Oncolytics says existing capital will last into 2008; reports cash of C$31.5 million

By Jennifer Lanning Drey

Portland, Ore., Nov. 3 - Oncolytics Biotech Inc. expects its existing capital resources to be adequate to fund the company's research and development plans into 2008, according to a company news release.

Oncolytics had cash, cash equivalents and short-term investments of C$31.5 million at Sept. 30, compared with C$40.4 million at Dec. 31, 2005, according to the release.

The company reported that cash usage for the nine months ending Sept. 30 totaled C$9.05 million, most of which was spent on operating activities.

Cash usage is expected to increase through the fourth quarter due to costs associated with manufacturing Reolysin, enrolling patients in its ongoing clinical trials and expanding the company's clinical trial and collaborative programs.

The company reported a net loss of C$3.4 million, or C$0.09 per basic and diluted share, during the third quarter, compared with a net loss of C$3.5 million, or C$0.11 per basic and diluted share, during the same quarter in 2005.

Revenues for the quarter were C$320,000, compared with C$211,00 for the 2005 period.

During the quarter, Oncolytics began enrollment in a United Kingdom-based phase 1b clinical trial of its lead product Reolysin in combination with radiation and a phase 1/2 trial of Reolysin for recurrent malignant gliomas in the United States.

The company also received approval from the U.K. Medicines and Healthcare products Regulatory Agency to begin enrollment in a phase 2 combination Reolysin/radiation trial.

Oncolytics is a biotechnology company based in Calgary, Alta.

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