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The latest update is out from Oncolytics Biotech ( (TSE:ONC) ).
Oncolytics Biotech Inc. announced that Matt Coffey, Ph.D., will not return to his role as CEO after a medical leave of absence due to ongoing health concerns. Dr. Coffey’s decision was made with the best interests of his family and the company in mind. He has played a pivotal role in the development of pelareorep, an innovative therapeutic agent for cancer treatment, from its pre-clinical stages to Phase 2 studies. Wayne Pisano, the Chair of Oncolytics’ Board of Directors, will serve as interim CEO while the company searches for a new CEO to continue advancing Coffey’s vision. This leadership transition may impact Oncolytics’ strategic direction as it seeks to further its position in the oncology immunotherapy sector.
More about Oncolytics Biotech
Oncolytics Biotech Inc. is a clinical-stage biotechnology company focused on developing pelareorep, an intravenously delivered immunotherapeutic agent. This agent has shown promising results in Phase 2 studies for metastatic breast cancer and pancreatic cancer by inducing anti-cancer immune responses, transforming ‘cold’ tumors into ‘hot’ tumors. Oncolytics is actively conducting and planning combination clinical trials with pelareorep in solid malignancies, emphasizing its synergistic potential with approved oncology treatments. The company is advancing towards registrational studies for breast and pancreatic cancers, both of which have received Fast Track designation from the FDA.
YTD Price Performance: -14.62%
Average Trading Volume: 1,232,254
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $61.42M
For a thorough assessment of ONC stock, go to TipRanks’ Stock Analysis page.
