Oncolytics Biotech appoints Andrew Aromando as chief business officer

SAN DIEGO/CALGARY - Oncolytics Biotech Inc. (NASDAQ:ONCY) (TSX:ONC), currently showing a FAIR financial health score according to InvestingPro analysis, announced Monday the appointment of Andrew Aromando as Chief Business Officer, according to a company press release.

Aromando previously served as Chief Operating Officer at Ambrx Biopharma, where he contributed to the company’s $2 billion acquisition by Johnson & Johnson. In his new role, he will lead global business development and help develop corporate, clinical, and regulatory strategies for Oncolytics.

A key focus of his position will be optimizing the value of the company’s clinical data for pelareorep in multiple tumor types, including pancreatic, breast, and anal cancers.

"Andrew’s experience will be invaluable as we pursue aggressive clinical and business development strategies to maximize the value of pelareorep on an accelerated timeline," said Jared Kelly, Chief Executive Officer of Oncolytics.

Aromando brings over 30 years of life sciences industry experience, including more than 20 years in C-level positions at oncology-focused biopharma companies and global service providers.

As part of his compensation package, Aromando received a stock option grant for 750,000 shares with an exercise price of CAD$0.93, vesting equally over three years. He was also granted 500,000 restricted stock units that vest upon the company entering specific acquisition or licensing transactions. The company maintains a healthy current ratio of 2.82 and carries minimal debt, though it reported an EBITDA of -$24.26M in the last twelve months.

Oncolytics is developing pelareorep, an intravenously delivered immunotherapeutic agent that has shown promising results in clinical studies for metastatic breast cancer and pancreatic cancer. Both indications have received Fast Track designation from the FDA. With a beta of 1.55, the stock shows higher volatility than the broader market - discover more key metrics and analysis with InvestingPro’s comprehensive financial toolkit.

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