EX-99.1 2 ex991q12012pressrelease.htm Q1 2012 PRESS RELEASE EX 99.1 Q1 2012 Press Release


 
 
210, 1167 Kensington Cr. N.W.
Calgary, Alberta
Canada T2N 1X7
FOR IMMEDIATE RELEASE
 
Oncolytics Biotech® Inc. Announces First Quarter 2012 Results
 
CALGARY, AB, May 10, 2012 --- Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) (“Oncolytics” or the “Company”) today announced its financial results and operational highlights for the quarter ended March 31, 2012.
 
“In early April, 2012, we announced that we had completed enrollment in the first, 80-patient stage of our Phase III trial in head and neck cancers. The analysis of this patient group will be a significant milestone.” said Dr. Brad Thompson, President and CEO of Oncolytics. “We've also significantly expanded our Phase II program through agreements with the NCIC which allow us to conduct randomized clinical studies in both prostate and colorectal cancers.”

Selected Highlights
 
Since January 1, 2012, the Company has made a number of significant announcements:
 
Clinical Trial Program
•
Completion of enrollment in the first, 80-patient stage of its Phase III clinical trial examining REOLYSIN® in combination with paclitaxel and carboplatin in patients with platinum-refractory head and neck cancers (REO 018);

•
Entry into an agreement whereby the NCIC Clinical Trials Group (CTG) at Queen's University in Kingston, Ontario, will sponsor and conduct a randomized Phase II study of REOLYSIN in patients with recurrent or metastatic castration resistant prostate cancer enrolling up to 80 patients;
 
•
Entry into an agreement whereby the NCIC CTG at Queen's University will sponsor and conduct a randomized Phase II study of REOLYSIN in patients with advanced or metastatic colorectal cancer enrolling up to 100 patients;
  
Preclinical Program
•
Presentation of five posters covering preclinical research in a range of cancer types at the 2012 AACR Annual Meeting in Chicago, IL; and

Financial
•
Closed bought deal financing, which was increased post-announcement from $15 million to $18.5 million, for gross proceeds of $21.3 million following the full exercise of the over-allotment option by the syndicate of underwriters.





ONCOLYTICS BIOTECH INC.
INTERM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(unaudited)
 
March 31, 2012
$
December 31, 2012
$
Assets
 

 

Current assets
 

 

Cash and cash equivalents
44,622,078

32,918,751

Short-term investments
1,969,228

1,936,787

Accounts receivable
52,957

55,392

Prepaid expenses
331,523

721,576

Total current assets
46,975,786

35,632,506

Non-current assets
 

 

Property and equipment
395,982

392,111

Total non-current assets
395,982

392,111

 
 
 
Total assets
47,371,768

36,024,617

Liabilities And Shareholders' Equity
 

 

Current Liabilities
 

 

Accounts payable and accrued liabilities
6,072,297

6,504,238

Total current liabilities
6,072,297

6,504,238

Shareholders' equity
 

 

Share capital
  Authorized: unlimited
  Issued:
  March 31, 2012 - 76,464,251
  December 31, 2011 - 71,251,335
197,371,836

177,282,566

Warrants
3,030,519

2,653,627

Contributed surplus
20,948,236

21,142,519

Accumulated other comprehensive loss
(151,760
)
(117,501
)
Accumulated deficit
(179,899,360
)
(171,440,832
)
Total shareholders' equity
41,299,471

29,520,379

Total liabilities and equity
47,371,768

36,024,617










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

For the three month period ending March 31,
2012
$
2011
$
Expenses
 

 

Research and development
7,490,544

2,971,611

Operating
1,088,051

1,127,011

Operating loss
(8,578,595
)
(4,098,622
)
Change in fair value of warrant liability
—

36,000

Interest
120,067

91,506

Loss before income taxes
(8,458,528
)
(3,971,116
)
Income tax expense
—

—

Net loss
(8,458,528
)
(3,971,116
)
Other comprehensive loss - translation adjustment
(34,259
)
(36,880
)
Net comprehensive loss
(8,492,787
)
(4,007,996
)
Basic and diluted loss per common share
(0.11
)
(0.06
)
Weighted average number of shares (basic and diluted)
74,552,824

69,956,058
















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, 2010
155,439,610

19,399,489

4,108,652

(156,660
)
(142,396,131
)
36,394,960

Net loss and comprehensive loss
—

—

—

(36,880
)
(3,971,116
)
(4,007,996
)
Exercise of warrants
21,487,080

—

(1,455,025
)
—

—

20,032,055

Exercise of stock options
220,372

(36,330
)
—

—

—

184,042

Share based compensation
—

2,873

—

—

—

2,873

As at March 31, 2011
177,147,062

19,366,032

2,653,627

(193,540
)
(146,367,247
)
52,605,934

 
 
 
 
 
 
 
 
Share Capital
Contributed Surplus
Warrants
Accumulated Other Comprehensive Loss
Accumulated Deficit
Total
 
$
$
$
$
$
$
 
 
 
 
 
 
 
As at December 31, 2011
177,282,566

21,142,519

2,653,627

(117,501
)
(171,440,832
)
29,520,379

Net loss and comprehensive loss
—

—

—

(34,259
)
(8,458,528
)
(8,492,787
)
Issued, pursuant to a bought deal financing
19,418,551

—

376,892

—

—

19,795,443

Exercise of stock options
670,719

(208,136
)
—

—

—

462,583

Share based compensation
—

13,853

—

—

—

13,853

As at March 31, 2012
197,371,836

20,948,236

3,030,519

(151,760
)
(179,899,360
)
41,299,471







ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
For the three month period ending March,
 
2012
$
 
2011
$
 
 
 

 
 

Operating Activities
 
 

 
 

Net loss for the period
 
(8,458,528
)
 
(3,971,116
)
Amortization - property and equipment
 
28,061

 
17,275

Share based compensation
 
13,853

 
2,873

Change in fair value of warrant liability
 
—

 
(36,000
)
Unrealized foreign exchange loss
 
(45,009
)
 
191,149

Net change in non-cash working capital
 
(39,453
)
 
(59,982
)
Cash used in operating activities
 
(8,501,076
)
 
(3,855,801
)
Investing Activities
 
 

 
 

Acquisition of property and equipment
 
(31,932
)
 
(15,276
)
Purchase of short-term investments
 
(32,441
)
 
—

Cash used in investing activities
 
(64,373
)
 
(15,276
)
Financing Activities
 
 

 
 

Proceeds from exercise of stock options and warrants
 
462,583

 
14,715,297

Proceeds from public offering
 
19,795,443

 
—

Cash provided by financing activities
 
20,258,026

 
14,715,297

Increase in cash
 
11,692,577

 
10,844,220

Cash and cash equivalents, beginning of period
 
32,918,751

 
39,296,682

Impact of foreign exchange on cash and cash equivalents
 
10,750

 
(228,029
)
Cash and cash equivalents, end of period
 
44,622,078

 
49,912,873


To view the Company's First Quarter 2012 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 III 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.
 
FOR FURTHER INFORMATION PLEASE CONTACT:
 
The Equicom Group
Nick Hurst
300 - 5th Ave. SW, 10th Floor
Calgary, Alberta T2P 3C4
Tel: 403.218.2835
Fax: 403.218.2830
nhurst@equicomgroup.com
The Investor Relations Group
Erika Moran
20th Floor, 1251 Avenue of the Americas
New York, NY 10004
Tel: 212.825.3210
Fax: 212.825.3229
emoran@investorrelationsgroup.com
 


 
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