SAN DIEGO - Oncolytics Biotech Inc. (NASDAQ:ONCY) announced today the appointment of Steve Glover to its board of directors and the promotion of John McAdory to chief operating officer.
Glover previously served as chairman of Ambrx Biopharma during its acquisition by Johnson & Johnson in a transaction valued at approximately $2 billion, according to a press release statement. As a board member, he will contribute to the company’s corporate strategy and business development initiatives.
McAdory joined Oncolytics earlier this year from CG Oncology, where he served as vice president of clinical operations. In his new role as COO, he will oversee clinical operations, development activities, and preclinical research and development efforts. He will also participate in strategic partnerships and business development initiatives.
Oncolytics is a clinical-stage biotechnology company developing pelareorep, an investigational immunotherapy agent. The company is conducting studies in gastrointestinal cancers, including colorectal and pancreatic cancer, for which pelareorep has received Fast Track designation from the FDA. With a market capitalization of $123 million, the stock has surged 208% over the past year, currently trading at $1.06. According to InvestingPro analysis, the stock appears undervalued relative to its Fair Value, placing it among opportunities on the platform’s most undervalued stocks list. InvestingPro Tips reveal that 3 analysts have revised their earnings upwards for the upcoming period—one of 10 exclusive tips available to subscribers, alongside comprehensive Pro Research Reports covering ONCY and 1,400+ other US equities.
The company stated it is pursuing strategic partnerships to advance development of its immunotherapy platform.
In other recent news, Oncolytics Biotech has made significant advancements in its clinical trials and strategic planning. The company announced alignment with the U.S. Food and Drug Administration (FDA) on the design of a pivotal clinical study for pelareorep, targeting patients with unresectable metastatic squamous cell carcinoma of the anal canal. This agreement followed a Type C meeting with the FDA, where a randomized controlled trial was decided upon, potentially supporting both accelerated and full approval within the same study. Additionally, H.C. Wainwright reiterated its Buy rating for Oncolytics Biotech, maintaining a price target of $10.00. The firm hosted a virtual fireside panel with Oncolytics’ top executives to discuss strategic refinements for pelareorep, particularly in its ongoing Phase 2 REO 033 trial for colorectal cancer. These developments reflect Oncolytics’ continued focus on advancing its lead program through regulatory and strategic milestones.
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