CALGARY,
Nov. 4, 2014 /CNW/ - Oncolytics
Biotech® Inc. ("Oncolytics" or the "Company") (TSX:ONC;
NASDAQ:ONCY) announced today that on October
29, 2014 it received a letter from the NASDAQ OMX Group
("Nasdaq") stating that the bid price of the Company's common stock
for the 30 consecutive trading days from September 17, 2014 to October 28, 2014 had closed below the minimum
$1.00 per share required for
continued listing under Listing Rule 5550(a)(2).
The Nasdaq notification letter makes clear that
the Company's common stock will continue to trade uninterrupted on
The Nasdaq Capital Market under the symbol "ONCY", and it does not
result in the immediate delisting of the Company's common stock.
The Company's shares continue to trade on the Toronto Stock
Exchange ("TSX") under the symbol "ONC" and are in full compliance
with TSX listing requirements. The Company's listing on the TSX is
completely independent of, and will not be affected by, the status
of its Nasdaq listing.
Oncolytics has a period of 180-calendar days, or
until April 27, 2015, to regain
compliance with the minimum bid price requirement. When at any time
during the 180-day period, the minimum closing bid price per share
of the Company's common stock closes at or above $1.00 for a minimum of ten consecutive business
days, Oncolytics will regain compliance and the matter will be
closed. In the event the Company does not regain compliance, it may
be eligible to receive an additional 180-day period; provided that
Oncolytics meets the continued listing requirement for market value
of publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, with the exception of the minimum bid
price requirement, and provides written notice of its intention to
cure the minimum bid price deficiency during the second 180-day
compliance period. If it appears to the Nasdaq staff that the
Company will not be able to cure the deficiency or if the Company
is not otherwise eligible for the additional grace period, the
Company's common stock will be subject to delisting by Nasdaq.
About Oncolytics Biotech®
Inc.
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 later-stage, randomized
human trials in various indications using REOLYSIN®, its
proprietary formulation of the human reovirus. For further
information about Oncolytics, please visit:
www.oncolyticsbiotech.com.
This press release contains forward-looking
statements within the meaning of the U.S. Securities Act of 1933,
as amended, and U.S. Securities Exchange Act of 1934, as amended,
and forward-looking information within the meaning of Canadian
securities laws. Statements, other than statements of historical
facts, included in this press release that address activities,
events or developments that Oncolytics expects or anticipates will
or may occur in the future, including such things as the actions
that could be taken by members of the Nasdaq staff, and any
exercise of discretion by members of the Nasdaq staff with respect
to compliance by the Company with the Nasdaq Listing Rules, and
other such matters are forward-looking statements and
forward-looking information and involve known and unknown risks and
uncertainties, which could cause the Company's actual results to
differ materially from those in the forward-looking statements and
forward-looking information. Such risks and uncertainties include,
among others, risks related to market conditions. Investors should
consult the Company's quarterly and annual filings with the
Canadian and U.S. securities commissions for additional information
on risks and uncertainties relating to the forward-looking
statement and forward-looking information. Investors are cautioned
against placing undue reliance on forward-looking statements and
forward-looking information. The Company does not undertake to
update these forward-looking statements and forward-looking
information, except as required by applicable laws.
SOURCE Oncolytics Biotech Inc.