On May 5, 2017 Oncolytics Biotech Inc. (TSX: ONC) (OTCQX: ONCYF) (Oncolytics or the Company) reported its financial results and operational highlights for the quarter ended March 31, 2017 (Filing, Q1, Oncolytics Biotech, 2017, MAY 5, 2017, View Source [SID1234518878]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

"The last six months – particularly defining our clinical development plan and data announced at AACR (Free AACR Whitepaper) – have been exciting for us," said Dr. Matt Coffey, President and CEO of Oncolytics Biotech. "The compelling and statistically significant overall survival data from the IND 213 study in metastatic breast cancer presented at AACR (Free AACR Whitepaper) led us to select this indication as our registration pathway. This is part of our broader clinical development plan, which is focused on exploiting REOLYSIN’s mechanism of action incorporating both cancer cell lysis and immune system priming and activation."

Selected Highlights

Since January 1, 2017, selected highlights announced by the Company include:

Clinical Results

· Presented at the American Academy of Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting, in Washington, D.C., by the Canadian Cancer Trials Group at Queen’s University in Kingston, Ontario covering findings from IND 213, an open-label, randomized, phase 2 study to assess the therapeutic combination of intravenously-administered REOLYSIN given in combination with paclitaxel versus paclitaxel alone in patients with advanced or metastatic breast cancer. Results showed a statistically significant improvement in median overall survival from 10.4 months in the control arm to 17.4 months in the test arm.
· Announced registration pathway and clinical development plan with the dual objectives of obtaining regulatory approval for REOLYSIN based on the compelling metastatic breast cancer survival data recently presented at the AACR (Free AACR Whitepaper) Annual Meeting, in Washington, D.C., and expanding REOLYSIN into commercially valuable new treatment areas that include immunotherapy and immunomodulatory (IMiD) agents in collaboration with pharmaceutical partners.
· Announced, in collaboration with Celgene and cancer charity Myeloma UK, the launch of MUK eleven, a first-of-its-kind immunotherapy trial that aims to modulate the immune system to target myeloma. The phase 1b trial will study REOLYSIN in combination with Celgene’s IMiD’s, Imnovid (pomalidomide) and Revlimid (lenalidomide), as a rescue treatment in relapsing myeloma patients.
Corporate

· Appointed Oncolytics co-founder and long-serving senior executive Matt Coffey PhD, MBA, as President and CEO.
Financial

· At March 31, 2017, the Company reported $10.1 million in cash, cash equivalents and short-term investments.
· As at May 4, 2017, the Company had an unlimited number of authorized common shares with 121,836,722 common shares issued and outstanding, and 8,032,827 options outstanding (with exercise prices ranging between $0.26 and $6.72 and expiry dates ranging from 2017 to 2027).


ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(unaudited)

As at March 31,
2017
$ December 31,
2016
$
Assets
Current assets
Cash and cash equivalents 10,102,393 12,034,282
Short-term investments — 2,088,800
Accounts receivable 36,484 54,406
Prepaid expenses 182,897 260,841
Total current assets 10,321,774 14,438,329

Non-current assets
Property and equipment 301,534 319,955
Total non-current assets 301,534 319,955

Total assets 10,623,308 14,758,284
Liabilities And Shareholders’ Equity
Current Liabilities
Accounts payable and accrued liabilities 3,348,766 4,068,664
Total current liabilities 3,348,766 4,068,664

Shareholders’ equity
Share capital
Authorized: unlimited
Issued:
March 31, 2017 – 121,258,222
December 31, 2016 – 121,258,222 262,311,325 262,321,825
Contributed surplus 26,776,933 26,643,044
Accumulated other comprehensive income 533,312 554,060
Accumulated deficit (282,347,028) (278,829,309)
Total shareholders’ equity 7,274,542 10,689,620
Total liabilities and equity 10,623,308 14,758,284



ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(unaudited)

2017 2016
For the three month period ending March 31 $ $

Expenses
Research and development 2,268,071 2,726,129
Operating 1,300,300 1,360,412
Operating loss (3,568,371) (4,086,541)
Interest 50,715 69,621
Loss before income taxes (3,517,656) (4,016,920)
Income tax (expense) recovery (63) 145
Net loss (3,517,719) (4,016,775)
Other comprehensive income items that may be
reclassified to net loss
Translation adjustment (20,748) (170,059)

Net comprehensive loss (3,538,467) (4,186,834)
Basic and diluted loss per common share (0.03) (0.03)

Weighted average number of shares (basic and diluted) 121,258,222 118,119,985


ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited)


Share Capital
$
Contributed
Surplus
$
Accumulated
Other
Comprehensive
Income
$
Accumulated
Deficit
$
Total
$
As at December 31, 2015 261,324,692 26,277,966 760,978 (263,689,330) 24,674,306
Net loss and other comprehensive loss — — (170,059) (4,016,775) (4,186,834)
Issued, pursuant to "At the Market" Agreement 274,805 — — — 274,805
Share issue costs (375,349) — — — (375,349)
Share based compensation — 81,640 — — 81,640
As at March 31, 2016 261,224,148 26,359,606 590,919 (267,706,105) 20,468,568


Share Capital
$
Contributed
Surplus
$
Accumulated
Other
Comprehensive
Income
$
Accumulated
Deficit
$
Total
$
As at December 31, 2016 262,321,825 26,643,044 554,060 (278,829,309) 10,689,620
Net loss and other comprehensive loss — — (20,748) (3,517,719) (3,538,467)
Share issue costs (10,500) — — — (10,500)
Share based compensation — 133,889 — — 133,889
As at March 31, 2017 262,311,325 26,776,933 533,312 (282,347,028) 7,274,542



ONCOLYTICS BIOTECH INC.
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

2017 2016
For the three month period ending March 31 $ $

Operating Activities
Net loss for the period (3,517,719) (4,016,775)
Amortization – property and equipment 24,036 45,942
Share based compensation 133,889 81,640
Unrealized foreign exchange loss 52,032 141,295
Net change in non-cash working capital (637,646) 724,655
Cash used in operating activities (3,945,408) (3,023,243)

Investing Activities
Acquisition of property and equipment (5,836) —
Redemption (purchase) of short-term investments 2,088,800 (27,823)
Cash provided by (used in) investing activities 2,082,964 (27,823)

Financing Activities
"At the Market" equity distribution agreement (10,500) (100,544)
Cash used in financing activities (10,500) (100,544)
Decrease in cash (1,872,944) (3,151,610)
Cash and cash equivalents, beginning of period 12,034,282 24,016,275
Impact of foreign exchange on cash and cash equivalents (58,945) (631,257)
Cash and cash equivalents, end of period 10,102,393 20,233,408


To view the Company’s Fiscal 2017 First Quarter Consolidated Financial Statements, related Notes to the Consolidated Financial Statements, and Management’s Discussion and Analysis, please see the Company’s annual filings, which will be available under the Company’s profile at www.sedar.com and on Oncolytics’ website at View Source