Full Press Release Details
| 210, 1167 Kensington Cr. N.W. | |
| Calgary, Alberta | |
| Canada T2N 1X7 |
Oncolytics Biotech Inc. Announces 2011 Year End Results
CALGARY, AB, March 15th, 2012 --- 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, 2011.
"In the last year we made substantial progress as we announced positive clinical trial results and started clinical trials in additional cancer indications while maintaining the strength of our balance sheet," said Dr. Brad Thompson, President and CEO of Oncolytics. "Our primary focus in the near term remains completing enrollment in the first stage of our Phase III study in head and neck cancers with the support of an increasing number of enrolling centres in Europe and North America."
Since January 1, 2011, the Company has made a number of significant announcements:
Clinical Trial Results
small cell lung cancer (NSCLC) with Kras or EGFR-activated tumours at the International Association for the Study of Lung Cancer World Conference on Lung Cancer. As of the presentation date, response evaluation in 21 patients showed six PR (28.6%), 13 SD (61.9%) and two progressive disease (PD) (9.5%), translating into a clinical benefit rate (complete response (CR) + PR + SD) of 90.5% and a response rate (CR + PR) of 28.6%;
Ongoing Clinical Program
employing this optimized schedule of paclitaxel/REOLYSIN;
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| December 31, | December 31, | January 1, | ||||
| 2011 $ | 2010 $ | 2010 $ | ||||
| Assets | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 32,918,751 | 39,296,682 | 32,448,939 | |||
| Short-term investments | 1,936,787 | 3,609,246 | 1,679,937 | |||
| Accounts receivable | 55,392 | 284,988 | 64,787 | |||
| Prepaid expenses | 721,576 | 278,934 | 507,408 | |||
| Total current assets | 35,632,506 | 43,469,850 | 34,701,071 | |||
| Non-current assets | ||||||
| Property and equipment | 392,111 | 226,911 | 208,320 | |||
| Long term investment | - | - | 684,000 | |||
| Total non-current assets | 392,111 | 226,911 | 892,320 | |||
| Asset held for sale | - | 735,681 | - | |||
| Total assets | 36,024,617 | 44,432,442 | 35,593,391 | |||
| Liabilities And Shareholders' Equity | ||||||
| Current Liabilities | ||||||
| Accounts payable and accrued liabilities | 6,504,238 | 2,500,682 | 4,226,933 | |||
| Warrant liability | - | 5,536,800 | 1,023,051 | |||
| Total current liabilities | 6,504,238 | 8,037,482 | 5,249,984 | |||
| Shareholders' equity | ||||||
| Share capital Authorized: unlimited Issued: December 31, 2011 - 71,251,335 December 31, 2010 - 67,958,302 January 1, 2010 - 61,549,969 | 177,282,566 | 155,439,610 | 131,908,274 | |||
| Warrants | 2,653,627 | 4,108,652 | 2,437,460 | |||
| Contributed surplus | 21,142,519 | 19,399,489 | 13,734,743 | |||
| Accumulated other comprehensive loss | (117,501 | ) | (156,660 | ) | - | |
| Accumulated deficit | (171,440,832 | ) | (142,396,131 | ) | (117,737,070 | ) |
| Total shareholders' equity | 29,520,379 | 36,394,960 | 30,343,407 | |||
| Total liabilities and equity | 36,024,617 | 44,432,442 | 35,593,391 |
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
| For the years ending December 31, | 2011 $ | 2010 $ | ||
| Expenses | ||||
| Research and development | 23,386,685 | 13,882,565 | ||
| Operating | 5,334,582 | 6,003,870 | ||
| Loss before the following | (28,721,267 | ) | (19,886,435 | ) |
| Write down of asset available for sale | (735,681 | ) | - | |
| Change in fair value of warrant liability | 36,000 | (4,841,949 | ) | |
| Interest | 416,247 | 76,934 | ||
| Loss before income taxes | (29,004,701 | ) | (24,651,450 | ) |
