semi-OT:Aug. 28, 2000--Oncolytics Biotech Inc. ("Oncolytics") (TSE:ONC.) today reported its results for the second quarter and six month period ended June 30, 2000.
For the second quarter, the total loss was $1,273,755 or $0.08 per share. For the first half of 2000 the total loss was $1,543,667 or $0.10 per share. As expected, the Company reported no revenue for the period as its products are still under development.
"The second quarter of 2000 has been a very dynamic period for Oncolytics," said Mr. Douglas Ball, Chief Financial Officer of Oncolytics. "In addition to commencing a Phase I trial on Reolysin(R), Oncolytics also listed on the Toronto Stock Exchange (TSE:ONC), successfully completed initial animal toxicology testing, and announced positive results from a bladder cancer study in animals. In all, it was a very positive quarter for Oncolytics."
A milestone payment of $1,000,000 was accrued as payable to the original shareholders of Oncolytics as a result of a successful completion of animal toxicology, a pre-condition to the commencement of Phase I clinical trials of Reolysin(R). This accrual increased development expenses in the second quarter to $1,295,252, bringing total development expenses for the first half of 2000 to $1,629,345. Expenses associated with the commencement and continuation of the Reolysin(R) clinical program, as well as the costs of expanding the Corporation's market exposure through a listing on the Toronto Stock Exchange, resulted in operating expenses for the second quarter 2000 of $243,459 for total year to date operating expenses of $317,139. The Company's total expenses for the first half of 2000 were $1,949,103 or $1,540,104 for the second quarter, primarily as a result of the milestone payment and clinical trial activities.
As at June 30, 2000 the Company's cash and cash equivalents balance was $17,164,590 as compared to $4,549,177 as at December 31, 1999. Oncolytics concluded a successful warrant offering in the first quarter 2000 that raised net proceeds of $13,109,657.
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