Oncolytics Biotech Announces Appointment Of Jared Kelly As CEO

(RTTNews) - Oncolytics Biotech Inc. (ONCY), Wednesday announced the appointment of Jared Kelly as Chief Executive Officer of the company.

Most recently, he played a crucial role in orchestrating the sale of Ambrx Biopharma to Johnson & Johnson for $2 billion.

As part of the appointment, the company has awarded Kelly with an initial stock option for 2.85 million shares at C$0.57 vesting equally over three years, performance-based stock option of 1.9 million shares at C$0.57, and restricted stock units tied to certain potential transactions.

Concurrently, the clinical-stage biotechnology company stated that its lead drug, pelareorep, has achieved over 60 percent objective response rate, with survival rates higher than the control groups in metastatic pancreatic cancer trials.

In the pre-market hours, Oncolytics's stock is trading at $0.43, up 0.70 percent on the Nasdaq.