EX-99.1 CHARTER 2 ex99.htm PRESS RELEASE ex99.htm
 
210, 1167 Kensington Cr. N.W.
Calgary, Alberta
Canada T2N 1X7



FOR IMMEDIATE RELEASE
 
 
Oncolytics Biotech® Inc. Announces First Quarter 2014 Results
 
 
CALGARY, AB, May 8, 2014 --- Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) (“Oncolytics” or the “Company”) today announced its financial results and operational highlights for the first quarter ended March 31, 2014.
 
 
“During the quarter we reported additional data from our head and neck study which will help us with the design of our proposed registration study for discussion with regulators,” said Dr. Brad Thompson, President and CEO of Oncolytics. “We also took steps to improve our access to capital in order to support our clinical program, which continues to move ahead.”

Selected Highlights
 
 
Since January 1, 2014, specific highlights announced by the Company include:
 
 
Clinical and Preclinical Data
 
•  
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.

Financial

•  
At March 31, 2014 the Company reported $22.2 million in cash, cash equivalents and short-term investments; and
•  
Entry into a share purchase agreement with Lincoln Park Capital Fund, LLC that will provide an initial investment in Oncolytics of US$1.0 million and make available additional periodic investments of up to US$25.0 million over a 30-month term.

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


As at
March 31,
 2014
December 31,
 2013
Assets
    
Current assets
    
Cash and cash equivalents
20,155,907
  
25,220,328
  
Short-term investments
2,031,685
  
2,001,644
  
Accounts receivable
43,507
  
105,853
  
Prepaid expenses
295,802
  
361,743
  
Total current assets
22,526,901
  
27,689,568
  
Non-current assets
    
Property and equipment
508,782
  
532,459
  
Total non-current assets
508,782
  
532,459
  
         
Total assets
23,035,683
  
28,222,027
  
Liabilities And Shareholders’ Equity
    
Current Liabilities
    
Accounts payable and accrued liabilities
4,833,423
  
6,008,661
  
Total current liabilities
4,833,423
  
6,008,661
  
Shareholders’ equity
    
Share capital
  Authorized: unlimited   Issued:
March 31, 2014 - 85,810,718
December 31, 2013 - 84,803,818
229,801,006
  
228,612,564
  
Warrants
—
  
376,892
  
Contributed surplus
25,172,701
  
24,491,212
  
Accumulated other comprehensive loss
61,004
  
79,698
  
Accumulated deficit
(236,832,451
)
(231,347,000
)
Total shareholders’ equity
18,202,260
  
22,213,366
  
Total liabilities and equity
23,035,683
  
28,222,027
  


• 

 
 
 



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

For the three month period ending March 31
2014
$
2013
$
Expenses
    
Research and development
4,178,334
  
5,117,044
  
Operating
1,391,254
  
1,564,751
  
Operating loss
(5,569,588
)
(6,681,795
)
Interest
87,987
  
74,959
  
Loss before income taxes
(5,481,601
)
(6,606,836
)
Income tax expense
(3,850
)
—
  
Net loss
(5,485,451
)
(6,606,836
)
Other comprehensive income items that may be reclassified to net loss
      
Translation adjustment
(18,694
)
34,188
  
Net comprehensive loss
(5,504,145
)
(6,572,648
)
Basic and diluted loss per common share
(0.06
)
(0.08
)
Weighted average number of shares (basic and diluted)
85,148,242
  
79,766,258
  

• 

 
 
 

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
—
  
—
  
—
  
34,188
  
(6,606,836
)
(6,572,648
)
Issued, pursuant to a public offering
30,207,062
  
—
  
—
  
—
  
—
  
30,207,062
  
Exercise of stock options
139,676
  
(34,687
)
—
  
—
  
—
  
104,989
  
                         
Share based compensation
—
  
120,856
  
—
  
—
  
—
  
120,856
  
As at March 31, 2013
228,501,829
  
24,212,434
  
376,892
  
(22,927
)
(214,421,189
)
38,647,039
  
                         
 
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
—
  
—
  
—
  
(18,694
)
(5,485,451
)
(5,504,145
)
Issued, pursuant to Share Purchase
 Agreement
1,188,442
  
—
  
—
  
—
  
—
  
1,188,442
  
Expired warrants
—
  
376,892
  
(376,892
)
—
  
—
  
—
  
                         
Share based compensation
—
  
304,597
  
—
  
—
  
—
  
304,597
  
As at March 31, 2014
229,801,006
  
25,172,701
  
—
  
61,004
  
(236,832,451
)
18,202,260
  


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


For the three month period ending March 31
2014
$
2013
$
Operating Activities
    
Net loss for the period
(5,485,451
)
(6,606,836
)
  Amortization - property and equipment
39,657
  
24,581
  
  Share based compensation
304,597
  
120,856
  
  Unrealized foreign exchange loss
24,070
  
(307,653
)
Net change in non-cash working capital
(1,046,951
)
(1,641,170
)
Cash used in operating activities
(6,164,078
)
(8,410,222
)
Investing Activities
    
Acquisition of property and equipment
(15,980
)
(15,138
)
Purchase of short-term investments
(30,041
)
(32,416
)
Cash used in investing activities
(46,021
)
(47,554
)
Financing Activities
    
Proceeds from Share Purchase Agreement
1,188,442
  
—
  
Proceeds from exercise of stock options and warrants
—
  
104,989
  
Proceeds from public offering
—
  
30,207,062
  
Cash provided by financing activities
1,188,442
  
30,312,051
  
Increase in cash
(5,021,657
)
21,854,275
  
Cash and cash equivalents, beginning of period
25,220,328
  
19,323,541
  
Impact of foreign exchange on cash and cash equivalents
(42,764
)
341,841
  
Cash and cash equivalents, end of period
20,155,907
  
41,519,657
  

To view the Company's First Quarter 2014 Consolidated Financial Statements, related Notes to Consolidated Financial Statements, and Management's Discussion and Analysis, please see the Company's annual 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 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 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.
 
 
 
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@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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