Oncolytics Biotech® Inc. Announces 2012 Year End Results
Press Release: Oncolytics Biotech Inc. – 2 hours 36 minutes ago
CALGARY, March 14, 2013 /PRNewswire/ - Oncolytics Biotech Inc. (ONC.TO) (ONCY) ("Oncolytics" or the "Company") today announced its financial results and operational highlights for the year ended December 31, 2012.
"We were very pleased to present our first randomized clinical data from our head and neck cancer clinical study in 2012," said Dr. Brad Thompson, President and CEO of Oncolytics. "In addition, in order to support our program, which now includes seven randomized studies in different indications, we completed two financings over the last 14 months raising gross proceeds in excess of $50 million."
Selected Highlights
Since January 1, 2012, the Company has made a number of significant announcements including:
Clinical Trial Results
Reporting initial positive top line data from the first endpoint in the double-blinded randomized Phase III clinical study examining REOLYSIN® in combination with carboplatin and paclitaxel in second-line patients with platinum-refractory, taxane-naïve head and neck cancers (REO 018). The endpoint examined initial percentage tumour changes between the pre-treatment and first post-treatment scans (typically performed at six weeks post-first treatment) of all patients enrolled in the study and was designed to assess early differences in response between loco-regional tumours and metastatic tumours, as classified and observed by the investigators;
Reaching the primary endpoint in the first stage of a U.S. Phase 2 clinical trial in patients with squamous cell carcinoma of the lung (SCCLC) using intravenous administration of REOLYSIN in combination with carboplatin and paclitaxel (REO 021) and subsequently reporting positive percent overall tumour shrinkage data;
Poster presentations at the EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics reporting positive clinical data from a study in a Phase 2 clinical trial using intravenous administration of REOLYSIN in combination with paclitaxel and carboplatin in patients with non-small cell lung cancer (NSCLC) with Kras or EGFR-activated tumours (REO 016) and a U.S. Phase 2 clinical trial using intravenous administration of REOLYSIN in combination with gemcitabine (Gemzar®) in patients with advanced pancreatic cancer (REO 017);
Publication of a paper entitled "Cell Carriage, Delivery, and Selective Replication of an Oncolytic Virus in Tumor in Patients," in the June 13, 2012 issue of the journal Science Translational Medicine (Vol. 4 Issue 138 138ra77), covering findings from a U.K. translational clinical trial (REO 013) investigating intravenous administration of REOLYSIN in patients with metastatic colorectal cancer prior to surgical resection of liver metastases. The researchers found that intravenously-administered reovirus could specifically target and infect metastatic liver tumors in 90% of the patients, even though all patients treated had had a pre-existing immunity to the virus;
Clinical Trial Program
Expansion of enrollment in the first stage of a Phase III head and neck cancer clinical trial (REO 18) to include 167 patients and introduction of an additional patient segregation to differentiate between patients with local recurrent disease, with or without metastases, and patients with distal metastases while maintaining the blind;
Completion of patient enrollment in a U.S. Phase 2 clinical trial evaluating intravenous administration of REOLYSIN in combination with paclitaxel and carboplatin in patients with non-small cell lung cancer (NSCLC) with Kras or EGFR-activated tumours (REO 016);
Completion of patient enrollment in a U.S. Phase 2 clinical trial using intravenous administration of REOLYSIN in combination with gemcitabine (Gemzar®) in patients with advanced or metastatic pancreatic cancer (REO 017);
Completion of enrollment in a U.K. Phase I clinical trial using intravenously-administered REOLYSIN in combination with cyclophosphamide in patients with advanced malignancies (REO 012);
Completion of enrollment in a U.S. Phase 1 clinical trial using intravenously-administered REOLYSIN in combination with FOLFIRI in patients with colorectal cancer (REO 022);
Entry into multiple agreements whereby the NCIC Clinical Trials Group (CTG) at Queen's University in Kingston, Ontario, will sponsor and conduct randomized Phase II studies of REOLYSIN in patients with recurrent or metastatic castration resistant prostate cancer, advanced or metastatic colorectal cancer, advanced or metastatic non-small cell lung cancer, and advanced or metastatic breast cancer;
Management
Appointment of Mr. Kirk Look to the role of Chief Financial Officer;
Appointment of Dr. Alan Tuchman to the role of Chief Medical Officer and Senior Vice President, Clinical and Medical Development;
Financial
Closing of a bought deal financing in February 2012, which was increased post-announcement from $15 million to $18.5 million, for gross proceeds of $21.3 million following the full exercise of the over-allotment option by the syndicate of underwriters; and
Subsequent to year-end, closing of an underwritten public offering of 8.0 million common shares, at a public offering price of US$4.00 per common share for aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses, of approximately US$32.0 million.
