Full Press Release Details
210, 1167 Kensington Cr. N.W
Oncolytics Biotech Inc. Announces 2010 Year End Results
CALGARY, AB, March 17, 2011 --- Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) ("Oncolytics" or the "Company") today announced its financial results and operational highlights for the year ended December 31, 2010.
"2010 was marked by the further expansion of our late-stage clinical program, particularly with respect to the addition of randomized trials and new indications," said Dr. Brad Thompson, President and CEO of Oncolytics.
"Both during the year and subsequent to year end, we were able to significantly strengthen our balance sheet. This will allow us to further our goal of moving REOLYSIN through the last steps of product development."
Since January 1, 2010 the Company has announced:
Clinical Trial Results
Ongoing Clinical Program
Intellectual Property
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As at December 31, | $ | 2010 | $ | 2009 | ||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 39,296,682 | 32,448,939 | ||||||
| Short-term investments | 3,609,246 | 1,679,937 | ||||||
| Accounts receivable | 284,988 | 64,787 | ||||||
| Prepaid expenses | 278,934 | 507,408 | ||||||
| Total current assets | 43,469,850 | 34,701,071 | ||||||
| Non-current assets | ||||||||
| Property and equipment | 226,911 | 208,320 | ||||||
| Asset held for sale | 735,681 | 684,000 | ||||||
| Total non-current assets | 962,592 | 892,320 | ||||||
| Total assets | 44,432,442 | 35,593,391 | ||||||
| Liabilities And Shareholders' Equity | ||||||||
| Current Liabilities | ||||||||
| Accounts payable and accrued liabilities | 2,500,682 | 4,226,933 | ||||||
| Total current liabilities | 2,500,682 | 4,226,933 | ||||||
| Shareholders' equity | ||||||||
| Share capital Authorized: unlimited Issued 67,958,302 (2009 - 61,549,969) | 155,227,915 | 131,908,274 | ||||||
| Warrants | 6,066,128 | 4,511,441 | ||||||
| Contributed surplus | 19,399,489 | 13,734,743 | ||||||
| Deficit | (138,761,772 | ) | (118,788,000 | ) | ||||
| Total shareholders' equity | 41,931,760 | 31,366,458 | ||||||
| Total Liabilities And Equity | 44,432,442 | 35,593,391 |
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
| For the periods ending December 31, | $ | 2010 | $ | 2009 | $ | 2008 | Cumulative from inception on April 2, 1998 to December 31, 2010 $ | |||||||||
| Revenue | ||||||||||||||||
| Rights revenue | - | - | - | 310,000 | ||||||||||||
| Expenses | ||||||||||||||||
| Research and development | 12,191,809 | 11,606,514 | 13,351,875 | 98,330,100 | ||||||||||||
| Operating | 4,190,403 | 3,782,507 | 4,311,575 | 32,809,935 | ||||||||||||
| Stock based compensation | 3,251,041 | 424,273 | 64,039 | 8,444,158 | ||||||||||||
| Foreign exchange loss (gain) | 346,686 | 179,716 | (68,283 | ) | 1,115,829 | |||||||||||
| Amortization - intellectual property | - | 180,750 | 361,500 | 3,615,000 | ||||||||||||
| Amortization - property and equipment | 63,156 | 64,930 | 48,754 | 625,237 | ||||||||||||
| 20,043,095 | 16,238,690 | 18,069,460 | 144,940,259 | |||||||||||||
| Loss before the following | (20,043,095 | ) | (16,238,690 | ) | (18,069,460 | ) | (144,630,259 | ) | ||||||||
| Interest | 76,934 | 29,441 | 519,256 | 6,640,380 | ||||||||||||
| Gain on sale of BCY LifeSciences Inc. | - | - | - | 299,403 | ||||||||||||
| Loss on sale of Transition Therapeutics Inc. | - | - | - | (2,156,685 | ) | |||||||||||
