Oncolytics Announces Distribution of Oncolytics' Shares held by SYNSORB to SYNSORB Shareholders
CALGARY, May 9 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. (NASDAQ: ONCY, TSX: ONC) ("Oncolytics") announced today that SYNSORB Biotech Inc. ("SYNSORB") has received court approval and filed the required documents which provide for distribution to the SYNSORB shareholders of approximately 4,000,000 previously issued common shares in the capital of Oncolytics. Effective 12:01 am on May 8, 2002, each SYNSORB share represents the right to receive one-eighth of a new SYNSORB share and approximately 0.8065 [errata: 1/10th] of a common share of Oncolytics. The shareholders of Oncolytics voted 98.5% in favour of the resolution approving the early release from escrow of the shares of Oncolytics held by SYNSORB. SYNSORB now holds 725,000 freely-tradeable shares of Oncolytics, representing approximately 3.8% of the outstanding common shares.
Oncolytics' President and CEO Dr. Brad Thompson says he is pleased with the outcome. "This decision significantly broadens our shareholder base and we believe it is in the best interests of our shareholders. In addition, we are pleased that Oncolytics will receive shares in BCY LifeSciences as part of the transaction."
In consideration of the early release from escrow SYNSORB transferred 1,500,000 common shares (and the right to receive 400,000 additional shares upon the attainment of certain milestones) currently held by SYNSORB in the capital of BCY LifeSciences Inc., a CDNX listed (CDNX:BCY - news) pharmaceutical company with license rights to technologies to treat certain diseases of the respiratory tract, to Oncolytics. After giving effect to this transfer, Oncolytics is the beneficial owner of the following securities of BCY LifeSciences Inc.: (i) 2,194,445 common shares; (ii) the right to receive 400,000 common shares upon the attainment of certain milestones; and (iii) warrants to purchase up to 694,445 common shares at an exercise price of $0.27 at any time prior to April 23, 2004. It is not the present intention of Oncolytics to acquire any additional securities of BCY LifeSciences Inc. |
