Oncolytics Biotech Inc. (NASDAQ: ONCY) reported additional encouraging data from the REO 018 (n = 167) study on its oncology candidate, Reolysin. The randomized, double blinded, two-arm, multi-center study compared the use of Reolysin plus Bristol-Myers Squibb Company's (NYSE: BMY) Taxol (paclitaxel) and carboplatin versus carboplatin and Taxol. The study enrolled second-line, platinum-refractory, taxane-naïve head and neck cancer patients.

The study segregated patients into two groups, one with loco-regional disease with or without distal metastases and the other with distal metastases alone.

In patients suffering from loco-regional head and neck cancer with or without distal metastases (n = 118), the addition of Reolysin to Taxol plus carboplatin therapy showed a statistically significant improvement in progression-free survival (NYSE: PFS) and overall survival (OS). Additionally, the Reolysin, Taxol and carboplatin combination showed a statistical trend towards better tumor stabilization or shrinkage over the Taxol and carboplatin arm.

In patients with distal metastases alone (n = 47), a statistical analysis of PFS and OS could not be conducted due to fewer number of patients. However, Reolysin plus Taxol and carboplatin showed statistically significant tumor stabilization or shrinkage over the Taxol and carboplatin arm.

We remind investors that the company had announced positive top-line data from the study last year. Based on data from this study, the company plans to finalize the design for a follow-on phase III registration study in patients suffering from recurrent head and neck cancer.

Oncolytics is developing Reolysin as monotherapy or in combination with chemotherapy and radiotherapy for several other indications including pancreatic cancer, ovarian cancer, squamous cell carcinoma lung cancer and metastatic melanoma.

Oncolytics carries a Zacks Rank #3 (Hold). Some better-ranked stocks include Alkermes (NASDAQ: ALKS) and Amgen Inc. (NASDAQ: AMGN), both carrying a Zacks Rank #1 (Strong Buy).