#USA #San Diego #Oncolytics Biotech #pelareorep #Matt Coffey

Transition in Leadership at Oncolytics Biotech®

Oncolytics Biotech® Inc. (NASDAQ: ONCY) (TSX: ONC) has made a significant announcement regarding its leadership. Effective immediately, Matt Coffey, Ph.D., the President and Chief Executive Officer, will not return to his role following a medical leave of absence. This tough decision stems from ongoing health concerns. Dr. Coffey, who has been pivotal in the company’s journey over the past 25 years, has decided to step down for the benefit of his family as well as the organization.

The Board of Directors, led by interim CEO Wayne Pisano, has expressed regret over Dr. Coffey's departure but has voiced full support for his decision. In his time with Oncolytics, Dr. Coffey has been instrumental in the development of pelareorep, the company’s leading immunotherapeutic agent, which has shown promising results in clinical trials for treating metastatic breast cancer and pancreatic cancer. His leadership catalyzed innovations that have laid the groundwork for the company's success in navigating complex oncology therapeutics.

In a statement, Wayne Pisano emphasized Dr. Coffey's invaluable contributions, stating, "For the past 25 years, Matt has been invaluable to the organization and has led the development of pelareorep from pre-clinical through successful Phase 2 studies. He has left an indelible fingerprint on the company and its employees. We wish him good health and ongoing success in his future endeavors."

With Dr. Coffey's departure, the company will initiate an immediate search for a new Chief Executive Officer. Pisano will continue to serve as Interim CEO during this transitional period, steering the company towards fulfilling Dr. Coffey's vision of advancing pelareorep as a novel treatment option for unmet needs in oncology.

About Pelareorep and Oncolytics Biotech®

Pelareorep is an intravenously delivered immunotherapeutic agent that has showcased compelling efficacy within randomized Phase 2 studies, particularly in fighting metastatic breast cancer. The drug functions by creatively engendering anti-cancer immune responses while converting 'cold' tumors to 'hot' through both innate and adaptive immune mechanisms.

Prominent in the oncology sector, Oncolytics is pursuing and planning various combination clinical trials for pelareorep, especially focusing on malignant solid tumors as it works towards registrational studies on its promising candidates in breast and pancreatic cancers. Both these treatment paths have achieved Fast Track designation from the FDA, indicating strong support for their expedited development plans.

As a forefront player in clinical-stage biotechnology, Oncolytics Biotech® continues to navigate the complexities of cancer treatment, engaging with essential stakeholders to bring forth innovations that can improve patient outcomes. Those seeking further information on the company’s initiatives can explore the website at www.oncolyticsbiotech.com or connect via their social media platforms, including LinkedIn and X @oncolytics.

With the leadership transition, Oncolytics is in a unique position to continue its trajectory towards success, ensuring that the mission of making groundbreaking treatments accessible is upheld, and the future of oncology is met with robust dedication. As the search for a new CEO unfolds, industry observers will keep a close watch on how these changes impact Oncolytics’ ongoing projects and the landscape of cancer treatment innovations.