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| 8/15/2002 11:30:46 AM ET | News Release Index
| | ONCOLYTICS BIOTECH ANNOUNCES SECOND QUARTER 2002 RESULTS | | | CALGARY, AB, --- August 15, 2002 - Oncolytics Biotech Inc. ("Oncolytics") (TSX:ONC, NASDAQ:ONCY) today announced its financial results for the second quarter ended June 30, 2002.
Second Quarter Highlights:
- Approval from Health Canada and subsequent commencement of a Phase I/II clinical trial for recurrent glioblastoma (brain cancer);
- Commencement and continuing enrollment in a clinical trial for T2 prostate cancer;
- Acquisition of minority interests in two Canadian biotechnology firms;
- Favorable safety and efficacy results in a third party research program examining the use of REOLYSINâ for the treatment of cancers in dogs; and,
- Strengthening of the Board of Directors through the addition of Mr. George Masters.
"During the quarter, we made substantial progress in our clinical program, commencing enrollment in our T2 prostate cancer study and our Phase I/II trial for recurrent glioblastoma," said Dr. Brad Thompson, President and CEO. "We have also taken the first steps in expanding our product pipeline through the acquisition of minority positions in two promising Canadian biotechnology firms, Transition Therapeutics Inc. and BCY LifeSciences Inc."
In addition, the Company announced the appointment of Mr. George W. Masters to its Board of Directors. Mr. Masters currently holds directorships in a number of biotechnology companies, and has spent decades working in the international healthcare and biotechnology industries, including 20 years with Warner-Lambert. "We are pleased to welcome Mr. Masters to the Board and we look forward to benefiting from his extensive experience," added Dr. Thompson.
Financial Review
For the three months ended June 30, 2002, the Company reported a net loss of $1.3 million or $0.07 per share compared to a net loss of $1.4 million or $0.08 per share for the same period in 2001. For the six months ended June 30, 2002, the Company reported a net loss of $2.6 million or $0.13 per share compared to a net loss of $2.4 million or $0.13 per share for the corresponding period a year ago.
As its products are still under development, the Company reported no revenue for either period, other than revenue derived from interest earned on its cash and investment balances. For the three months ended June 30, 2002, interest earned was $54,437, as compared to $185,742 for the same period a year ago. For the first six months of 2002, interest earned was $111,617, compared to $403,941 for the first six months of 2001. The decreases are primarily attributable to the relative decrease in cash balances and interest rates on investments in these periods.
Research and development expenses were $753,200 for the three months ended June 30, 2002, and $1,574,718 for the six months ended June 30, 2002, as compared to $909,671 for the three months ended June 30, 2001 and $1,585,945 for the six months ended June 30, 2001. The differences in 2002 over 2001 are primarily attributable to costs associated with reduced activities in product and process development, and the conclusion of the Phase I trial, offset by increases resulting from the commencement of the clinical trials for prostate cancer and gliomas now underway.
Operating expenses were $601,495 for the three months ended June 30, 2002 and $1,140,973 for the six months ended June 30, 2002, as compared to $545,796 for the three months ended June 30, 2001, and $1,019,591 for the six months ended June 30, 2001. The increase was associated with increased insurance and travel costs and other activities related to the Company's communications and filing requirements, as well as additional staff supporting the operations.
Amortization for the six months ended June 30, 2002 increased to $272,640 from $222,995 for the same period in 2001. The increase was primarily due to increased assets, primarily patent costs, subject to amortization.
As at June 30, 2002, the Company's cash balance was $9,963,600 and working capital was $9,440,516, as compared to a cash balance of $14,970,756 and working capital of $12,769,203 as at December 31, 2001.
About Oncolytics Biotech Inc.
Oncolytics is a Calgary-based biotechnology company focused on the development of REOLYSIN®, its proprietary formulation of the human reovirus, as a potential cancer therapeutic. Oncolytics' researchers have demonstrated that the reovirus is able to selectively kill human cancer cells in vitro that are derived from many types of cancer, including breast, prostate, pancreatic and brain tumours, and have also demonstrated successful cancer treatment results in a number of animal models. Phase I clinical trial results have indicated that there were no toxicology-related issues with the administration of the reovirus, and that the reovirus demonstrated activity in tumours injected with REOLYSIN®.
This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including progress in the clinical trial program, the potential of REOLYSIN® as a cancer therapeutic, and the belief that Ras pathway has broad potential in the treatment of many cancers, involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue Research and Development projects, the efficacy of REOLYSIN® as a cancer treatment, the success and timely completion of clinical studies and trials, the Company's ability to successfully commercialize REOLYSIN®, uncertainties related to the research and development of pharmaceuticals, uncertainties related to the regulatory process and general changes to the economic environment. Investors should consult the Company's quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward looking statements. Investors are cautioned against placing undue reliance on forward-looking statements. The Company does not undertake to update these forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
For Canada:
Oncolytics Biotech Inc.
Doug Ball
210, 1167 Kensington Cr NW
Calgary, Alberta T2N 1X7
Tel: 403.670.7377
Fax: 403.283.0858
www.oncolyticsbiotech.com
For Canada:
The Equicom Group
Jason Hogan
20 Toronto Street
Toronto, Ontario M5C 2B8
Tel: 416.815.0700 ext. 222
Fax: 416.815.0080
jhogan@equicomgroup.com
For United States:
The Investor Relations Group
Gino De Jesus or Dian Griesel, Ph.D.
50 Pine Street, 6th Floor
New York, NY 10005
T: 212.825.3210
F: 212.825.3229
theproteam@aol.com
Click here for the complete Second Quarterly Financial Statement.
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