Oncolytics Biotech Has Applied to List its Common Shares on Nasdaq and Announces Share Consolidation

Oncolytics Biotech (TSX:ONC) (OTCQX:ONCYF), currently developing REOLYSIN^® (pelareorep), an intravenously delivered immuno-oncolytic virus turning cold tumors hot, today announced that it has applied to list its common shares on the Nasdaq Capital Market (“Nasdaq”). In connection with the planned U.S. listing, and as previously authorized by its shareholders, the Corporation is implementing a consolidation of its outstanding common shares.

As quoted in the press release:

“Over the past 18 months we have advanced the development of pelareorep,” said Dr. Matt Coffey, President and CEO of Oncolytics Biotech. “Pelareorep, in combination with paclitaxel, demonstrated an almost doubling of median overall survival in our target patient population in a phase two metastatic breast cancer study, we received Fast Track Designation and reached agreement on a special protocol assessment with the FDA to run a phase three registration study in metastatic breast cancer. From a business development perspective, we announced two immuno-oncology combination studies with Merck and Celgene, along with a regional partnering transaction with Adlai Nortye. With these milestones achieved we believe we are now ready to list our common shares on Nasdaq, one of our stated strategic objectives.”

The Corporation’s board of directors has determined that the consolidation will be done on the basis of one new common share for every 9.5 currently outstanding common shares. The consolidation will be effective on May 22, 2018 and the common shares are expected to begin trading on a post-consolidation basis on both the TSX and OTCQX as of market open on May 25, 2018. There are currently 142,396,222 common shares issued and outstanding, and it is expected that there will be 14,989,076 common shares issued and outstanding following the consolidation, subject to rounding for any fractional shares. No fractional shares will be issued as a result of the share consolidation. Fractional interests will be rounded down to the nearest whole number of common shares.

Click here to read the full press release.