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Stock has had a nice opening week. May be worth following, read the PR and judge for yourself. SYNSORB Biotech Inc. ("SYNSORB") announced that its subsidiary, Oncolytics Biotech Inc. ("Oncolytics"), has concluded an initial public offering on the Alberta Stock Exchange, raising gross proceeds of $3.4 million. Trading began on November 8th under the symbol "ONC". SYNSORB completed the acquisition of Oncolytics in April of 1999 for $2.5 million primarily through the issuance of common shares of SYNSORB, with a commitment to future payments contingent upon the achievement of specific product development milestones. Oncolytics concluded private placements in July and August, raising total gross proceeds from the two private placements of $1.95 million. The public offering is the third phase in SYNSORB's strategic plan to finance this subsidiary so that it does not draw on SYNSORB's core resources. After conclusion of the private placements and the public offering, SYNSORB holds 49.5% of Oncolytics issued and outstanding shares. Oncolytics has assumed the initial obligations for future milestone payments. "We are very pleased that we have been able to finance the development of Oncolytic's Reolysin technology in a way that does not detract from our focus on our core products, SYNSORB Cd(R)and SYNSORB Pk(R)", said Dr. David Cox, President & CEO of SYNSORB. "The strategy also has the benefit of creating a substantial asset for our shareholders in the form of Oncolytics equity. Naturally, we remain very excited about the potential value of Reolysin as it begins the clinical development process. Oncolytics now has sufficient capital to see them well into that process." SYNSORB is a Canadian-based pharmaceutical company dedicated to drug development and manufacturing. The Company has two late-stage products, both of which are based on SYNSORB'S proprietary carbohydrate chemistry platform technology. SYNSORB Pk(R) is in Phase III clinical trials, and is designed to prevent the progression to Hemolytic Uremic Syndrome (HUS) in children who have contracted verotoxigenic E. coli (VTEC) infections, including E. coli O157:H7. SYNSORB Cd(R) will commence Phase III trials in the first part of next year, and is designed to treat recurrent antibiotic-associated diarrhea (CDAD), a common hospital acquired infection. SYNSORB has built a cGMP-compliant manufacturing facility that has the capacity to meet or exceed the expected global demand for the Company's products. A pipeline of future products is accessible through subsidiary companies and SYNSORB's carbohybrid program. Oncolytics is a Calgary-based biotechnology company whose focus is the development of the reovirus known as REOLYSIN as a potential cancer therapeutic. The human reovirus infects and kills cancer cells with an activated Ras pathway. Ras is an important component of a pathway controlling normal growth and differentiation of a cell and when activated, may account for a large proportion of human tumors. Researchers believe that targeting this pathway could have broad potential in the treatment of many cancers. Oncolytics researchers demonstrated that reovirus was selectively able to kill cancer cells with this particular activation and successfully demonstrated that the virus could kill human cancer cells in vitro derived from breast, prostate, pancreatic and brain tumors, as well as being able to treat tumors successfully in a number of animal models. Oncolytics is anticipating the commencement of a Phase I clinical trial on reovirus in the first part of 2000. Oncolytics currently has 13.65 million shares outstanding. This release contains certain forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements. These factors include results of current or pending clinical trials, actions by the FDA/HPB and those factors detailed in the Company's registration statement on Form 20 F filed with the Securities and Exchange Commission. TEL: (416) 815-0700 ex 222 Jason Hogan, Investor Relations FAX: (416) 815-0080 The Equicom Group TEL: (800) 385-5451 E-mail: jhogan@equicomgroup.com TEL: (403) 283-5900 Dr. David Cox, President & CEO FAX: (403) 283-5907 Mr. Doug Froom, Vice President Business Development | ||||||||||||
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