CALGARY, June 1, 2017 /PRNewswire/ - Oncolytics Biotech®
Inc. (Oncolytics or the Company) (TSX:ONC) (OTCQX:ONCYF) today
announced the closing of its previously announced underwritten
public offering. Oncolytics sold 16,445,000 units (Units)
(including Units issued pursuant to the exercise in full of the
over-allotment option granted by the Company to the underwriters)
at a purchase price of $0.70 per Unit
for gross proceeds of approximately $11.5
million (the Offering). The net proceeds of the Offering
were approximately $10.6 million,
after deducting the underwriting commissions and other estimated
offering expenses payable by Oncolytics. Oncolytics expects to use
the net proceeds from the Offering for, among other things,
expanding partnering activities, execution of the clinical
development program for metastatic breast cancer and general
corporate purposes.
A prospectus supplement and accompanying final base shelf
prospectus describing the terms of the proposed offering has been
filed on SEDAR. Copies of the prospectus supplement and
accompanying final base shelf prospectus relating to the offering
may be obtained from Canaccord Genuity, Attention: Syndication -
Canaccord Genuity Corp., P.O. Box 516, 161 Bay Street, Suite 3000,
Toronto, ON, M5J 2S1. Electronic
copies of the prospectus supplement and accompanying final base
shelf prospectus will also be available on SEDAR at
www.sedar.com.
The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "1933
Act) or any applicable securities laws of any state of the United States and may not be offered or
sold in the United States, or to,
or for the account or benefit of, a U.S. person absent such
registration or an applicable exemption to such registration
requirements. This press release does not constitute an offer
to sell, or the solicitation of an offer to buy, these securities,
nor will there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale is not
permitted, including, but not limited to, the United States.
About Oncolytics Biotech Inc.
Oncolytics is a
biotechnology company developing REOLYSIN, an immuno-oncology
viral-agent, as a potential treatment for a variety of tumor types.
The compound induces selective tumor lysis and promotes an inflamed
tumor phenotype through innate and adaptive immune responses to
treat a variety of cancers. Oncolytics' clinical development
program emphasizes three pillars: chemotherapy combinations to
trigger selective tumor lysis; immuno-therapy combinations to
produce adaptive immune responses; and immune modulator (IMiD)
combinations to facilitate innate immune responses. Oncolytics
is currently planning its first registration study in breast
cancer, as well as studies in combination with checkpoint
inhibitors and IMID/targeted therapies in solid and hematological
malignancies. For further information about Oncolytics, please
visit: www.oncolyticsbiotech.com.
This press release contains forward-looking statements,
within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements, including the
expected use of proceeds from the Offering, the Company's
expectations related to the Phase 2 clinical trial in prostate
cancer and the Phase 1b trial in
pancreatic cancers, future trials in these indications, and the
Company's belief as to the potential of REOLYSIN as a cancer
therapeutic, 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 tolerability of
REOLYSIN outside a controlled test, the success and timely
completion of clinical studies and trials, the Company's ability to
successfully commercialize REOLYSIN, uncertainties related to the
research, development and manufacturing of pharmaceuticals, changes
in technology, general changes to the economic environment and
uncertainties related to the regulatory process. 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 should consider statements that include the
words "believes", "expects", "anticipates", "intends", "estimates",
"plans", "projects", "should", or other expressions that are
predictions of or indicate future events or trends, to be uncertain
and forward-looking. Investors are cautioned against placing undue
reliance on forward-looking statements. The Company does not
undertake to update these forward-looking statements, except as
required by applicable laws.
SOURCE Oncolytics Biotech Inc.