Oncolytics Biotech announces financial results and operational highlights for second quarter 2014

Aug 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 8^th Annual International Confe^rence 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.