Oncolytics Biotech® Appoints Former Ambrx Executive as Chief Business Officer to Drive Business Development Strategy
Mr. Aromando most recently served as Chief Operating Officer at Ambrx Biopharma, where his contributions were instrumental in the $2 billion acquisition of the San Diego-based biotech by Johnson & Johnson. In his role at Oncolytics, Mr. Aromando will be responsible for leading global business development. He will also be directly involved with developing corporate, clinical and regulatory strategies. Among his key priorities will be optimizing the value of the Company's expansive suite of promising clinical data for pelareorep in multiple tumor types, including pancreatic, breast, and anal cancers.
"Andrew's experience will be invaluable as we pursue aggressive clinical and business development strategies to maximize the value of pelareorep on an accelerated timeline," said Jared Kelly, Chief Executive Officer of Oncolytics. "He is a proven industry leader with a successful track record of navigating complex transactions and partnerships and an outstanding addition to our executive team."
Mr. Aromando added, "I'm thrilled to join Oncolytics at such a pivotal moment in its evolution. With promising data in difficult-to-treat cancers and a compelling body of clinical evidence in over 1,100 patients, I believe the Company is uniquely positioned to deliver meaningful value to patients and other stakeholders in the near term."
Mr. Aromando has over 30 years of experience in the life sciences industry. He has served more than 20 years in C-level positions at leading oncology-focused biopharma companies and global service providers. His senior executive roles at these companies were centered on strategic planning, corporate development, portfolio optimization, and product commercialization. He earned his BA from The College of New Jersey and MA from Rutgers University.
As a material inducement to Mr. Aromando's appointment as Chief Business Officer, and in accordance with NASDAQ Listing Rule 5635(c)(4), Mr. Aromando has been awarded an initial stock option grant exercisable for 750,000 shares with an exercise price of CAD$0.93, vesting equally over three years with a term of 5 years from the date of grant. The Company also granted Mr. Aromando 500,000 restricted stock units, which vest upon the Company entering into a definitive agreement for certain transactions providing for the acquisition of the Company or the exclusive license of pelareorep.
About Oncolytics Biotech Inc.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an intravenously delivered immunotherapeutic agent. Pelareorep has demonstrated promising results in two randomized Phase 2 studies in metastatic breast cancer and Phase 1 and 2 studies in pancreatic cancer. It acts by inducing anti-cancer immune responses and promotes an inflamed tumor phenotype -- turning "cold" tumors "hot" -- through innate and adaptive immune responses to treat a variety of cancers.
Pelareorep has demonstrated synergies with multiple approved oncology treatments. Oncolytics is currently conducting and planning combination clinical trials with pelareorep in solid malignancies as it advances towards registrational studies in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA. For more about Oncolytics, please visit: www.oncolyticsbiotech.com or follow the company on social media on LinkedIn and on X @ oncolytics.
This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended and forward-looking information under applicable Canadian securities laws (such forward-looking statements and forward-looking information are collectively referred to herein as "forward-looking statements"). Forward-looking statements contained in this press release include statements regarding Oncolytics' belief as to the potential, mechanism of action and benefits of pelareorep as a cancer therapeutic; our plans, objectives and strategies; our focus on advancing pelareorep into registration enabling studies; and other statements related to anticipated developments in Oncolytics' business and technologies. In any forward-looking statement in which Oncolytics expresses an expectation or belief as to future results, such expectations or beliefs are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that the statement or expectation or belief will be achieved. Such forward-looking statements involve known and unknown risks and uncertainties, which could cause Oncolytics' actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the efficacy of pelareorep as a cancer treatment, the success and timely completion of clinical studies and trials, Oncolytics' ability to successfully commercialize pelareorep, uncertainties related to the research and development of pharmaceuticals, uncertainties related to the regulatory process and general changes to the economic environment. We may incur expenses or delays relating to events outside of our control, which could have a material adverse impact on our business, operating results and financial condition. Investors should consult Oncolytics' quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned against placing undue reliance on forward-looking statements. The Company does not undertake any obligation to update these forward-looking statements, except as required by applicable laws.
Company Contact
Jon Patton
Director of IR & Communication
[email protected]
Investor Relations for Oncolytics
Mike Moyer
LifeSci Advisors
+1-617-308-4306
[email protected]
Media Contact for Oncolytics
Owen Blaschak
LifeSci Communications
[email protected]
SOURCE Oncolytics Biotech® Inc.
