CALGARY, March 6 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. (“Oncolytics” or the “Company”) today reported its financial results for the year ended December 31, 2007.
“2007 was our most productive year to date, marking a significant expansion of the Company’s clinical trial program for REOLYSIN(R) with Phase II studies and combination drug therapy studies being expanded and initiated,” said Dr. Brad Thompson, President and CEO of Oncolytics. “This activity was supported by further advances in our preclinical development program, manufacturing, and intellectual property.”
“We expect 2008 to be an outstanding year as we move ahead with our Phase II program and begin to focus our efforts in the clinical program in key indications,” said Thompson. “With solid preclinical and Phase I results, a scalable manufacturing process, a comprehensive intellectual property portfolio and the financial resources to support our Phase II program, we are well positioned for an exciting and productive 2008.”
To view the Company’s Financial Statements and Management’s Discussion and Analysis, please see the Company’s 2007 Annual Filings which will be available on www.sedar.com and www.oncolyticsbiotech.com.
About Oncolytics Biotech Inc.
Oncolytics is a Calgary-based biotechnology company focused on the development of oncolytic viruses as potential cancer therapeutics. Oncolytics’ clinical program includes a variety of Phase I/II and Phase II human trials using REOLYSIN(R), its proprietary formulation of the human reovirus, alone and in combination with radiation or chemotherapy. For further information about Oncolytics please visit www.oncolyticsbiotech.com
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 the Company’s belief as to the potential of REOLYSIN(R) as a cancer therapeutic; the Company’s expectations as to the success of its research and development programs in 2008 and beyond, the Company’s planned expansion, the value of the additional patents and intellectual property; the Company’s expectations related to the applications of the patented technology; the ability of the technology to strengthen the core technology; the Company’s expectations as to adequacy of its existing capital resources; the design, timing, success of planned clinical trial programs and the Company’s planned expansion of such programs; and other statements related to anticipated developments in the Company’s business and technologies 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(R) as a cancer treatment, the success and timely completion of clinical studies and trials, the Company’s ability to successfully commercialize REOLYSIN(R), 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.
CONTACT: Oncolytics Biotech Inc., Cathy Ward, 210, 1167 Kensington Cr NW,
Calgary, Alberta T2N 1X7, Tel: (403) 670-7377, Fax: (403) 283-0858,
cathy.ward@oncolytics.ca; The Equicom Group, Nick Hurst, 325, 300 5th Ave.
SW, Calgary, Alberta T2P 3C4, Tel: (403) 538-4845, Fax: (403) 237-6916,
nhurst@equicomgroup.com; The Investor Relations Group, Erika Moran, 11
Stone St, 3rd Floor, New York, NY 10004, Tel: (212) 825-3210, Fax: (212)
825-3229, emoran@investorrelationsgroup.com