| Loss before income taxes | (19,966,161 | ) | (16,209,249 | ) | (17,550,204 | ) | (139,847,161 | ) | ||||||||
| Income taxes (recovery) | 7,611 | 22,000 | - | (1,085,389 | ) | |||||||||||
| Net loss and comprehensive loss | (19,973,772 | ) | (16,231,249 | ) | (17,550,204 | ) | (138,761,772 | ) | ||||||||
| Basic and diluted loss per common share | (0.32 | ) | (0.33 | ) | (0.42 | ) | - |
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the periods ending December 31, | $ | 2010 | $ | 2009 | $ | 2008 | Cumulative from inception on April 2, 1998 to December 31, 2010 $ | |||||||||
| Cash Flows | ||||||||||||||||
| Operating Activities | ||||||||||||||||
| Net loss and comprehensive loss for the period | (19,973,772 | ) | (16,231,249 | ) | (17,550,204 | ) | (138,761,772 | ) | ||||||||
| Amortization - intellectual property | - | 180,750 | 361,500 | 3,615,000 | ||||||||||||
| Amortization - property and equipment | 63,156 | 64,930 | 48,754 | 625,237 | ||||||||||||
| Stock based compensation | 3,251,041 | 424,273 | 64,039 | 8,444,158 | ||||||||||||
| Other non-cash items | 343,821 | 110,800 | - | 1,838,158 | ||||||||||||
| Net change in non-cash working capital | (1,717,978 | ) | (613,383 | ) | 1,787,279 | 1,936,760 | ||||||||||
| Cash used in operating activities | (18,033,732 | ) | (16,063,879 | ) | (15,288,632 | ) | (122,302,459 | ) | ||||||||
| Investing Activities | ||||||||||||||||
| Acquisition of property and equipment | (81,846 | ) | (9,324 | ) | (111,577 | ) | (904,914 | ) | ||||||||
| Purchase of intellectual property | (51,681 | ) | - | - | (51,681 | ) | ||||||||||
| Purchase of short-term investments | (1,929,309 | ) | (1,679,937 | ) | (347,901 | ) | (53,026,110 | ) | ||||||||
| Redemption of short-term investments | - | 5,846,634 | 13,000,000 | 48,998,380 | ||||||||||||
| Investment in BCY | - | - | - | 464,602 | ||||||||||||
| Investment in Transition Therapeutics Inc. | - | - | - | 2,532,343 | ||||||||||||
| Cash provided by (used in) investing activities | (2,062,836 | ) | 4,157,373 | 12,540,522 | (1,987,380 | ) | ||||||||||
| Financing Activities | ||||||||||||||||
| Proceeds from exercise of stock options and warrants | 528,211 | 15,210,210 | 41,600 | 31,039,489 | ||||||||||||
| Proceeds from private placements | - | - | - | 38,137,385 | ||||||||||||
| Proceeds from acquisition of private company | - | 1,800,120 | - | 1,800,120 | ||||||||||||
| Proceeds from public offering | 26,759,921 | 20,042,570 | 3,421,309 | 93,080,698 | ||||||||||||
| Cash provided by financing activities | 27,288,132 | 37,052,900 | 3,462,909 | 164,057,692 | ||||||||||||
| Increase in cash | 7,191,564 | 25,146,394 | 714,799 | 39,767,853 | ||||||||||||
| Cash and cash equivalents, beginning of period | 32,448,939 | 7,429,895 | 6,715,096 | - | ||||||||||||
| Impact of foreign exchange on cash and cash equivalents | (343,821 | ) | (127,350 | ) | - | (471,171 | ) | |||||||||
| Cash and cash equivalents, end of period | 39,296,682 | 32,448,939 | 7,429,895 | 39,296,682 |
To view the Company's 2010 Consolidated Financial Statements, related Notes to Consolidated Financial Statements, and Management's Discussion and Analysis, please see the Company's year end 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 3 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 2011 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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