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At Atlanta North, drilling encountered 0.28 g/t Au over 36.6m in hole AT25FN-6 starting at just 37m below surface, 4km north of the Atlanta Resource Zone (" ARZ"). This creates a large, approximately 3km long, untested gap along the mineralizing West Atlanta Fault with follow-up drilling planned. Table 1. Highlight holes released today from Silver Park East, Atlanta South, and Atlanta North in both g/t Au, Ag, and AuEq. AuEq based on US$2,200/oz Au and US$25.00/oz Ag, as applied in resource estimate. Cal Herron, Exploration Manager of Nevada King, stated: "Given its grade, thickness, continuity of mineralization, and geological similarity to the ARZ, AT25SP-32 clearly demonstrates strong potential for finding another ARZ-type deposit within the Silver Park area and elsewhere in the Atlanta district. For the first time, it conclusively documents the presence of unconformity-related Au-Ag mineralization possessing economic grade and thickness well outside of the ARZ and marks a major milestone in Nevada King's Phase III regional exploration program. Mr. Herron continued: "Overall, our Phase III program was designed to find one or more shallow, oxidized satellite-type gold deposits amenable to heap leach extraction. The better intercepts within our regional drill pattern could easily lead to several deposits meeting these criteria. Given the widely spaced distribution of these significantly mineralized holes, together with the consistently thick low-grade blanket mineralization surrounding them, I'm of the opinion that a very large and strong hydrothermal system operated at Atlanta on a district scale. This greatly improves the odds of finding several small satellite deposits, but it also greatly improves our odds of discovering something far more significant." Click HERE to watch a video of Nevada King geologists discussing the three primary exploration areas of Silver Park, Atlanta South, and Atlanta North. Silver Park Update: Gold mineralization has now been identified in three drill holes — AT25SP-21, AT25SP-23, and AT25SP-32 — spanning a 750-meter length from east to west across the SPE target. AT25SP-32 intercepted 0.83g/t AuEq (0.55g/t Au and 24.2g/t Ag) over 67.1m at SPE, making this the highest-grade hole drilled outside of the ARZ by Nevada King and historical operators. Collared 260m east of previously released AT25SP-21 (0.47g/t AuEq over 92m across three separate mineralized horizons), mineralization in AT25SP-32 starts at the Tertiary-Paleozoic unconformity and extends downward into variably silicified and decalcified dolomitic basement rock, which is identical to much of the oxidized gold mineralization within the ARZ. Hole AT25SP-23 intercepted 0.30 g/t AuEq over 6.1m starting at the unconformity and was located just to the east of the SPE target area. These intercepts occur along the southern margin of a substantial, undrilled CSAMT anomaly extending 700m northward into a blind target area completely covered by post-mineral volcanics (see Figures 2). Mineralized dolomite basement is an increasingly prominent host for gold at SPE, and it contains much of the mineralization found in hole AT25SP-32. The similar depth of mineralization in AT25SP-32 and AT25SP-21 suggests that there is a continuous shallow unconformity contact at SPE, with possible extension of a shallow mineralized horizon throughout the target area (see Figure 3). The silicified intrusive rock (noted as Silver Park Rhyodacite) hosting gold mineralization at Silver Park West and forming a cap on top of the mineralized unconformity at SPE is chemically very similar to the Atlanta Rhyodacite that hosts much of the mineralization within the West Atlanta Graben Zone (" WAGZ") of the resource and also caps the mineralized unconformity throughout the Atlanta Mine Fault Zone portion of the ARZ. This close spatial relationship and very similar chemistry seen between the rhyodacite intrusions at Silver Park and the ARZ argue strongly for a co-genetic relationship, both with respect to magma genesis and ensuing Au-Ag enriched hydrothermal activity. The prevalence of oxide mineralization along the Tertiary-Paleozoic unconformity at SPE and throughout the ARZ has been recognized in other Nevada deposits and was recently classified by Johnson et al (2022, Toward a Global Carlin-Type Exploration Model: The Relationship Between Eocene Magmatism and Diverse Gold-Rich Deposits in the Great Basin, USA, in: Great Basin Eocene Metallogeny) as a "paleosurface Carlin-type deposit". This refers to Carlin-type hydrothermal systems with epithermal characteristics that formed close to the paleosurface (at Atlanta this being the Tertiary-Paleozoic unconformity) and may have even breached the paleosurface, which would explain gold mineralization along the unconformity and in the overlying volcanic section as seen in the WAGZ and in AT25SP-21 at SPE. Atlanta South Update: AT24QR-16, located on the western flank of the southern portion of the Quartzite Ridge, encountered gold-arsenic mineralization