Oncolytics Biotech (TSX: ONC, NASDAQ:ONCY) ("Oncolytics") announced recently that it has made an investment in British Canadian Biosciences Corp. (BCBC), a privately held biotechnology company specializing in the development of peptides for the treatment of a variety of conditions, including cancer.
Oncolytics has purchased all of the convertible preferred shares of BCBC in exchange for 200,000 common shares of Oncolytics.
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If converted to common shares, Oncolytics would own 10% of the outstanding BCBC common shares. In addition, Oncolytics has obtained a right, under certain circumstances, to purchase the rights to BCBC's oncology product which is entering Phase II studies for use in solid tumours. The purpose of the transaction is to gain access, at a future date, to a potential new oncology product. Beyond this transaction, Oncolytics has no commitments for future program support to BCBC. None of the directors, officers, or related parties of Oncolytic's own shares in or have any commercial interests in BCBC.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 human trials including a Phase III trial in head and neck cancers using REOLYSIN(R), its proprietary formulation of the human reovirus.
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