Oncolytics Receives $7.7 Million from Exercise of Warrants
After market surprise voluntary early exercise at approx $6.15(Can) per share and let me repeat the most important part of the release... "The Corporation plans to use the proceeds to fund an additional randomized clinical trial." Possibly announced at tomorrow's RBC Capital Markets Healthcare Conference - Cancer Treatments: Under the Radar Unique Late Stage Opportunities where CEO Dr. Brad Thompson will be a panel member?
Oncolytics Biotech Inc. ("Oncolytics" or the "Corporation") (TSX: ONC) (NASDAQ: ONCY) today announced that the Corporation's biggest institutional shareholder, has exercised 1,248,800 warrants, issued in connection with the financing that closed on November 8, 2010, providing the Corporation with proceeds of approximately $7.7 million. Oncolytics now has approximately 71.1 million shares issued and outstanding, and cash on hand and available for operations of approximately $55 million. The Corporation plans to use the proceeds to fund an additional randomized clinical trial.
The common shares underlying the warrants were offered in Canada by way of a prospectus supplement to a short-form base shelf prospectus dated June 10, 2010 that had been filed in the provinces of British Columbia, Alberta, Manitoba and Ontario. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the SEDAR website www.sedar.com, or from the Corporation using the contact information provided below.
The securities issued by Oncolytics have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable securities laws of any state of the United States or pursuant to an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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.
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