across 48.7 meters averaging 0.16 g/t Au and 2.9 g/t Ag, which marks the first time significant gold mineralization has been drilled within the Pogonip Limestone at Atlanta. Additionally, the hole exhibited arsenic (As) values as high as 2,862 ppm, which is unusually high for gold mineralization at Atlanta but is common in Carlin-type deposits (" CTDs") in northern Nevada, and is a key tracer element for gold mineralization. Starting at 207m depth, Au-As mineralization in AT24QR-16 occurs within a gently east-dipping stratigraphic horizon averaging 30m thick that was also penetrated in the three surrounding holes, all showing elevated Au enrichment and strong arsenic values. This same low-angle, easterly dip is seen in outcrop at the surface. Recognition of strata-controlled Au-As mineralization within the Pogonip marks another important milestone at Atlanta considering the NE Nevada Carlin-type deposits at Archimedes (gold endowment of 5.39 Moz +) and Long Canyon (gold endowment of 1.98 Moz *) both occur within lower portions of the Pogonip Limestone. AT24QR-16, collared at the top of the Pogonip, encountered the mineralized replacement horizon at 207m depth, which puts the gold mineralization within the lower part of the Pogonip. Historical holes drilled by Goldfields and Kinross in the 1990s tested numerous targets within the Pogonip with little to no success, but most of these holes did not reach the lower part of the formation. AT24QR-18, located 600m to the south-west of AT24QR-16, drilled replacement-type silicification in collapse breccias within Pogonip Limestone at about the same stratigraphic level as the gold hit in AT24QR-16. The discovery of replacement-type silicification within the Pogonip also represents a first at Atlanta, with anomalous grades averaging 0.024 g/t Au over 54.9m. The alteration found across the large distance of both drill holes gives evidence for heat and fluid flow occurring within the Pogonip along a structurally complex part of the property as detailed in subsurface geophysical interpretation and ongoing field mapping – increasing prospectivity for CTDs within the Pogonip at Atlanta. Between the significant strata-controlled Au-As mineralization hit in AT24QR-16 and the weak Au-As mineralization in silicified collapse breccia seen in AT24QR-18, it is now known that replacement-type silicification favorable for gold deposition does occur in the Pogonip at Atlanta, with the task now shifting to finding higher-grade mineralization. This opens-up a very large area at Atlanta South for discovery of a CTD within the Pogonip Limestone. Ample room exists for finding one or more deposits within this area given the fact that most CTDs are small but high-grade. Nevada King is currently drill-testing several prospective targets, concentrating on silicified collapse breccias developed around felsic igneous intrusions that often possess skarnitized contacts with adjacent limestone. Atlanta North Update: Located 4km north of the ARZ, preliminary data from seven widely spaced drill holes at Atlanta North reveal the presence of anomalous gold mineralization within altered basement dolomite beds. Starting at 37m depth, hole AT25FN-6 encountered 36.6 meters of 0.28 g/t Au, found in both silicified dolomite with quartz veining and strongly decalcified dolomite, which is very similar to dolomite-hosted mineralization within the ARZ and at SPE. CSAMT data suggests mineralization could be related to the northern extension of the West Atlanta Fault, which is the main structure controlling gold mineralization in the ARZ. This hole is highly significant in that shallow, relatively thick oxide mineralization at a grade above the heap leach cut-off at the ARZ has been discovered by Nevada King in a previously unexplored area that was staked by the Company in 2022. This intercept opens up a very large area encompassing the Atlanta North and Jumbo target zones where scattered decalcification and weakly anomalous Au-As mineralization can be found over a combined N-S length of 5km. Historical drill holes located 3km south of AT25FN-6 at the southern end of the Atlanta North Target intersected 0.88 g/t Au over 10.7 meters (Golden Chief, 1996) and 0.54 g/t Au over 6.1 meters drilled by Goldfields in 1991. Mineralization occurs at the Tertiary-Paleozoic unconformity and extends downward into the dolomite basement, very similar to what is seen at SPE. With drill holes showing significant gold mineralization at either end of the Atlanta North target, the 3km untested gap between both sets of holes shows promise for yielding additional mineralization. CSAMT data suggests the target corresponds to a graben, which is the type of structure that concentrated and preserved gold mineralization within the ARZ and at Silver Park. CSAMT data further suggest s there may be a continuation of unconformity-style mineralization along the Paleozoic contact, akin to mineralization found within the ARZ and SPE. The intersection of N-S and E-W structures continues to play a significant role in horst and graben faulting