/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Feb. 8, 2012 /CNW/ - Oncolytics Biotech Inc. ("Oncolytics" or
the "Company") (TSX:ONC, NASDAQ: ONCY) today announced that it has
closed its previously announced Cdn$18.5 million financing in which it
entered into a revised agreement with a syndicate of underwriters, led
by Paradigm Capital Inc., and including Canaccord Genuity Corp., RBC
Capital Markets, Bloom Burton & Co. Inc., and Byron Capital Markets
Ltd., (collectively the "Underwriters"), pursuant to which they
purchased, on a bought deal basis, 4,405,000 common shares (the
"Shares") of the Company at a price of Cdn$4.20 per Share for gross
proceeds to the Company of approximately Cdn$18,501,000 (the
In connection with the Offering, the Underwriters have exercised in full
an option (the "Over-Allotment Option") to purchase an additional
660,750 Shares sold under the Offering at a price of Cdn$4.20 per
share, on the same terms and conditions as the Offering. With the
Over-Allotment Option exercised in full, the aggregate gross proceeds
of the Offering to Oncolytics are approximately Cdn$21,276,150.
"The completion of this financing puts Oncolytics in a favorable
financial position to fully fund our Phase III trial in head and neck
cancers, broaden our clinical trial program for REOLYSIN® by supporting other indications, and continuing product validation
activities," said Dr. Brad Thompson, President and CEO of Oncolytics.
The Shares were offered in Canada by way of a shelf prospectus
supplement to a short-form base shelf prospectus dated June 10, 2010,
that has been filed in the provinces of British Columbia, Alberta,
Manitoba and Ontario pursuant to National Instrument 44-101 and
National Instrument 44-102.
Oncolytics intends to use the net proceeds from the Offering to fund its
ongoing Phase III combination REOLYSIN and paclitaxel/carboplatin trial
for patients with platinum-failed head and neck cancers, its other
clinical development and research and development activities, including
manufacturing, and for general corporate and working capital purposes.
The securities issued by Oncolytics have not been and will not be
registered under the U.S. Securities Act or the securities laws of any
state of the United States, and may not be offered or sold in the
United States or to, or for the account or benefit of, U.S. persons (as
defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable securities laws
of any state of the United States or pursuant to an exemption from such
registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy in the United
States nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be
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.
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
expectations related to the application of proceeds and the ability to
fully fund the program as anticipated; 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, including its manufacturing program 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, 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.
SOURCE Oncolytics Biotech Inc.
For further information:
210, 1167 Kensington Cr NW
Calgary, Alberta T2N 1X7
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