EX-99.1 CHARTER 2 ex99.htm RELEASE ex99.htm


 
210, 1167 Kensington Cr. N.W.
Calgary, Alberta
Canada T2N 1X7


FOR IMMEDIATE RELEASE
 
 
Oncolytics Biotech® Inc. Announces Second Quarter 2014 Results
 
 
CALGARY, AB, August 7, 2014 --- 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.
 
 
 
FOR FURTHER INFORMATION PLEASE CONTACT:

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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