and preservation of potential mineralized horizons. In addition to subsurface geophysical data, evidence of alteration and anomalous geochemistry has been identified in silicified dolomite outcrops extending northward into the basin, where rock chip samples have returned grades of up to 0.84 g/t Au. The upcoming drilling phase is designed to evaluate multiple locations, specifically targeting a potential east-west cross-structural feature and its possible association with intrusive rocks at depth. Conclusions: Historical drilling at Atlanta was concentrated within and immediately around the ARZ, but about 90 holes tested various parts of the district well outside of the ARZ. For the most part these drill results discouraged any systematic exploration of potential targets distal from the known deposit. Most of these regional exploration holes were drilled by Goldfields and Kinross, both of which were looking for large, at-surface CTDs within the Pogonip Limestone at Atlanta South. Apart from historical drilling at Atlanta North, all of the historical holes located within the Company's current regional targets tested surface gold anomalies occurring in outcrop, and subsequent drilling proved these anomalies did not extend to depth. In stark contrast, all significant gold mineralization exceeding 0.30 g/t Au over a minimum 15m thickness drilled by Nevada King within the ARZ and at SPE has been completely blind at the surface, as the mineralized horizons have been down-dropped in grabens and covered by post-mineral volcanics. This disparity seen in poorly mineralized, outcropping basement horst blocks versus well-mineralized basement rock in adjacent, covered graben blocks leads Nevada King to conclude: Very localized alteration and mineralization seen on top of the East Ridge, Quartzite Ridge, and Silver Park basement horst blocks likely represent remnants of broader mineralization that was eroded away over the past 28 million years during basin and Range extensional faulting. This would have been especially true for paleosurface CTDs that formed near the Tertiary-Paleozoic unconformity. This type of mineralization would be particularly susceptible to erosion, with the only way to preserve it being burial in a deep hole or graben where erosion could not get to it. In the case of post-mineral faulting, erosional remnants on top of horst blocks could be directing Nevada King to look in immediately adjacent grabens where coeval mineralization might have been preserved. Aside from preserving shallow mineralization from erosion, grabens also provide structural and hydrological environments needed for forming deposits. At the ARZ, mineralization within the WAGZ is directly attributed to high-angle faults that channeled shallow intrusions and mineralizing fluids up into the unconformity (paleosurface) and into the overlying volcanic sequence. These graben faults provided plumbing and ground preparation for forming the ARZ as well as protecting it from erosion. It would now be expected to find this structural mechanism, a syn-mineral graben subsidence, at Silver Park East and West considering the Company's drill intercepts and the CSAMT data. Moving forward with the Phase III program, this graben model will be pursued westward into the large Western Knolls target area. Exploration at the Atlanta South target is concentrated on deeper, classic CTDs within the Quartzite Ridge horst block. Notably, stronger mineralization tends to occur lower in the Pogonip Formation, particularly within receptive beds, similar to both Long Canyon and Archimedes. In contrast, the upper Pogonip is exposed at the surface, which accounts for the limited success of previous drilling efforts in this area. Nevada King is now focused on defining an area where deeper levels within the Pogonip have been exposed, either via folding or secondary horst block development. Two likely candidates have been identified, one located in-between AT24QR-16 and QR-18, and the other several hundred meters west of AT24QR-16. Holes have been permitted in both areas and will be drilled later this season. Figure 4 summarizes the spatial relationships between major horst and graben blocks and drill-defined gold mineralization as currently known. The isopach map illustrates mineralization thickness encountered so far in the Phase III program, with grade indicated for several of the more important holes. This plot is useful because abrupt thickening in very low-grade mineralization (0.020-0.060 g/t Au) tends to signal proximity to stronger mineralization, as seen in the ARZ and around AT25FN-6. Abrupt increases in both grade and thickness are evident going into the Silver Park East and West grabens from the Silver Park horst block. Heading further westward from AT25SP-1, additional grabens indicated by the CSAMT data will be drill tested starting next month. In the Jumbo target both mineralization thickness and grade increase westward toward the western fault margin of the East Valley Graben, which serves to focus our attention along this structural boundary