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Oncolytics Biotech Inc. Reports Second Quarter Results (CCN Newswire) ... treatment of prostate cancer * Animal models of the reovirus as a potential for treatment of brain cancer were published in the Journal of the National Cancer Institute * Successfully demonstrated,...... could kill human cancer cells in vitro derived from breast, prostate, pancreatic and brain tumors, as well as being able to treat tumours successfully in a number of animal models.... - Aug 20 8:01 AM ET


Al Musella's Comments: (This is his personal views and are not necessarily the views of the Musella Foundation!)



Website: http://biz.yahoo.com/ccn/010820/p_t4cbmuf36erkfyt1skkg.html

Posted on: 08/20/2001

"Yahoo - Oncolytics Biotech Inc. Reports Second Quarter Results"
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Monday August 20, 8:01 am Eastern Time

Press Release

Oncolytics Biotech Inc. Reports Second Quarter Results

CALGARY, ALBERTA--Oncolytics Biotech Inc. ("Oncolytics") (TSE:ONC - news) today reported its financial results for the quarter ended June 30, 2001.

Corporate Highlights of the second quarter 2001 include:

* Filed an Investigational New Drug submission with Health Canada for a Phase II clinical trial of Reolysin® for the treatment of prostate cancer

* Animal models of the reovirus as a potential for treatment of brain cancer were published in the Journal of the National Cancer Institute

* Successfully demonstrated, in animal models, the systemic administration of Reolysin® for the treatment of a broad range of cancers

"Oncolytics continues to make progress in introducing the reovirus as a potential therapeutic for most forms of cancer in both humans and animals," said Dr. Brad Thompson President and Chief Executive Officer. "Our priority for 2001, is to complete our Phase I trial and to continue our aggressive approach to clinical development by initiating multiple Phase II human clinical trials."

Financial Highlights

For the three months ended June 30, 2001, the loss was $1.4 million or $0.07 per share compared to a loss of $1.3 million or $0.08 per share for the same three month period in 2000.

For the six months ended June 30, 2001, the total loss was $2.4 million or $0.13 per share compared to a total loss of $1.5 million or $0.10 per share for the six months ending June 30, 2000. 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 - $403,942 for the first six months of 2001 and $405,436 for the first six months of 2000.

Research and development expenses were $909,671 for the three months ended June 30, 2001, and $1.6 million for the six months ended June 30, 2001, and as compared to $1.3 million for the three months ended June 30, 2000 and $1.6 million for the six months ended June 30, 2000. The expenses in the second quarter of 2000 include $1.0 million for a milestone payment to the founding shareholders under the Purchase and Assumption Agreements. The remaining increase in 2001 over 2000 is primarily attributable to costs associated with the Phase I clinical trial, increased product manufacturing and toxicology studies.

Operating expenses increased to $545,797 for the three months ended June 30, 2001 and to, $1.0 million for the six months ended June 30, 2001, as compared to $243,459 for the three months ended June 30, 2000, and $317,139 for the six months ended June 30, 2000. The increase was associated with increased support of the research and development efforts, and the costs of expanding the Corporation's market exposure for the six month period in 2001.

Amortization for the six months ended June 30, 2001 increased to $222,995 as compared to $2,619 for the same period in 2000. The increase was primarily due to the commencement of amortization of patent costs from the date of patent issuance in accordance with the Company's policy.

As at June 30, 2001, the Company's cash balance was $16,635,291 and working capital was $15,936,864 as compared to cash balance of $17,619,110 and working capital of $17,191,277 as at December 31, 2000.

Oncolytics is a Calgary-based biotechnology company whose focus is the development of the mammalian reovirus based product known as REOLYSIN® as a potential cancer therapeutic. The mammalian reovirus infects and kills cancer cells with an activated Ras pathway. Ras is an important component of a pathway controlling normal growth and differentiation of a cell, and when activated, may account for a large proportion of all mammalian tumours. Researchers believe that targeting this pathway could have broad potential in the treatment of many cancers. Oncolytics researchers demonstrated that reovirus was selectively able to kill cancer cells with this particular activation and successfully demonstrated that the virus could kill human cancer cells in vitro derived from breast, prostate, pancreatic and brain tumors, as well as being able to treat tumours successfully in a number of animal models. Oncolytics initiated its Phase I clinical trial on REOLYSIN® in June, 2000 and in May, 2001 filed an investigational new drug submission for a Phase II clinical trial on REOLYSIN® for the treatment of Stage T2A prostate cancers. In November 2000, the Company entered into a worldwide licensing agreement with Pfizer Inc. for the development and marketing of the reovirus for animal health applications. To find out more about Oncolytics Biotech Inc. (TSE: ONC - news), visit our website, at www.oncolyticsbiotech.com.

