Oncolytics Biotech Inc (C:ONC)
Shares Issued 76,661,085
Last Close 11/7/2012 $2.00
Thursday November 08 2012 - News Release
Dr. Brad Thompson reports
ONCOLYTICS BIOTECHATRADEMARK INC. ANNOUNCES THIRD QUARTER 2012 RESULTS
Oncolytics Biotech Inc. has released its financial results and operational highlights for the quarter ended Sept. 30, 2012.
"We continue to make progress across the entire breadth of our clinical program and completed enrollment in multiple trials this quarter," said Dr. Brad Thompson, President and CEO of Oncolytics. "Our near term focus remains on completing the initial follow-up on the expanded 167 patient group enrolled in the REO 018 study so that we can receive our first randomized clinical data for REOLYSINAtrademark."
Selected Highlights
During the quarter the Company has made a number of significant announcements:
Management
Appointment of Dr. Alan Tuchman to the role of Chief Medical Officer and Senior Vice President, Clinical and Medical Development.
Clinical Trial Program
Expanded enrollment in the first stage of our Phase III head and neck cancer clinical trial (REO 18) to include 167 patients, all of whom have now been enrolled, and introduced 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;
Reaching the primary endpoint in the first stage of a U.S. Phase II 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);
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); and
Completion of enrollment in a U.S. Phase I clinical trial using intravenously-administered REOLYSIN in combination with FOLFIRI in patients with colorectal cancer (REO 022).
Since September 30, 2012, the Company also announced completion of patient enrollment in a U.S. Phase II clinical trial using intravenous administration of REOLYSIN in combination with gemcitabine (GemzarAtrademark) in patients with advanced or metastatic pancreatic cancer (REO 017).
INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS Three MonthPeriodEndingSeptember30, 2012$ Three MonthPeriod EndingSeptember 30,2011$ Nine MonthPeriodEndingSeptember30, 2012$ Nine MonthPeriod EndingSeptember 30,2011$ Expenses Research and development 8,129,328 5,315,134 24,673,201 13,769,876 Operating 1,175,227 1,019,335 3,485,368 3,214,969 Operating loss (9,304,555) (6,334,469) (28,158,569) (16,984,845) Write down of asset available for sale A A (735,681) Change in fair value of warrant liability A A 36,000 Interest 74,053 102,445 287,509 317,148 Loss before income taxes (9,230,502) (6,232,024) (27,871,060) (17,367,378) Income tax expense (13,400) A (10,172) A Net loss (9,243,902) (6,232,024) (27,881,232) (17,367,378) Other comprehensive (loss) income - translation adjustment (47,462) (9,587) 34,479 28,744 Net comprehensive loss (9,291,364) (6,241,611) (27,846,753) (17,338,634) Basic and diluted loss per common share (0.12) (0.09) (0.37) (0.25)
We seek Safe Harbor.
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