Oncolytics Biotech Inc. Announces Termination of Animal Health Care Development Program
CALGARY, Jan. 10 /CNW/ - Oncolytics Biotech Inc. (TSE: ONC, NASDAQ: ONCY)
(Oncolytics) announced that the agreement with Pfizer Inc. to develop the
reovirus as an animal health care product has been terminated and that pivotal
clinical studies in animals for potential veterinary use will not be
initiated.
"Oncolytics has been pleased to work with Pfizer Inc. on the animal
health care program," said Dr. Brad Thompson, President and CEO of Oncolytics.
"Oncolytics primary focus has been and will continue to be the development of
REOLYSIN(R) as a human therapeutic. Following our recent announcement of
positive interim Phase I results in humans, Oncolytics will be initiating a
series of follow up Clinical studies, the first one being a T2 prostate cancer
trial."
About Oncolytics Biotech Inc.
Oncolytics is a Calgary-based biotechnology company focused on the
development of the human reovirus (REOLYSIN(R)), as a potential cancer
therapeutic. Oncolytics researchers have demonstrated that the reovirus is
able to selectively kill cancer cells and, in vitro, kill human cancer cells
derived from many types of cancer including breast, prostate, pancreatic and
brain tumours. Research studying the reovirus as a potential human cancer
therapy has also yielded successful cancer treatment results in a number of
animal models. Interim Phase I clinical trial results in people have indicated
that there were no toxicology related issues with the administration of the
reovirus, and that the reovirus demonstrated activity in human tumours
injected with REOLYSIN(R).
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(R) as a cancer therapeutic, and the Company's expectations as to
the timing of the T2 prostate cancer trial and other clinical studies, 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(R) as a cancer treatment, the success and
timely completion of clinical studies and trials, the Company's ability to
successfully commercialize REOLYSIN(R), 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. |
