Oncolytics Biotech Enters into Common Stock Purchase Agreement for up to US$26 Million with Lincoln Park Capital

Oncolytics Biotech (NASDAQ:ONCY,TSX:ONC), currently developing pelareorep, an intravenously delivered immuno-oncolytic virus turning cold tumors hot, today announced the execution of a Common Stock Purchase Agreement for up to US$26.0 million with Lincoln Park Capital Fund, an institutional investor.

As quoted in the press release:

Upon signing of the Agreement, dated September 27, 2018, LPC initially purchased 248,762 shares for $1,000,000, representing a purchase price of approximately $4.02 per share. Thereafter and subject to the terms and conditions of the Agreement, Oncolytics has the right to sell and LPC is obligated to purchase, up to $25 million worth of common stock over a 30-month period at prices that are based on the market price at the time of each sale to LPC.  Oncolytics, in its sole discretion, controls the timing and amount of all sales of common stock and there are no warrants, derivatives, or other share classes associated with this Agreement.

“We are pleased to enter this agreement with Lincoln Park Capital, an existing investor, which provides Oncolytics with additional access to capital and financial flexibility, if needed, as we conduct our clinical programs and approach multiple milestones over the next twelve to eighteen months,” said Kirk Look, CFO at Oncolytics Biotech.  “Importantly, this facility is completely at our discretion and supports our strategy in negotiating future collaborations and, or, a potential partnership.”

Click here to read the full press release.