This release contains certain forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.

                      ONCOLYTICS BIOTECH INC.
                          BALANCE SHEETS

                                         Unaudited           Audited
                                     June 30, 2001 December 31, 2000
ASSETS                                           $                 $
                                ------------------ -----------------
Current assets:
 Cash                                   16,635,291        17,619,110
 Accounts receivable                       126,580           137,720
 Prepaid expenses                           67,690            39,339
                                ------------------ -----------------
                                        16,829,561        17,796,169

Capital assets                           3,893,159         3,862,234
                                ------------------ -----------------
                                        20,722,720        21,658,403
                                ------------------ -----------------
                                ------------------ -----------------

LIABILITIES

Current liabilities:
Accounts payable and accruals
  liabilities                              892,697           604,892
                                ------------------ -----------------
Alberta Heritage Foundation Loan           150,000           150,000
                                ------------------ -----------------
Future income tax liability                933,662           988,188
                                ------------------ -----------------
Shareholders' equity:

 Share capital (note 2)                 22,804,039        21,602,937
 Contributed surplus                     2,500,000         2,500,000
 Deficit                                (6,557,678)       (4,187,614)
                                ------------------ -----------------
                                        18,746,361        19,915,323
                                ------------------ -----------------
                                        20,722,720        21,658,403
                                ------------------ -----------------
                                ------------------ -----------------



                                                    Six months ended
                                                        June 30
                                                    2001        2000
                                                       $           $
                                            -------------------------
OPERATING ACTIVITIES
Loss for the period                           (2,370,064) (1,543,667)
Deduct non-cash items
 Amortization                                    222,995       2,619
 Future income tax recovery                      (54,526)          -
 Net change in non-cash working capital          185,854     928,418
                                            -------------------------
                                              (2,015,741)   (612,630)
                                            -------------------------

INVESTING ACTIVITIES                        -------------------------
Purchase of capital assets                      (169,180)   (122,982)
                                            -------------------------

FINANCING ACTIVITIES
Alberta Heritage Foundation Loan                       -           -
Proceeds from exercise of warrants and options 1,201,102     241,368
Proceeds from private placement                        -           -
Proceeds from issue of common shares                   -  13,109,657
                                            -------------------------
                                               1,201,102  13,351,025
                                            -------------------------
Increase in cash during the period              (983,819) 12,615,413

Cash, beginning of the period                 17,619,110   4,549,177
                                            -------------------------
Cash, end of the period                       16,635,291  17,164,590
                                            -------------------------
                                            -------------------------



                                                   Three months ended
                                                        June 30
                                                    2001        2000
                                                       $           $
                                            -------------------------
OPERATING ACTIVITIES
Loss for the period                           (1,355,829) (1,273,755)
Deduct non-cash items
 Amortization                                    113,367       1,393
 Future income tax recovery                      (27,263)          -
 Net change in non-cash working capital          423,183     899,895
                                            -------------------------
                                                (846,542)   (372,467)
                                            -------------------------

INVESTING ACTIVITIES                        -------------------------
Purchase of capital assets                      (130,357)    (21,889)
                                            -------------------------

FINANCING ACTIVITIES
Alberta Heritage Foundation Loan                       -           -
Proceeds from exercise of warrants and options   657,283      36,547
Proceeds from private placement                        -           -
Proceeds from issue of common shares                   -     (43,947)
                                            -------------------------
                                                 657,283      (7,400)
                                            -------------------------
Increase in cash during the period              (319,616)   (401,756)

Cash, beginning of the period                 16,954,907  17,566,346
                                            -------------------------
Cash, end of the period                       16,635,291  17,164,590
                                            -------------------------
                                            -------------------------



