Oncolytics Biotech® Inc. Announces 2016 First Quarter Results

CALGARY, May 6, 2016 /CNW/ - Oncolytics Biotech® Inc. (TSX: ONC) (OTCQX: ONCYF) (FRA: ONY) ("Oncolytics" or the "Company") today announced its financial results and operational highlights for the first quarter ended March 31, 2016.

"We recently reported data from two sponsored, randomized Phase 2 studies, highlighting reduced tumor burden in ovarian cancer and improved longer term survival in pancreatic cancer," said Dr. Brad Thompson. "The data from these studies will be very useful in identifying potential indications and study designs that we could advance into later stage studies in the future."

Selected Highlights

Since January 1, 2016, selected highlights announced by the Company include:

Clinical Program

  • Treatment of the first patients in a Phase Ib study of pembrolizumab (KEYTRUDA®) in combination with REOLYSIN® and chemotherapy in patients with advanced pancreatic adenocarcinoma, the Company's first trial examining REOLYSIN® in combination with a checkpoint inhibitor;
  • Updated results from a randomized Phase 2 clinical trial of its lead product, REOLYSIN®, in combination with paclitaxel in patients with ovarian cancer (GOG-0186H), where an intent-to-treat analysis, as assessed by CA-125 antigen levels, showed statistically significantly reduction in tumor burden;
  • Updated results from a randomized Phase 2 clinical trial of its lead product, REOLYSIN®, in combination with carboplatin and paclitaxel in patients with pancreatic cancer (NCI-8601), where an intent-to-treat analysis of overall survival on patients with confirmed treatment regimes, as assessed by the percentage of patients surviving for two years, showed a statistically significantly higher percentage of patients surviving two years in the test arm versus the control arm (p = 0.001), the crossover arm versus the control arm (p = 0.03) and the test plus crossover arms versus the control arm (p = 0.0004);

Basic Research

  • Two poster presentations covering preclinical work in multiple myeloma and colorectal cancer being made by the Company's research collaborators at the 2016 American Association of Cancer Research annual meeting;

Financial

  • Entry into an "at-the-market" equity distribution agreement with Canaccord Genuity Corp. permitting Oncolytics at its sole discretion, from time to time and until March 16, 2018, to sell common shares having an aggregate offering value of up to $4.6 million; and
  • At March 31, 2016 the Company reported $22.3 million in cash, cash equivalents and short-term investments.  At May 5, 2016, the Company had approximately $21.4 million in cash, cash equivalents and short-term investments, which is expected to provide sufficient funds to support several small early-stage immunotherapy combination studies as well as both a run-in and a registration study in muscle-invasive bladder cancer.

 


ONCOLYTICS BIOTECH INC.

INTERM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION






As at


March 31,
2016
$


December 31,
2015
$

Assets





Current assets





Cash and cash equivalents


20,233,408


24,016,275

Short-term investments


2,088,800


2,060,977

Accounts receivable


59,648


340,059

Prepaid expenses


229,288


506,669

Total current assets


22,611,144


26,923,980






Non-current assets





Property and equipment


411,762


459,818

Total non-current assets


411,762


459,818






Total assets


23,022,906


27,383,798






Liabilities And Shareholders' Equity





Current Liabilities





Accounts payable and accrued liabilities


2,554,338


2,709,492

Total current liabilities


2,554,338


2,709,492






Shareholders' equity





Share capital






Authorized: unlimited
Issued:
March 31, 2016 - 118,697,122
December 31, 2015 - 118,151,622


261,224,148


261,324,692

Contributed surplus


26,359,606


26,277,966

Accumulated other comprehensive income


590,919


760,978

Accumulated deficit


(267,706,105)


(263,689,330)

Total shareholders' equity


20,468,568


24,674,306

Total liabilities and equity


23,022,906


27,383,798

 



ONCOLYTICS BIOTECH INC.

INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS








2016


2015

For the three month period ending March 31


$


$

Expenses





Research and development


2,726,129


2,425,539

Operating


1,360,412


1,182,734

Operating loss


(4,086,541)


(3,608,273)

Interest


69,621


56,435

Loss before income taxes


(4,016,920)


(3,551,838)

Income tax expense


145


Net loss


(4,016,775)


(3,551,838)

Other comprehensive income items that may be
 
reclassified to net loss





Translation adjustment


(170,059)


225,591






Net comprehensive loss


(4,186,834)


(3,326,247)

Basic and diluted loss per common share


(0.03)


(0.04)






Weighted average number of shares (basic and diluted)


118,199,985


99,557,654

 



ONCOLYTICS BIOTECH INC.

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY












Share Capital

$


Contributed
Surplus

$


Accumulated
Other
Comprehensive
Income

$


Accumulated
Deficit

$


Total

$











As at December 31, 2014

237,657,056


25,848,429


280,043


(249,966,335)


13,819,193











Net loss and comprehensive income



225,591


(3,551,838)


(3,326,247)

Issued, pursuant to Share Purchase
 Agreement

1,925,596





1,925,596

Issued, pursuant to "At the Market"
Agreement

14,636,918





14,636,918

Share based compensation


114,970




114,970

As at March 31, 2015

254,219,570


25,963,399


505,634


(253,518,173)


27,170,430






















Share Capital

$


Contributed
Surplus

$


Accumulated
Other
Comprehensive
Income

$


Accumulated
Deficit

$


Total

$











As at December 31, 2015

261,324,692


26,277,966


760,978


(263,689,330)


24,674,306










Net loss and comprehensive income



(170,059)


(4,016,775)


(4,186,834)

Issued, pursuant to Share Purchase

 Agreement





Issued, pursuant to "At the Market"
Agreement

(100,544)





(100,544)

Share based compensation


81,640




81,640

As at March 31, 2016

261,224,148


26,359,606


590,919


(267,706,105)


20,468,568

 


ONCOLYTICS BIOTECH INC.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS








2016


2015

For the three month period ending March 31


$


$






Operating Activities





Net loss for the period


(4,016,775)


(3,551,838)


Amortization - property and equipment


45,942


45,130


Share based compensation


81,640


114,970


Impact of unrealized foreign exchange (gains) losses


141,295


(305,156)

Net change in non-cash working capital


724,655


949,705

Cash used in operating activities


(3,023,243)


(2,747,189)






Investing Activities





Acquisition of property and equipment



(11,940)

Purchase of short-term investments


(27,823)


(29,292)

Cash used in investing activities


(27,823)


(41,232)






Financing Activities





Proceeds from Share Purchase Agreement



1,925,596

Proceeds from "At the Market" equity distribution agreement


(100,544)


14,636,918

Cash provided by financing activities


(100,544)


16,562,514

(Decrease) increase in cash


(3,151,610)


13,774,093

Cash and cash equivalents, beginning of period


24,016,275


14,152,825

Impact of foreign exchange on cash and cash equivalents


(631,257)


651,105

Cash and cash equivalents, end of period


20,233,408


28,578,023






 

To view the Company's Fiscal 2016 First Quarter Consolidated Financial Statements, related Notes to the Consolidated Financial Statements, and Management's Discussion and Analysis, please see the Company's quarterly filings, which will be available under the Company's profile at www.sedar.com and on Oncolytics' website at http://www.oncolyticsbiotech.com/investor-centre/financials/.

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 later-stage, randomized human trials in various indications 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 2016 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.

 

SOURCE Oncolytics Biotech Inc.

For further information: NATIONAL Equicom, Nick Hurst, 800 6th Ave. SW, Suite 1600, Calgary, Alberta T2P 3G3, Tel: 403.218.2835, Fax: 403.218.2830, nhurst@national.ca; NATIONAL Equicom, Michael Moore, San Diego, CA, Tel: 858.886.7813, mmoore@national.ca; Dian Griesel, Inc., Susan Forman, 335 West 38th Street, 3rd Floor, New York, NY 10018, Tel: 212.825.3210, Fax: 212.825.3229, sforman@dgicomm.com

RELATED LINKS
http://www.oncolyticsbiotech.com

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