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Oncolytics Biotech stock takes off after naming new CEO
Oncolytics Biotech (TSX:ONC), a clinical-stage oncology immunotherapy stock, is up by more than 20 per cent after onboarding new chief executive officer and director Jared Kelly
Kelly brings a strong track record as a biotech executive, including ample experience with large-scale deals
The company is currently developing immunotherapies against breast, anal and pancreatic cancer
Oncolytics Biotech stock has given back 50 per cent year-over-year and 74.27 per cent since 2020
Oncolytics Biotech (TSX:ONC), a clinical-stage oncology immunotherapy stock, is up by more than 20 per cent after onboarding new chief executive officer and director Jared Kelly.
Kelly brings a strong track record as a biotech executive, including ample experience with large-scale deals, such as the sale of Ambrx Biopharma to Johnson & Johnson for $2 billion. He has also advised leading-edge biotech companies on M&A and licensing as part of law firms Lowenstein Sandler LLP and Kirkland & Ellis LLP.
The appointment bodes well for the advancement of pelareorep, Oncolytics' flagship intravenously-administered immunotherapeutic agent, which has been granted Fast-Track Designation by the U.S. Food and Drug Administration in metastatic breast cancer (mBC) and metastatic pancreatic ductal adenocarcinoma (mPDAC).
In phase 1 and 2 trials involving more than 140 mPDAC patients, pelareorep delivered a more than 60 per cent objective response rate, more than double compared to historical control trials, as well as two-year survival rates 4-6 times those of control patients or prior benchmark studies.
In mBC, pelareorep achieved a meaningful survival benefit in two randomized phase 2 studies, in addition to improvements in a separate phase 2 study upon historical data for treatment with a checkpoint inhibitor in second-line or later unresectable squamous cell carcinoma of the anal canal.
According to Oncolytics' investor presentation for March 2025, the company sees multi-billion-dollar upside for pelareorep across a growing number of cancer variants. Leadership insights
'Mr. Kelly's vision and track record is an extraordinary fit with the standout clinical data pelareorep has generated to date,' Wayne Pisano, Oncolytics' chair and outgoing interim CEO, said in a statement. 'We believe Mr. Kelly's well-documented ability to prioritize clinical program development, execute successful financings and attract the attention of large industry peers will help maximize Oncolytics' potential to deliver transformative outcomes for patients and exceptional value for investors.'
'Pelareorep's clinical data across multiple tumors is striking and represents the potential for a true backbone immunotherapy to address many in-need indications,' Kelly added. 'Importantly, the data show that pelareorep creates a robust immunologic response in difficult tumors and increases survival in a patient population where survival has historically evaded most patients. With a renewed focus and sharpened clinical development plan, we believe we will move pelareorep forward effectively and efficiently to a place where potential partners will see the value of a de-risked immunotherapy. I am excited to get to work accelerating development and unlocking significant value for stakeholders.'
Oncolytics Biotech is a clinical-stage biotechnology company developing immunotherapies against breast, anal and pancreatic cancer.
Oncolytics Biotech stock (TSX:ONC) is up by 23.68 per cent trading at C$0.70 per share as of 10:53 am ET. The stock has given back 50 per cent year-over-year and 74.27 per cent since 2020.
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