CALGARY, Nov. 2, 2016 /PRNewswire/ - Oncolytics
Biotech® Inc. ("Oncolytics" or the "Company") (TSX: ONC)
(OTCQX: ONCYF) (FRA: ONY) today announced that Brad Thompson Ph.D.
has stepped down as President and Chief Executive Officer of
Oncolytics effective immediately. The Company's Chief Operating
Officer, Matt Coffey Ph.D., M.B.A., has been appointed Interim
President and Chief Executive Officer while the Company conducts a
search for Dr. Thompson's
replacement.
Dr. Thompson, along with Dr.
Coffey, has led Oncolytics for 18 years since it was founded.
Wayne Pisano, Chairman of the Board
of Directors of Oncolytics, credited Dr. Thompson for advancing the Company's lead
candidate REOLYSIN® in multiple cancer indications and,
in particular, for the recent progress in lung, multiple myeloma
and colorectal cancers.
"Dr. Thompson has been
instrumental in the development of our Company and the progress we
have seen in taking REOLYSIN® into multiple Phase 2
clinical trials," said Mr. Pisano. "On behalf of the Board of
Directors, I would like to thank Brad for his dedication and
leadership."
The Oncolytics Board of Directors is confident that Dr. Coffey
will provide strong leadership and continue the development of
REOLYSIN® during the interim period until a new chief
executive is announced. The Board will be engaging an executive
recruitment firm to assist it in this search process.
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 later-stage, randomized human trials in
various indications 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 the U.S. Securities Act of 1933, as amended, and
U.S. Securities Exchange Act of 1934, as amended, and
forward-looking information within the meaning of Canadian
securities laws. Statements, other than statements of historical
facts, included in this press release that address activities,
events or developments that Oncolytics expects or anticipates will
or may occur in the future, including the impact on Oncolytics and
its clinical program of the change in senior management of
Oncolytics and the ability of Oncolytics to successfully identify
and hire a new chief executive, and other such matters are
forward-looking statements and forward-looking information and
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 and forward-looking information.
Such risks and uncertainties include, among others, risks
related to the statistical sufficiency of patient enrollment
numbers in separate patient groups, the availability of funds and
resources to pursue research and development projects, the efficacy
of REOLYSIN® as a cancer treatment, the
tolerability of REOLYSIN® outside a
controlled test, 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 and uncertainties
related to the regulatory process. 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 and
forward-looking information. Investors are cautioned against
placing undue reliance on forward-looking statements and
forward-looking information. The Company does not undertake to
update these forward-looking statements and forward-looking
information, except as required by applicable laws.
SOURCE Oncolytics Biotech Inc.