Weekly Recap: Pelareorep FDA Fast Track and Nasdaq sub-$1 notice

Oncolytics Biotech (ONCY) said the U.S. FDA provided written feedback aligning the registrational path for its REO 033 study of pelareorep in second-line RAS-mutant, MSS metastatic colorectal cancer. The FDA supports expanding into a pivotal Part B, with accelerated approval possible via ORR and DoR, and PFS for full approval. ONCY plans an End-of-Phase 2 meeting. Shares trade at $0.83.

The FDA granted fast track designation to pelareorep plus a checkpoint inhibitor for second-line treatment of inoperable, locally recurrent, or metastatic squamous cell anal canal cancer, according to Oncolytics Biotech. The decision cites phase 1/2 GOBLET trial results: ORR 30% (6/20), median DOR 15.5 months, 12-month OS 82%.

The FDA granted Fast Track status to pelareorep, an investigational oncolytic reovirus, combined with a checkpoint inhibitor for inoperable, locally recurrent or metastatic squamous cell anal canal cancer after prior systemic therapy. The designation cites the phase 1/2 GOBLET trial with pelareorep plus atezolizumab, reporting ORR 30% (6/20) and median DOR 15.5 months in 2L+ patients. Oncolytics Biotech said it received FDA feedback on a registrational path.

Oncolytics Biotech (NASDAQ:ONCY) shares rose about 5.9% premarket after the company said it will hold a Type D meeting with the FDA in the first half of August to discuss a registrational pathway for its REO 033 trial. It plans to add Part B to support potential accelerated and full approval of pelareorep. Part A enrollment targets 60 patients, with sites activating through July and August.

Biotech executive Jared Kelly, formerly at Ambrx Biopharma (acquired by Johnson & Johnson in March 2024), argues investors may be underestimating Oncolytics Biotech’s pelareorep. He says the asset should be viewed as an immune-priming platform enabling combinations and “tumor sensitization,” not just a single-agent drug. The article cites preclinical, clinical, and translational evidence of immune engagement and highlights growing attention to pelareorep survival signals.

Biotech executive Jared Kelly, in an interview with Hawk Point Media, argues investors may be undervaluing Oncolytics Biotech’s oncology platform. Kelly, who helped Ambrx Biopharma before its March 2024 multibillion-dollar acquisition by Johnson & Johnson, says pelareorep should be viewed as an immune-priming “enabling layer” for combinations, not only a standalone drug. He cites prior monotherapy activity and increasing interest in survival data.