improved our understanding of REOLYSIN 's mechanism of action and provided evidence of synergies with currently approved therapeutics in an expanded range of potential indications," said Dr. Brad Thompson, President and CEO of Oncolytics. "While much of this information will support future decisions with respect to our evolving clinical program, our near term focus will be on completing the final preparations to begin enrollment in our Phase III trial which we expect to begin in the second quarter."
Since January 1, 2010 the Company announced:
Clinical Trial Results
Collaborative Program
Oncolytics Biotech Inc.
INTERIM CONSOLIDATED BALANCE SHEETS
| March 31, 2010 $ | December 31, 2009 $ | |||||||
| ASSETS | ||||||||
| Current | ||||||||
| Cash and cash equivalents | 27,143,314 | 32,448,939 | ||||||
| Short-term investments | 1,679,937 | 1,679,937 | ||||||
| Accounts receivable | 33,013 | 64,787 | ||||||
| Prepaid expenses | 421,552 | 507,408 | ||||||
| 29,277,816 | 34,701,071 | |||||||
| Property and equipment | 197,082 | 208,320 | ||||||
| Long term investment | 684,000 | 684,000 | ||||||
| 30,158,898 | 35,593,391 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current | ||||||||
| Accounts payable and accrued liabilities | 2,932,622 | 4,226,933 | ||||||
| Shareholders' equity | ||||||||
| Share capital | ||||||||
| Authorized: unlimited number of common shares | ||||||||
| Issued: 61,549,969 (December 31, 2009 - 61,549,969) | 131,908,274 | 131,908,274 | ||||||
| Warrants | 2,073,441 | 4,511,441 | ||||||
| Contributed surplus | 16,173,772 | 13,734,743 | ||||||
| Deficit | (122,929,211 | ) | (118,788,000 | ) | ||||
| 27,226,276 | 31,366,458 | |||||||
| 30,158,898 | 35,593,391 |
Oncolytics Biotech Inc.
INTERIM CONSOLIDATED STATEMENTS OF LOSS AND
| Three Month Period Ending March 31, 2010 $ | Three Month Period Ending March 31, 2009 $ | Cumulative from inception on April 2, 1998 to March 31, 2010 $ | ||||||||||
| Revenue | ||||||||||||
| Rights revenue | 310,000 | |||||||||||
| Expenses | ||||||||||||
| Research and development | 2,839,313 | 2,812,655 | 88,977,604 | |||||||||
| Operating | 949,424 | 986,764 | 29,568,956 | |||||||||
| Stock-based compensation | 1,029 | 11,637 | 5,194,146 | |||||||||
| Foreign exchange loss | 346,379 | 56,035 | 1,115,522 | |||||||||
| Amortization - intellectual property | 90,375 | 3,615,000 | ||||||||||
| Amortization - property and equipment | 14,885 | 17,304 | 576,966 | |||||||||
| 4,151,030 | 3,974,770 | 129,048,194 | ||||||||||
| Loss before the following | 4,151,030 | 3,974,770 | 128,738,194 | |||||||||
| Interest income | (9,819 | ) | (17,124 | ) | (6,573,265 | ) | ||||||
| Gain on sale of BCY LifeSciences Inc. | (299,403 | ) | ||||||||||
| Loss on sale of Transition Therapeutics Inc. | 2,156,685 | |||||||||||
| Loss before income taxes | 4,141,211 | 3,957,646 | 124,022,211 | |||||||||
| Income taxes | (1,093,000 | ) | ||||||||||
| Net loss and comprehensive loss for the period | 4,141,211 | 3,957,646 | 122,929,211 | |||||||||
| Basic and diluted loss per share | (0.07 | ) | (0.09 | ) | ||||||||
| Weighted average number of shares (basic and diluted) | 61,549,969 | 43,849,637 |
Oncolytics Biotech Inc.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three Month Period Ending March 31, 2010 $ | Three Month Period Ending March 31, 2009 $ | Cumulative from inception on April 2, 1998 to March 31, 2010 $ | ||||||||||
| OPERATING ACTIVITIES | ||||||||||||
| Net loss for the period | (4,141,211 | ) | (3,957,646 | ) | (122,929,211 | ) | ||||||
| Add / (deduct) non-cash items | ||||||||||||
| Amortization - intellectual property | 90,375 | 3,615,000 | ||||||||||
| Amortization - property and equipment | 14,885 | 17,304 | 576,966 | |||||||||
| Stock-based compensation | 1,029 | 11,637 | 5,194,146 | |||||||||
| Other non-cash items | 363,895 | 1,858,232 | ||||||||||
| Net change in non-cash working capital | (1,176,681 | ) | (164,019 | ) | 2,478,057 | |||||||
| Cash used in operating activities | (4,938,083 | ) | (4,002,349 | ) | (109,206,810 | ) | ||||||
| INVESTING ACTIVITIES | ||||||||||||
| Purchase of property and equipment | (3,647 | ) | (3,349 | ) | (826,715 | ) | ||||||
| Purchase of short-term investments | (8,966 | ) | (51,096,801 | ) | ||||||||
| Redemption of short-term investments | 3,930,000 | 48,998,380 | ||||||||||
| Investment in BCY LifeSciences Inc. | 464,602 | |||||||||||
| Investment in Transition Therapeutics Inc . | 2,532,343 | |||||||||||
| Cash provided by (used in) investing activities | (3,647 | ) | 3,917,685 | 71,809 | ||||||||
| FINANCING ACTIVITIES | ||||||||||||
| Proceeds from exercise of warrants and stock options | 21,250 | 30,511,278 | ||||||||||
| Proceeds from private placements | 38,137,385 | |||||||||||
| Proceeds from acquisition of private company | 1,800,120 | |||||||||||
| Proceeds from public offerings | 66,320,777 | |||||||||||
| Cash provided by financing activities | 21,250 | 136,769,560 | ||||||||||
| Net increase (decrease) in cash and cash equivalents during the period | (4,941,730 | ) | (63,414 | ) | 27,634,559 | |||||||
| Impact of foreign exchange on cash and cash equivalents | (363,895 | ) | (491,245 | ) | ||||||||
| Cash and cash equivalents, beginning of the period | 32,448,939 | 7,429,895 | ||||||||||
| Cash and cash equivalents, end of the period | 27,143,314 | 7,366,481 | 27,143,314 |
To view the Company's First Quarter 2010 Consolidated Financial Statements, related Notes to Consolidated Financial Statements, and Management's Discussion and Analysis, please see the Company's quarterly filings which will be available on www.sedar.com and on www.oncolyticsbiotech.com.
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 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.
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 2010 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.
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