| Income tax expense | (40,000 | ) | (7,611 | ) |
| Net loss | (29,044,701 | ) | (24,659,061 | ) |
| Other comprehensive gain (loss) - translation adjustment | 39,159 | (156,660 | ) | |
| Net comprehensive loss | (29,005,542 | ) | (24,815,721 | ) |
| Basic and diluted loss per common share | (0.41 | ) | (0.39 | ) |
| Weighted average number of shares (basic and diluted) | 70,911,526 | 62,475,403 |
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| Share Capital | Warrants | Contributed Surplus | Accumulated Other Comprehensive Income | Accumulated Deficit | Total | |||||||
| $ | $ | $ | $ | $ | $ | |||||||
| As at January 1, 2010 | 131,908,274 | 2,437,460 | 13,734,743 | - | (117,737,070 | ) | 30,343,407 | |||||
| Net loss and comprehensive loss | - | - | - | (156,660 | ) | (24,659,061 | ) | (24,815,721 | ) | |||
| Issue of common shares, public offering | 22,639,719 | 4,120,201 | - | - | - | 26,759,920 | ||||||
| Exercise of warrants | 787,508 | (11,009 | ) | - | - | - | 776,499 | |||||
| Exercise of stock options | 104,109 | - | (24,295 | ) | - | - | 79,814 | |||||
| Expired warrants | - | (2,438,000 | ) | 2,438,000 | - | - | - | |||||
| Share based compensation | - | - | 3,251,041 | - | - | 3,251,041 | ||||||
| As at December 31, 2010 | 155,439,610 | 4,108,652 | 19,399,489 | (156,660 | ) | (142,396,131 | ) | 36,394,960 | ||||
| Net loss and comprehensive income | - | - | - | 39,159 | (29,044,701 | ) | (29,005,542 | ) | ||||
| Exercise of warrants | 21,487,080 | (1,455,025 | ) | - | - | - | 20,032,055 | |||||
| Exercise of stock options | 355,876 | - | (62,473 | ) | - | - | 293,403 | |||||
| Share based compensation | - | - | 1,805,503 | - | - | 1,805,503 | ||||||
| As at December 31, 2011 | 177,282,566 | 2,653,627 | 21,142,519 | (117,501 | ) | (171,440,832 | ) | 29,520,379 |
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the years ending December 31, | 2011 $ | 2010 $ | |||
| Operating Activities | |||||
| Net loss for the year | (29,044,701 | ) | (24,659,061 | ) | |
| Amortization - property and equipment | 92,590 | 63,156 | |||
| Share based compensation | 1,805,503 | 3,251,041 | |||
| Change in fair value of warrant liability | (36,000 | ) | 4,841,949 | ||
| Write down of asset available for sale | 735,681 | - | |||
| Unrealized foreign exchange loss | 115,234 | 343,821 | |||
| Net change in non-cash working capital | 3,790,510 | (1,717,978 | ) | ||
| Cash used in operating activities | (22,541,183 | ) | (17,877,072 | ) | |
| Investing Activities | |||||
| Acquisition of property and equipment | (257,790 | ) | (81,846 | ) | |
| Acquisition of investment | - | (51,681 | ) | ||
| Redemption (purchase) of short-term investments | 1,672,459 | (1,929,309 | ) | ||
| Cash provided by (used in) investing activities | 1,414,669 | (2,062,836 | ) | ||
| Financing Activities | |||||
| Proceeds from exercise of stock options and warrants | 14,824,658 | 528,211 | |||
| Proceeds from public offering | - | 26,759,921 | |||
| Cash provided by financing activities | 14,824,658 | 27,288,132 | |||
| Increase (decrease) in cash | (6,301,856 | ) | 7,348,224 | ||
| Cash and cash equivalents, beginning of year | 39,296,682 | 32,448,939 | |||
| Impact of foreign exchange on cash and cash equivalents | (76,075 | ) | (500,481 | ) | |
| Cash and cash equivalents, end of year | 32,918,751 | 39,296,682 |
To view the Company's Fiscal 2011 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 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 2012 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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