INDUSTRY NEWS: Synsorb Absorbs Oncolytics Biotech

Applied Genetics News,  March 19, 1999  

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Synsorb (Calgary, Alberta; Tel: 403/283-5900, Website: www.sysorb.com) has signed a letter of agreement to acquire Oncolytics Biotech, Inc. The principal scientist of Oncolytics is Patrick Lee (403/220-7548), who--along with his colleagues--recently demonstrated that the naturally occurring human reovirus (respiratory enteric orphan virus) will kill a variety of human cancer cell lines in mouse models (Science, 282,1332-1334).

"With the backing of Synsorb resources, we will be able to move into clinical trials for the reovirus much faster," said Lee. The reovirus ordinarily causes mild infections in the upper respiratory and gastrointestinal tract in humans. Oncolytics was founded and formed to fully explore the potential of reovirus in the treatment of cancer. Synsorb will acquire all outstanding shares of the privately-held Oncolytics in a share exchange valued at $2.5 million. Additional payments to the existing shareholders at Oncolytics will be payable upon completion of specific pre-determined milestones.

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