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Press release from CNW Group

Oncolytics Biotech® Inc. Announces Third Quarter 2012 Results

Thursday, November 08, 2012

Oncolytics Biotech® Inc. Announces Third Quarter 2012 Results06:30 EST Thursday, November 08, 2012CALGARY, Nov. 8, 2012 /CNW/ - Oncolytics Biotech Inc. (TSX: ONC) (NASDAQ: ONCY) ("Oncolytics" or the "Company") today announced its financial results and operational highlights for the quarter ended September 30, 2012."We continue to make progress across the entire breadth of our clinical program and completed enrollment in multiple trials this quarter," said Dr. Brad Thompson, President and CEO of Oncolytics. "Our near term focus remains on completing the initial follow-up on the expanded 167 patient group enrolled in the REO 018 study so that we can receive our first randomized clinical data for REOLYSIN®."Selected HighlightsDuring the quarter the Company has made a number of significant announcements:ManagementAppointment of Dr. Alan Tuchman to the role of Chief Medical Officer and Senior Vice President, Clinical and Medical Development.Clinical Trial ProgramExpanded enrollment in the first stage of our Phase III head and neck cancer clinical trial (REO 18) to include 167 patients, all of whom have now been enrolled, and introduced an additional patient segregation to differentiate between patients with local recurrent disease, with or without metastases, and patients with distal metastases while maintaining the blind;Reaching the primary endpoint in the first stage of a U.S. Phase II clinical trial in patients with squamous cell carcinoma of the lung (SCCLC) using intravenous administration of REOLYSIN in combination with carboplatin and paclitaxel (REO 021);Completion of enrollment in a U.K. Phase I clinical trial using intravenously-administered REOLYSIN in combination with cyclophosphamide in patients with advanced malignancies (REO 012); andCompletion of enrollment in a U.S. Phase I clinical trial using intravenously-administered REOLYSIN in combination with FOLFIRI in patients with colorectal cancer (REO 022).Since September 30, 2012, the Company also announced completion of patient enrollment in a U.S. Phase II clinical trial using intravenous administration of REOLYSIN in combination with gemcitabine (Gemzar®) in patients with advanced or metastatic pancreatic cancer (REO 017).ONCOLYTICS BIOTECH INC.INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(unaudited)             September 30,   December 31,    2012$   2011$Assets        Current assets        Cash and cash equivalents   26,007,318   32,918,751Short-term investments   1,969,228   1,936,787Accounts receivable   89,842   55,392Prepaid expenses   592,927   721,576Total current assets   28,659,315   35,632,506         Non-current assets        Property and equipment   426,983   392,111Total non-current assets   426,983   392,111         Total assets   29,086,298   36,024,617         Liabilities And Shareholders' Equity        Current Liabilities        Accounts payable and accrued liabilities   6,711,147   6,504,238Total current liabilities   6,711,147   6,504,238         Shareholders' equity        Share capital            Authorized: unlimitedIssued:        September 30, 2012 - 76,661,085        December 31, 2011 - 71,251,335   198,049,608   177,282,566Warrants   3,030,519   2,653,627Contributed surplus   20,700,110   21,142,519Accumulated other comprehensive loss   (83,022)   (117,501)Accumulated deficit   (199,322,064)   (171,440,832)Total shareholders' equity   22,375,151   29,520,379Total liabilities and equity   29,086,298   36,024,617  ONCOLYTICS BIOTECH INC.INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS(unaudited)                Three MonthPeriodEndingSeptember30, 2012$  Three MonthPeriod EndingSeptember 30,2011$  Nine MonthPeriodEndingSeptember30, 2012$  Nine MonthPeriod EndingSeptember 30,2011$             Expenses            Research and development  8,129,328  5,315,134  24,673,201  13,769,876Operating  1,175,227  1,019,335  3,485,368  3,214,969Operating loss  (9,304,555)  (6,334,469)  (28,158,569)  (16,984,845)Write down of asset available for sale  —  —  —  (735,681)Change in fair value of warrant liability  —  —  —  36,000Interest  74,053  102,445  287,509  317,148Loss before income