                                                     Cumulative from
                                                        inception on
                                                       April 2/98 to
                                                          June 30/01
                                                                   $
                                                        -------------
OPERATING ACTIVITIES
Loss for the period                                       (6,557,678)
Deduct non-cash items
 Amortization                                                429,870
 Future income tax recovery                                 (181,338)
 Net change in non-cash working capital                      601,055
                                                        -------------
                                                          (5,708,091)
                                                        -------------

INVESTING ACTIVITIES                                    -------------
Purchase of capital assets                                  (610,653)
                                                        -------------

FINANCING ACTIVITIES
Alberta Heritage Foundation Loan                             150,000
Proceeds from exercise of warrants and options             1,717,189
Proceeds from private placement                            4,903,643
Proceeds from issue of common shares                      16,183,203
                                                        -------------
                                                          22,954,035
                                                        -------------
Increase in cash during the period                        16,635,291

Cash, beginning of the period                                      -
                                                        -------------
Cash, end of the period                                   16,635,291
                                                        -------------
                                                        -------------



                      ONCOLYTICS BIOTECH INC.
                      Statement of Loss and Deficit
                             Unaudited
                                                    Six months ended
                                                        June 30
                                                    2001        2000
                                                       $           $
                                            -------------------------
Revenue
Rights revenue                                         -           -
Interest income                                  403,942     405,436
                                            -------------------------
                                                 403,942     405,436
                                            -------------------------

Expenses
 Research and development                      1,585,945   1,629,345
 Operating                                     1,019,592     317,139
 Amortization                                    222,995       2,619
                                            -------------------------
                                               2,828,532   1,949,103
                                            -------------------------
Loss before income taxes                       2,424,590   1,543,667
Future income tax recovery                       (54,526)          -
                                            -------------------------
Net loss for the period                        2,370,064   1,543,667
Deficit, beginning of the period               4,187,614     574,462
                                            -------------------------
Deficit, end of the period                     6,557,678   2,118,129
                                            -------------------------
Basic & fully diluted loss per common share         0.13        0.10
                                            -------------------------



                                                   Three months ended
                                                        June 30
                                                    2001        2000
                                                       $           $
                                            -------------------------
Revenue
Rights revenue                                         -           -
Interest income                                  185,743     266,349
                                            -------------------------
                                                 185,743     266,349
                                            -------------------------

Expenses
 Research and development                        909,671   1,295,252
 Operating                                       545,797     243,459
 Amortization                                    113,367       1,393
                                            -------------------------
                                               1,568,835   1,540,104
                                            -------------------------
Loss before income taxes                       1,383,092   1,273,755
Future income tax recovery                       (27,263)          -
                                            -------------------------
Net loss for the period                        1,355,829   1,273,755
Deficit, beginning of the period               5,201,849     844,374
                                            -------------------------
Deficit, end of the period                     6,557,678   2,118,129
                                            -------------------------
Basic & fully diluted loss per common share         0.07        0.08
                                            -------------------------



                                                          Cumulative
                                                      from inception
                                                    on April 2/98 to
                                                          June 30/01
                                                                   $
                                                        -------------
Revenue
Rights revenue                                               310,000
Interest income                                            1,312,541
                                                        -------------
                                                           1,622,541
                                                        -------------

Expenses
 Research and development                                  5,762,422
 Operating                                                 2,169,265
 Amortization                                                429,870
                                                        -------------
                                                           8,361,557
                                                        -------------
Loss before income taxes                                   6,739,016
Future income tax recovery                                  (181,338)
                                                        -------------
Net loss for the period                                    6,557,678
Deficit, beginning of the period                                   -
                                                        -------------
Deficit, end of the period                                 6,557,678
                                                        -------------


Contact:
Oncolytics Biotech Inc.
Doug Ball, C.A.
Chief Financial Officer
Phone: (403) 670-7380
Fax: (403) 283-0858
Email: dougballonc@aol.com
Website: www.oncolyticsbiotech.com
or
The Equicom Group Inc.
Joanna Longo
Investor Relations - Canada
Phone: (416) 815-0700 ext. 233
Email: jlongo@equicomgroup.com
or
The Investor Relations Group
Gino De Jesus / Dian Griesel, Ph.D.
Investor Relations Advisor - United States
Phone: (212) 825-3210
Fax: (212) 825-3229
Email: theproteam@aol.com

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