Investor Relations (IR) Questions: Oncolytics Biotech ONCY
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Answers received: August 2013
1) When is the last time ONCY raised cash through an offering (diluted)?
Oncolytics closed a U.S. underwritten public offering in late February 2013 issuing 8 million common shares at a price of US$4.00 per common share for gross proceeds of US$32 million.
2) How much cash (not cash equivalents) does ONCY have?
Oncolytics doesn’t distinguish between cash and cash equivalents in their financial statements. At June 30, 2013 they reported cash and cash equivalents of $36.1 million.
3) What and approximately when is the next known catalyst?
In the Q2 report (page 3) they identify that their 2013 clinical program anticipates the release of clinical data from stage 1 of a Phase III trial in head and neck cancer, a randomized U.S. Phase II pancreatic cancer trial and a randomized U.S. Phase II ovarian cancer trial.
4) What is ONCY's quarterly cash burn?
The Company does not break down cash burn on a quarterly basis. On page 3 of the Q2 report they indicate the cash requirements to fund 2013 operations will between $23.0 and $25.0 million dollars with ultimate actual requirements depending on their clinical and manufacturing programs.
5) Does ONCY have an existing line of credit and if so how much can they draw against it?
The Company does not have a line of credit.
1) When is the last time ONCY raised cash through an offering (diluted)?
Oncolytics closed a U.S. underwritten public offering in late February 2013 issuing 8 million common shares at a price of US$4.00 per common share for gross proceeds of US$32 million.
2) How much cash (not cash equivalents) does ONCY have?
Oncolytics doesn’t distinguish between cash and cash equivalents in their financial statements. At June 30, 2013 they reported cash and cash equivalents of $36.1 million.
3) What and approximately when is the next known catalyst?
In the Q2 report (page 3) they identify that their 2013 clinical program anticipates the release of clinical data from stage 1 of a Phase III trial in head and neck cancer, a randomized U.S. Phase II pancreatic cancer trial and a randomized U.S. Phase II ovarian cancer trial.
4) What is ONCY's quarterly cash burn?
The Company does not break down cash burn on a quarterly basis. On page 3 of the Q2 report they indicate the cash requirements to fund 2013 operations will between $23.0 and $25.0 million dollars with ultimate actual requirements depending on their clinical and manufacturing programs.
5) Does ONCY have an existing line of credit and if so how much can they draw against it?
The Company does not have a line of credit.
Answers received: January 2013
1) When is the last time ONCY raised cash through an offering (diluted)?
Oncolytics’ last equity offering was a bought deal financing that closed on February 8, 2012. The Company issued 5,065,750 shares at a price of $4.20 for gross proceeds of approximately $21.3 million.
2) How much cash (not cash equivalents) does ONCY have?
The Company does not distinguish between cash and cash equivalents on its balance sheet. As the name implies, cash equivalents are readily convertible into cash and are typically very short-term investments (three months or less). The Company does have a separate line item for short-term investments (less than 12-months duration). At September 30, 2012 cash and cash equivalents were approximately $26 million and short-term investments approximately $2 million.
3) What and approximately when is the next known catalyst?
Of note, the Company expects to report data from its Phase III study in head and neck cancer (REO 018). Oncolytics works with a number of third parties and there are a number of factors that could influence the timing. The Company obviously also wants to ensure they follow patients for a long enough period of time to obtain accurate data. On that basis, management has not been very specific with respect to timing.
4) What is ONCY's quarterly cash burn?
The Company’s burn rate has moderated following the completion of enrollment in the REO 018 study, as well as with the completion of other Company-sponsored studies. I have not seen a specific number quoted anywhere but Oncolytics has indicated it has sufficient cash on hand to fund operations into 2013.
5) Does ONCY have an existing line of credit and if so how much can they draw against it?
The Company does not have a line of credit.
1) When is the last time ONCY raised cash through an offering (diluted)?
Oncolytics’ last equity offering was a bought deal financing that closed on February 8, 2012. The Company issued 5,065,750 shares at a price of $4.20 for gross proceeds of approximately $21.3 million.
2) How much cash (not cash equivalents) does ONCY have?
The Company does not distinguish between cash and cash equivalents on its balance sheet. As the name implies, cash equivalents are readily convertible into cash and are typically very short-term investments (three months or less). The Company does have a separate line item for short-term investments (less than 12-months duration). At September 30, 2012 cash and cash equivalents were approximately $26 million and short-term investments approximately $2 million.
3) What and approximately when is the next known catalyst?
Of note, the Company expects to report data from its Phase III study in head and neck cancer (REO 018). Oncolytics works with a number of third parties and there are a number of factors that could influence the timing. The Company obviously also wants to ensure they follow patients for a long enough period of time to obtain accurate data. On that basis, management has not been very specific with respect to timing.
4) What is ONCY's quarterly cash burn?
The Company’s burn rate has moderated following the completion of enrollment in the REO 018 study, as well as with the completion of other Company-sponsored studies. I have not seen a specific number quoted anywhere but Oncolytics has indicated it has sufficient cash on hand to fund operations into 2013.
5) Does ONCY have an existing line of credit and if so how much can they draw against it?
The Company does not have a line of credit.