Sector News

Brad Thompson exits Oncolytics Biotech

November 4, 2016
Life sciences

Canadian cancer biotech Oncolytics announced alongside its financials that its long-standing president and CEO, Brad Thompson, will be leaving the company “immediately.”

In a brief update, and without saying whether he left of his own accord or was pushed, the Calgary-based biotech said Thompson has stepped down as its leading exec effective immediately.

COO Matt Coffey has for the interim taken over as president and CEO as the company looks for a permanent lead.

This is likely an unplanned departure, as most changes at the top are preceded by longer term transition plans, and there was no mention of retirement for Thompson.

Thompson and Coffey have led Oncolytics for 18 years since it was founded. Wayne Pisano, chairman of the Oncolytics board, credited Thompson “for advancing the company’s lead candidate Reolysin in multiple cancer indications and, in particular, for the recent progress in lung, multiple myeloma and colorectal cancers.”

“Dr. Thompson has been instrumental in the development of our company and the progress we have seen in taking Reolysin into multiple Phase II clinical trials,” added Pisano. “On behalf of the board of directors, I would like to thank Brad for his dedication and leadership.”

Oncolytics has released a mixed bag of data over the years. Back in 2013, the biotech conducted an analysis of 20 patients with squamous cell carcinoma in their lungs on its candidate Reolysin–a version of a common respiratory virus–as well as the chemo drugs carboplatin and paclitaxel. Of those analyzed, 19–or 95%–showed tumor shrinkage and the mean reduction in tumor size was 33.7%.

In August of this year, the company also released new data showing female patients with adenocarcinoma (n=20) using the med showed a statistically valid improvement in median progression free survival (PFS) versus control–although the same could not be said for male patients, as no PFS or overall survival benefit was observed.

The thinly traded nano cap was also hit back in May, falling 18% on the news, when it produced weak data for the midstage IND 211 trial that was looking to improving survival for certain lung cancer patients.

The company was down 8.2% at end of play yesterday.

By Ben Adams

Source: Fierce Biotech

comments closed

Related News

May 15, 2022

Novo Nordisk and Flagship Pioneering announce a strategic collaboration to create a portfolio of transformational medicines

Life sciences

The companies will explore opportunities to apply Flagship’s innovative bioplatforms – an ecosystem that currently comprises 41 companies – to scientific challenges in disease areas within cardiometabolic and rare diseases and initiate research programmes based on these.

May 15, 2022

BD, Babson set sights on bringing simple blood collection into the home

Life sciences

BD is expanding its long-running partnership with the blood collection company Babson Diagnostics. The two companies have been working together since 2019 on a device that can gather small volumes of blood from the capillaries in the fingertip without requiring any specialized training, and beginning with a focus on supporting primary care in retail settings.

May 15, 2022

CSL’s $11.7B Vifor buy, 2021’s biggest biopharma M&A deal, hits antitrust delay

Life sciences

Wednesday, Australian biotech CSL said (PDF) the regulatory review of its $11.7 billion acquisition of Switzerland’s Vifor Pharma will take “a few more months,” suggesting it won’t be able to close the transaction by June 2022 as previously expected.