03:12:17 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Oncolytics Biotech Inc
Symbol ONC
Shares Issued 141,805,722
Close 2018-02-23 C$ 0.60
Market Cap C$ 85,083,433
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Oncolytics stresses the upside of share consolidation

2018-02-23 17:41 ET - News Release

Dr. Matt Coffey reports

ONCOLYTICS BIOTECH(R) ANNOUNCES RESULTS FROM SPECIAL MEETING OF SHAREHOLDERS; SHAREHOLDER APPROVAL FOR CONSOLIDATION OF COMPANY'S COMMON SHARES ENABLES ONCOLYTICS TO MEET KEY REQUIREMENT FOR LISTING ON THE NASDAQ CAPITAL MARKET

Oncolytics Biotech Inc. received shareholder approval to consolidate the company's common shares at its Feb. 23, 2018, special meeting of shareholders.

"We'd like to thank our shareholders, board and advisers for their support in achieving this important milestone," said Dr. Matt Coffey, president and chief executive officer of Oncolytics. "This share consolidation is key to gaining compliance with certain Nasdaq Capital Market listing standards, and we strongly believe this listing can be instrumental in delivering higher shareholder value as we execute on our strategic initiatives. These include the initiation of our phase 3 registration study in metastatic breast cancer, the potential to receive special protocol assessment and additional strategic partnerships, as well as other clinical collaborations with large pharma. The management team appreciates the loyalty of our shareholders and we want to ensure that everyone can participate in the potential growth afforded by multiple near-term catalysts."

Oncolytics' board of directors has the discretion to proceed with the consolidation for a period of 12 months following the meeting, which it anticipates doing in conjunction with strategic events and/or catalysts in order to maximize value for shareholders. The board of directors may also determine not to implement the consolidation without further action on the part of, or notice to, the shareholders.

About Oncolytics Biotech Inc.

Oncolytics is a biotechnology company developing Reolysin, also known as pelareorep, an intravenously delivered immuno-oncolytic virus. The compound induces selective tumour lysis and promotes an inflamed tumour phenotype -- turning cold tumours hot -- through innate and adaptive immune responses to treat a variety of cancers. Oncolytics' clinical development program emphasizes three pillars: chemotherapy combinations to trigger selective tumour 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 metastatic breast cancer, as well as studies in combination with checkpoint inhibitors and targeted and IMiD therapies in solid and hematological malignancies.

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