Oncolytics Biotech® Inc. Announces Second Quarter 2014 Results

CALGARY, Aug. 7, 2014 /CNW/ - Oncolytics Biotech Inc. (TSX:ONC, NASDAQ: ONCY) ("Oncolytics" or the "Company") today announced its financial results and operational highlights for the second quarter ended June 30, 2014.

"Our randomized clinical program continued to advance during the quarter as we recently reported the completion of enrollment in a Phase II study using REOLYSIN® in combination with carboplatin and paclitaxel in pancreatic cancer patients," said Dr. Brad Thompson, President and CEO of Oncolytics. "We also strengthened our board, adding two directors with significant financial and public company experience."

Selected Highlights

Since April 1, 2014, selected highlights announced by the Company include:

Clinical and Preclinical Data

  • Completion of patient enrollment in a two-arm randomized phase II study of carboplatin, paclitaxel plus REOLYSIN® versus carboplatin and paclitaxel alone in the first line treatment of patients with recurrent or metastatic pancreatic cancer (OSU-10045);
  • Early results from a translational study looking at intravenous administration of REOLYSIN® to patients with primary or metastatic brain tumors was presented at the ASCO Annual Meeting in Chicago, IL;
  • Final data from the Company's randomized, double-blinded clinical study examining REOLYSIN® in combination with carboplatin and paclitaxel in patients with second-line, platinum-refractory, taxane-naïve head and neck cancers;
  • A series of presentations by research collaborators at the 8th Annual International Conference on Oncolytic Virus Therapeutics held in Oxford, UK covering:
    • early clinical research showing that intravenously delivered REOLYSIN® can cross the blood brain barrier to access tumours in the brains of humans;
    • preclinical research examining the synergies associated with treatment in animal models with GM-CSF prior to administering REOLYSIN®;
    • preclinical research focused on identifying biomarkers predictive of sensitivity/resistance to reovirus in head and neck cancer cell lines; and
    • preclinical research into the treatment of hepatocellular carcinoma associated with infection by Hepatitis B and Hepatitis C.

Governance

  • The nomination and election of Ms. Linda Hohol and Ms. Angela Holtham to the Company's board of directors; and

Financial

  • At June 30, 2014 the Company reported $18.9 million in cash, cash equivalents and short-term investments.

 

ONCOLYTICS BIOTECH INC. INTERM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (unaudited)

June 30,

2014

$

December 31,

2013

$

Assets

Current assets

Cash and cash equivalents

16,880,730

25,220,328

Short-term investments

2,031,685

2,001,644

Accounts receivable

54,391

105,853

Prepaid expenses

609,538

361,743

Total current assets

19,576,344

27,689,568

Non-current assets

Property and equipment

470,217

532,459

Total non-current assets

470,217

532,459

Total assets

20,046,561

28,222,027

Liabilities And Shareholders' Equity

Current Liabilities

Accounts payable and accrued liabilities

3,667,076

6,008,661

Total current liabilities

3,667,076

6,008,661

Shareholders' equity

Share capital   Authorized: unlimited   Issued:

   June 30, 2014 – 87,537,397

   December 31, 2013 – 84,803,818

232,303,714

228,612,564

Warrants

376,892

Contributed surplus

25,538,706

24,491,212

Accumulated other comprehensive loss

87,679

79,698

Accumulated deficit

(241,550,614)

(231,347,000)

Total shareholders' equity

16,379,485

22,213,366

Total liabilities and equity

20,046,561

28,222,027

 

 

ONCOLYTICS BIOTECH INC. INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (unaudited)

Three Month Period Ending June 30, 2014 $

Three Month Period Ending June 30, 2013 $

Six Month Period Ending June 30, 2014 $

Six Month Period Ending June 30, 2013 $

Expenses

  Research and development

3,555,055

3,804,307

7,733,389

8,921,351

  Operating

1,209,815

1,320,742

2,601,069

2,885,493

Operating loss

(4,764,870)

(5,125,049)

(10,334,458)

(11,806,844)

  Interest

50,253

105,368

138,240

180,327

Loss before income taxes

(4,714,617)

