Oncolytics grants Adlai Nortye Asian rights to Reolysin

Oncolytics Biotech Inc. (TSX:ONC; OTCQX:ONCYF) granted Adlai Nortye (NEEQ:870946) exclusive rights to develop and commercialize Reolysin pelareorep in China, including Hong Kong and Macau, Singapore, South Korea and Taiwan.

Oncolytics will receive $5.3 million up front and is eligible for $81.3 million in milestones, plus double-digit royalties. Included in the milestones are two purchase warrants worth $8 million in Oncolytics stock combined. The first $2 million warrant is exercisable upon enrollment of the first patient in a Phase III trial of Reolysin to treat metastatic breast cancer. The second $6 million warrant is exercisable upon enrollment of the fifteenth patient in the trial. Oncolytics plans to start enrollment in the trial in mid-2018...