- Oncolytics Biotech (TSX:ONC), a clinical-stage cancer therapy company, announced a US$20 million share purchase agreement with institutional investor Alumni Capital to further develop its pelareorep drug candidate
- Pelareorep has shown early-stage success against breast and pancreatic cancer
- Oncolytics is a biotechnology company focused on cancer immunotherapies
- Oncolytics Biotech stock has given back 55.97 per cent year-over-year and 66.51 per cent since 2020
Oncolytics Biotech (TSX:ONC), a clinical-stage cancer therapy company, announced a US$20 million share purchase agreement with institutional investor Alumni Capital to further develop its pelareorep drug candidate.
The intravenous pelareorep activates anti-cancer immune responses, leading to an inflamed tumor phenotype, effectively turning them from cold to hot, enabling immune cells to recognize and kill cancer cells. The candidate has proven effective in two randomized phase 2 studies on metastatic breast cancer, as well as phase 1 and 2 studies on pancreatic cancer, with the U.S. Food and Drug Administration having granted the company the Fast Track Designation for registrational studies under both variants.
As per the agreement, Alumni is obliged to purchase up to US$20 million in Oncolytics stock at market prices over a 15-month period. Purchases will be at Oncolytics’ sole discretion, though Alumni is free to sell the shares as it sees fit.
According to Thursday’s news release, the funds grant Oncolytics more flexibility to meet pelareorep’s clinical milestones while fostering shareholder value.
About Oncolytics Biotech
Oncolytics is a biotechnology company focused on cancer immunotherapies.
Oncolytics Biotech stock (TSX:ONC) last traded at C$0.70 per share. The stock has given back 55.97 per cent year-over-year and 66.51 per cent since 2020.
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