taxes  (9,230,502)  (6,232,024)  (27,871,060)  (17,367,378)Income tax expense  (13,400)  —  (10,172)  —Net loss  (9,243,902)  (6,232,024)  (27,881,232)  (17,367,378)Other comprehensive (loss) income - translationadjustment  (47,462)  (9,587)  34,479  28,744             Net comprehensive loss  (9,291,364)  (6,241,611)  (27,846,753)  (17,338,634)Basic and diluted loss per common share  (0.12)  (0.09)  (0.37)  (0.25)Weighted average number of shares (basic and diluted)  76,607,281  71,221,218  75,903,566  70,800,114   ONCOLYTICS BIOTECH INC.INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)                Three MonthPeriodEndingSeptember30, 2012$  Three MonthPeriod EndingSeptember 30,2011$  Nine MonthPeriodEndingSeptember30, 2012$ Nine MonthPeriod EndingSeptember 30,2011$             Operating Activities            Net loss for the period  (9,243,902)  (6,232,024)  (27,881,232)  (17,367,378)  Amortization - property and equipment  26,422  21,258  83,993  68,525  Share based compensation  (121,685)  181,183  (49,489)  224,525  Change in fair value of warrant liability  —  —  —  (36,000)  Write down of asset available for sale  —  —  —  735,681  Unrealized foreign exchange loss  983  (121,391)  17,145  98,736  Net change in non-cash working capital  1,514,620  (427,319)  301,108  930,195  Cash used in operating activities  (7,823,562)  (6,578,293)  (27,528,475)  (15,345,716)               Investing Activities              Acquisition of property and equipment  (25,238)  (62,087)  (118,865)  (111,194)  Purchase of short-term investments  —  —  (32,441)  1,679,940  Cash used in investing activities  (25,238)  (62,087)  (151,306)  1,568,746               Financing Activities            Proceeds from exercise of stock options and warrants  101,750  54,985  987,219  14,793,582Proceeds from public offering  —  —  19,763,795  —Cash provided by financing activities  101,750  54,985  20,751,014  14,793,582Increase in cash  (7,747,050)  (6,585,395)  (6,928,767)  1,016,612Cash and cash equivalents, beginning of period  33,802,813  46,640,231  32,918,751  39,296,682Impact of foreign exchange on cash and cash equivalents  (48,445)  188,466  17,334  (69,992)Cash and cash equivalents, end of period  26,007,318  40,243,302  26,007,318  40,243,302To view the Company's Third Quarter 2012 Consolidated Financial Statements, related Notes to Consolidated Financial Statements, and Management's Discussion and Analysis, please see the Company's quarterly filings which will be available on www.sedar.com and on www.oncolyticsbiotech.com.  About Oncolytics Biotech Inc.Oncolytics is a Calgary-based biotechnology company focused on the development of oncolytic viruses as potential cancer therapeutics. Oncolytics' clinical program includes a variety of human trials using REOLYSIN, its proprietary formulation of the human reovirus. For further information about Oncolytics, please visit: www.oncolyticsbiotech.com.This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including the Company's belief as to the potential of REOLYSIN as a cancer therapeutic; the Company's expectations as to the success of its research and development programs in 2012 and beyond, the Company's planned operations, the value of the additional patents and intellectual property; the Company's expectations related to the applications of the patented technology; the Company's expectations as to adequacy of its existing capital resources; the design, timing, success of planned clinical trial programs; and other statements related to anticipated developments in the Company's business and technologies 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 success and timely completion of clinical studies and trials, the Company's ability to successfully commercialize REOLYSIN, uncertainties related to the research and development of pharmaceuticals, uncertainties related to the regulatory process and general changes to the economic environment. 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 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.For further information: The Equicom Group Nick Hurst 300 - 5th Ave. SW, 10th Floor Calgary, Alberta T2P 3C4 Tel: 403.218.2835 nhurst@equicomgroup.com  Dian Griesel Inc. Tom Caden 398 West Broadway, 2nd Floor New York, NY  10012 Tel:  212.825.3210tcaden@dgicomm.com