ONC-t...news out.
Oncolytics's loss increases to $2,445,661 in Q3
Wed 7 Nov 2001
News Release
Dr. Brad Thompson reports
Financial results for the third quarter ended Sept. 30, 2001, were as
follows:
Highlights of the third quarter 2001 include:
advanced the company's discussion with Health Canada about the company's
investigational new drug submission for a phase II clinical trial of
Reolysin for the treatment of prostate cancer; and
successfully demonstrated, in animal models, further systemic and
co-therapy administration of Reolysin for the treatment of a broad range of
cancers.
"Oncolytics's bid to develop the reovirus as a potential therapeutic for
most forms of cancer was advanced last quarter by approval from Health
Canada to proceed with a broadened protocol for our prostate cancer trial,"
said Dr. Brad Thompson, president and chief executive officer. "Our top
priorities for 2001, are to complete our phase I trial and to continue our
aggressive approach to clinical development by initiating multiple phase II
human clinical trials."
Subsequent to the end of the quarter, the company received approval to
initiate a clinical study to evaluate the efficacy of Reolysin for the
treatment of T2 prostate cancer.
Financial highlights
For the three months ended Sept. 30, 2001, Oncolytics reported a net loss
of $2.4-million or 13 cents per share compared with a loss of $1.6-million
or nine cents per share for the same three-month period in 2000.
For the nine months ended Sept. 30, 2001, the company's net loss was
$4.8-million or 27 cents per share compared with a total loss of
$3.1-million or 19 cents per share for the nine months ended Sept. 30,
2000. As its products are still under development, the company reported no
revenue for either the three- or nine-month periods, other than revenue
derived from interest earned on its cash and investment balances --
$546,529 for the first nine months of 2001 and $645,265 for the first nine
months of 2000.
Research and development expenses totalled $2.0-million for the three
months ended Sept. 30, 2001, and $3.6-million for the nine months ended
Sept. 30, 2001, as compared with $1.5-million for the three months ended
Sept. 30, 2000, and $3.1-million for the nine months ended Sept. 30, 2000.
The expenses in the third quarter of both 2001 and 2000, include
$1.0-million for a milestone payment to the founding shareholders under the
purchase and assumption agreements. The remaining quarterly increase in
2001 over 2000 is primarily attributable to costs associated with the phase
I clinical trial, increased product manufacturing and toxicology studies.
Operating expenses increased to $472,809 for the three months ended Sept.
30, 2001, and to, $1.5-million for the nine months ended Sept. 30, 2001, as
compared with $268,570 for the three months ended Sept. 30, 2000, and
$585,709 for the nine months ended Sept. 30, 2000. The increase was
associated with increased support of the research and development efforts,
and the costs of expanding the corporation's market exposure for the
nine-month period in 2001.
Amortization for the nine months ended Sept. 30, 2001, increased to
$342,531 as compared with $102,469 for the same period in 2000. The
increase was primarily due to the commencement of amortization of patent
costs from the date of patent issuance in accordance with the company's
policy.
As at Sept. 30, 2001, the company's cash balance was $15,858,360 and
working capital was $13,874,635 as compared with cash balance of
$17,619,110 and working capital of $17,191,277 as at Dec. 31, 2000. |