both within the Jumbo and Atlanta North targets. Assay results for rock samples collected along the Bradshaw Spring Graben boundary were recently received, showing anomalous Au-As-Mo in quartz veins hosted in silicified Pogonip and strongly altered intrusive dacite, with gold values ranging up to 0.59 g/t. This area was never previously explored, and our new sample data now indicates potential for a paleosurface CTD target along this contact. Since initiating the Phase III regional drilling program in late 2024, knowledge regarding the overall geology of the Atlanta District has increased enormously, largely from learning what the Paleozoic basement looks like underneath the Tertiary cover. This has allowed definition of horst and graben geometries and of faults that served as hydrothermal conduits. Understanding the Tertiary volcanic and sedimentary stratigraphy is improving, as well as identifying shallow intrusions that may have focused hydrothermal fluids into adjacent, more receptive host rocks. As a result of this newly gained knowledge, understanding of how the ARZ formed and how it relates to other mineralized portions of the Atlanta Caldera has greatly improved, as well as enabling better interpretation of the geophysical data, which is critical given the extent of post mineral cover. In relation to the ARZ, there are now significantly mineralized holes located 4km to the north (Atlanta North), 2.2km to the SE (Atlanta South), 2km to the SW (Silver Park East), 3km to the WSW (Silver Park West), and 4.6km to the west (Silver Park West). Most of these new gold occurrences were not historically explored, or if a previous operator did do some drilling in the vicinity, they largely concentrated on what was readily seen in outcrop as opposed to what they could not see because of thick post-mineral cover. Nevada King now has a number of points from which to start building new resources around these indicative drill intercepts. +Sourced from Nevada Division of Minerals (NDOM) website & I-80 Gold 2021 NI 43-101 Technical Report. *Sourced from Nevada Division of Minerals (NDOM) website & Berrick 2023 Q4 results release. Table 2: All drill results in today's release. * Denotes angled holes. + Denotes holes that bottomed in mineralization. QA/QC Protocols All RC samples from the Atlanta Project are split at the drill site and placed in cloth and plastic bags utilizing a nominal 2kg sample weight. CRF standards, blanks, and duplicates are inserted into the sample stream on-site on a one-in-twenty sample basis, meaning all three inserts are included in each 20-sample group. Samples are shipped by a local contractor in large sample shipping crates directly to American Assay Lab in Reno, Nevada, with full custody being maintained at all times. At American Assay Lab, samples were weighted then crushed to 75% passing 2mm and pulverized to 85% passing 75 microns to produce a 300g pulverized split. Prepared samples are initially run using a four acid + boric acid digestion process and conventional multi-element ICP-OES analysis. Gold assays are initially run using 30-gram samples by lead fire assay with an OES finish to a 0.003 ppm detection limit, with samples greater than 10 ppm finished gravimetrically. Every sample is also run through a cyanide leach for gold with an ICP-OES finish. The QA/QC procedure involves regular submission of Certified Analytical Standards and property-specific duplicates. Qualified Person The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, who is a Qualified Person as defined in National Instrument 43-101 (" NI 43-101"). About Nevada King Gold Corp. Nevada King is focused on advancing and growing its 100% owned, past producing, 130km 2 Atlanta Gold Mine project located along the Battle Mountain trend in southeast Nevada. The project hosts an NI 43-101 compliant pit-constrained oxide resource of 1,020koz Au in the measured and indicated category (27.7M tonnes at 1.14 g/t) plus an inferred resource of 99koz Au (3.6M tonnes at 0.84 g/t). See the NI 43-101 Technical Report on titled "Technical Report and Estimate of Gold and Silver Mineral Resources for the Atlanta Project, Lincoln County, Nevada, USA" with an effective date of September 6, 2024, and a report date of July 18, 2025, as prepared by RESPEC (formerly Mine Development Associates) and filed under the Company's profile on SEDAR+ NI 43-101 Mineral Resources at the Atlanta Mine by RESPEC 2025 Please see the Company's website at Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Statements Regarding Forward Looking Information This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements in this release, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of Nevada King, plans, intentions, beliefs, and expectations are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, technical, geologic, environmental, regulatory, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update forward-looking statements should beliefs, opinions, projections, or other factors, change, except as required by applicable securities laws.
