Click here to close now.




















Welcome!

News Feed Item

Oncolytics Biotech® Inc. Announces Second Quarter 2014 Results

CALGARY, Aug. 7, 2014 /PRNewswire/ - 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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...