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Oncolytics Biotech Inc. Announces Filing of Preliminary Prospectus (Business Wire)...cancer cells in vitro derived from breast, prostate, pancreatic and brain tumors, as well as being able to treat tumours successfully in a...- May 31 5:30 PM ET


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Posted on: 05/31/2001

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Thursday May 31, 5:30 pm Eastern Time

Press Release

Oncolytics Biotech Inc. Announces Filing of Preliminary Prospectus

CALGARY, Alberta--(BUSINESS WIRE)--May 31, 2001--Oncolytics Biotech Inc. ("Oncolytics") (TSE:ONC. - news) announced today that it has filed a preliminary prospectus to allow for the distribution by SYNSORB Biotech Inc. of up to 1,000,000 previously issued common shares of Oncolytics to the Roseworth Group LLC over a twelve-month period.

SYNSORB presently owns 6,750,000 common shares of Oncolytics (representing approximately 37.1% of the outstanding shares) of which 675,000 are now free-trading with an additional 1,350,000 shares to be released from escrow on July 28, 2001.

Pursuant to the terms of the agreement between SYNSORB and the Roseworth Group LLC, SYNSORB has the right but not the obligation to draw funds on a monthly basis in exchange for shares of Oncolytics. The purchase price of the shares will be calculated using a formula based on a percentage of the volume-weighted average market price over a 22-day trading period.

Except for its requirement to purchase shares on a given trading day, Roseworth has undertaken not to hold a net short position in Oncolytics shares during the term of the agreement.

"I am pleased that SYNSORB is able to divest this small portion of their shareholdings in such an orderly manner," commented Brad Thompson, President and CEO of Oncolytics. "This transaction should assist Oncolytics in expanding its shareholder base and creating a broader awareness of our company."

Oncolytics is a Calgary-based biotechnology company whose focus is the development of the mammalian reovirus 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, 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.


Contact:
     Oncolytics Biotech Inc.
     Dr. Brad Thompson
     Tel: 403/283-0705
     Fax: 403/283-0858
     E-mail: notan@aol.com
     Website: www.oncolyticsbiotech.com
     or
     Opsis Financial
     David Wolk
     Tel: 416/368-8998
     Fax: 416/368-8669
     E-mail: dwolk@opsis.ca

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