Oncolytics Biotech has announced that Brad Thompson, Ph.D., has stepped down as president and chief executive officer of Oncolytics, effective immediately. The company's Chief Operating Officer Matt Coffey Ph.D., M.B.A., has been appointed interim president and chief executive officer while the company conducts a search for Dr. Thompson's replacement.

Dr. Thompson, along with Dr. Coffey, has led Oncolytics for 18 years—since it was founded. Wayne Pisano, chairman of the board of directors of Oncolytics, credited Dr. Thompson for advancing the company's lead candidate REOLYSIN in multiple cancer indications and, in particular, for the recent progress in lung, multiple myeloma and colorectal cancers.

"Dr. Thompson has been instrumental in the development of our Company and the progress we have seen in taking REOLYSIN into multiple phase II clinical trials," said Pisano. "On behalf of the board of directors, i would like to thank Brad for his dedication and leadership."

The Oncolytics board of directors is confident that Dr. Coffey will provide strong leadership and continue the development of REOLYSIN during the interim period until a new chief executive is announced. The board will be engaging an executive recruitment firm to assist it in this search process.

Oncolytics is a Calgary-based biotechnology company focused on the development of oncolytic viruses as potential cancer therapeutics.