(5,019,681)

(10,196,218)

(11,626,517)

 Income tax expense

(3,546)

(7,396)

Net loss

(4,718,163)

(5,019,681)

(10,203,614)

(11,626,517)

Other comprehensive income items that may be

  reclassified to net loss

Translation adjustment

26,675

73,451

7,981

107,639

Net comprehensive loss

(4,691,488)

(4,946,230)

(10,195,633)

(11,518,878)

Basic and diluted loss per common share

(0.05)

(0.06)

(0.12)

(0.14)

Weighted average number of shares (basic and diluted)

86,581,854

84,758,818

85,869,008

82,276,330

  

 

ONCOLYTICS BIOTECH INC. INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited)

Share Capital

$

Contributed Surplus

$

Warrants

$

Accumulated Other Comprehensive Loss

$

Accumulated Deficit

$

Total

$

As at December 31, 2012

198,155,091

24,126,265

376,892

(57,115)

(207,814,353)

14,786,780

Net loss and comprehensive loss

107,639

(11,626,517)

(11,518,878)

Issued, pursuant to a bought deal financing

30,218,797

30,218,797

Exercise of stock options

139,676

(34,687)

104,989

Share based compensation

250,853

250,853

As at June 30, 2013

228,513,564

24,342,431

376,892

50,524

(219,440,870)

33,842,541

Share Capital

$

Contributed Surplus

$

Warrants

$

Accumulated Other Comprehensive Loss

$

Accumulated Deficit

$

Total

$

As at December 31, 2013

228,612,564

24,491,212

376,892

79,698

(231,347,000)

22,213,366

Net loss and comprehensive loss

7,981

(10,203,614)

(10,195,633)

Issued, pursuant to Share Purchase Agreement

3,691,150

3,691,150

Expired warrants

376,892

(376,892)

Share based compensation

670,602

670,602

As at June 30, 2014

232,303,714

25,538,706

87,679

(241,550,614)

16,379,485

 

 

 

ONCOLYTICS BIOTECH INC. INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

Three Month Period Ending June 30, 2014

$

Three Month Period Ending June 30, 2013

$

Six Month Period Ending June 30, 2014

$

Six Month Period Ending June 30, 2013

$

Operating Activities

Net loss for the period

(4,718,163)

(5,019,681)

(10,203,614)

(11,626,517)

  Amortization - property and equipment

38,512

25,565

78,169

50,146

  Share based compensation

366,005

129,997

670,602

250,853

  Unrealized foreign exchange loss

(74,059)

209,804

(49,989)

(97,849)

Net change in non-cash working capital

(1,392,530)

(455,283)

(2,439,481)

(2,096,453)

Cash used in operating activities

(5,780,235)

(5,109,598)

(11,944,313)

(13,519,820)

Investing Activities

Acquisition of property and equipment

(1,239)

(132,164)

(17,219)

(147,302)

Purchase of short-term investments

(30,041)

(32,416)

Cash used in investing activities

(1,239)

(132,164)

(47,260)

(179,718)

Financing Activities

Proceeds from exercise of stock options and

  warrants

104,989

Proceeds from Share Purchase Agreement

2,502,708

3,691,150

Proceeds from public offering

11,735

30,218,797

Cash provided by financing activities

2,502,708

11,735

3,691,150

30,323,786

Increase in cash

(3,278,766)

(5,230,027)

(8,300,423)

16,624,248

Cash and cash equivalents, beginning of period

20,155,907

41,519,657

25,220,328

19,323,541

Impact of foreign exchange on cash and cash

  equivalents

3,589

(136,353)

(39,175)

205,488

Cash and cash equivalents, end of period

16,880,730

36,153,277

16,880,730

36,153,277

 

To view the Company's Second Quarter 2014 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/for-investors/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 2014 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: TMX Equicom, Nick Hurst, 300 - 5th Ave. SW, 10th Floor, Calgary, Alberta, T2P 3C4, Tel: 403.218.2835, Fax: 403.218.2830, nhurst@tmxequicom.com; 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


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