Oncolytics raises $4.1 million in private placement

Oncolytics Biotech Inc has raised $4.1 million in a private placement of two million shares. The Calgary-based firm will use the proceeds for general corporate purposes. Oncolytics is focused on developing Reolysin, a proprietary formulation of the human reovirus as a potential therapeutic for cancer. It has previously shown that the reovirus can selectively kill human cancer cells in vitro including cancer cells of breast, prostate, pancreatic and brain tumours.