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, December 31,
2012 2011
$ $
Assets
Current assets
Cash and cash equivalents 19,323,541 32,918,751
Short-term investments 1,969,228 1,936,787
Accounts receivable 44,979 55,392
Prepaid expenses 331,094 721,576
Total current assets 21,668,842 35,632,506
Non-current assets
Property and equipment 409,248 392,111
Total non-current assets 409,248 392,111
Total assets 22,078,090 36,024,617
Liabilities And Shareholders' Equity
Current Liabilities
Accounts payable and accrued liabilities 7,291,310 6,504,238
Total current liabilities 7,291,310 6,504,238
Shareholders' equity
Share capital
Authorized: unlimited
Issued:
December 31, 2012 - 76,710,285
December 31, 2011 - 71,251,335 198,155,091 177,282,566
Warrants 376,892 2,653,627
Contributed surplus 24,126,265 21,142,519
Accumulated other comprehensive loss (57,115) (117,501)
Accumulated deficit (207,814,353) (171,440,832)
Total shareholders' equity 14,786,780 29,520,379
Total liabilities and equity 22,078,090 36,024,617
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
2012 2011 2010
For the years ending December 31, $ $ $
Expenses
Research and development 31,402,625 23,386,685 13,882,565
Operating 5,285,425 5,334,582 6,003,870
Loss before the following (36,688,050) (28,721,267) (19,886,435)
Write down of asset available for sale — (735,681) —
Change in fair value of warrant liability — 36,000 (4,841,949)
Interest 345,003 416,247 76,934
Loss before income taxes (36,343,047) (29,004,701) (24,651,450)
Income tax expense (30,474) (40,000) (7,611)
Net loss (36,373,521) (29,044,701) (24,659,061)
Other comprehensive gain (loss) - translation adjustment 60,386 39,159 (156,660)
Net comprehensive loss (36,313,135) (29,005,542) (24,815,721)
Basic and diluted loss per common share (0.48) (0.41) (0.39)
Weighted average number of shares (basic and diluted) 76,102,062 70,911,526 62,475,403
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share Capital Warrants Contributed
Surplus Accumulated Other
Comprehensive
Income Accumulated
Deficit Total
$ $ $ $ $ $
As at December 31, 2010 155,439,610 4,108,652 19,399,489 (156,660) (142,396,131) 36,394,960
Net loss and comprehensive income — — — 39,159 (29,044,701) (29,005,542)
Exercise of warrants 21,487,080 (1,455,025) — — — 20,032,055
Exercise of stock options 355,876 — (62,473) — — 293,403
Share based compensation — — 1,805,503 — — 1,805,503
As at December 31, 2011 177,282,566 2,653,627 21,142,519 (117,501) (171,440,832) 29,520,379
Net loss and comprehensive income — — — 60,386 (36,373,521) (36,313,135)
Issued, pursuant to a bought deal financing 19,386,903 376,892 — — — 19,763,795
Expiry of warrants — (2,653,627) 2,653,627 — — —
Exercise of stock options 1,485,622 — (400,632) — — 1,084,990
Share based compensation — — 730,751 — — 730,751
As at December 31, 2012 198,155,091 376,892 24,126,265 (57,115) (207,814,353) 14,786,780
ONCOLYTICS BIOTECH INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ending December 31, 2012
$ 2011
$ 2010
$
Operating Activities
Net loss for the year (36,373,521) (29,044,701) (24,659,061)
Amortization - property and equipment 109,275 92,590 63,156
Share based compensation 730,751 1,805,503 3,251,041
Change in fair value of warrant liability — (36,000) 4,841,949
Write down of asset available for sale — 735,681 —
Unrealized foreign exchange loss 89,890 115,234 343,821
Net change in non-cash working capital 1,187,967 3,790,510 (1,717,978)
Cash used in operating activities (34,255,638) (22,541,183) (17,877,072)
Investing Activities
Acquisition of property and equipment (126,412) (257,790) (81,846)
Acquisition of investment — — (51,681)
Redemption (purchase) of short-term investments (32,441) 1,672,459 (1,929,309)
Cash provided by (used in) investing activities (158,853) 1,414,669 (2,062,836)
Financing Activities
Proceeds from exercise of stock options and warrants 1,084,990 14,824,658 528,211
Proceeds from public offering 19,763,795 — 26,759,921
Cash provided by financing activities 20,848,785 14,824,658 27,288,132
Increase (decrease) in cash (13,565,706) (6,301,856) 7,348,224
Cash and cash equivalents, beginning of year 32,918,751 39,296,682 32,448,939
Impact of foreign exchange on cash and cash equivalents (29,504) (76,075) (500,481)
Cash and cash equivalents, end of year 19,323,541 32,918,751 39,296,682
To view the Company's Fiscal 2012 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.
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