Oncolytics Biotech® Appoints Former Ambrx Executive as Chief Business Officer to Drive Business Development Strategy

Core Insights - Oncolytics Biotech Inc. has appointed Andrew Aromando as Chief Business Officer to lead global business development and corporate strategies [1][2][3] - Aromando's previous experience includes a significant role in the $2 billion acquisition of Ambrx Biopharma by Johnson & Johnson, highlighting his expertise in navigating complex transactions [2][3] - The company aims to optimize the value of its clinical data for pelareorep, an immunotherapeutic agent, targeting multiple cancer types including pancreatic, breast, and anal cancers [2][5] Company Overview - Oncolytics Biotech Inc. is a clinical-stage biotechnology company focused on developing pelareorep, which has shown promising results in clinical studies for metastatic breast cancer and pancreatic cancer [5][6] - Pelareorep works by inducing anti-cancer immune responses and transforming "cold" tumors into "hot" tumors, enhancing treatment efficacy [5][6] - The company is advancing towards registrational studies for pelareorep in metastatic breast cancer and pancreatic cancer, both of which have received Fast Track designation from the FDA [6] Executive Compensation - As part of Aromando's appointment, he received an initial stock option grant for 750,000 shares at an exercise price of CAD$0.93, vesting over three years [4] - Additionally, he was granted 500,000 restricted stock units that will vest upon the company entering into a definitive agreement for certain transactions [4]