Dr. Patrick Lee, Microbiology and Infectious Diseases

U of C Wealth Creation: $137million

U of C researcher identifies cancer killer

Dr. Patrick Lee, former professor (currently Adjunct Professor) in the Microbiology and Infectious Diseases Department, discovered that a benign human virus called Reovirus not only infects cancer cells, but is a potent cancer killer. Lee demonstrated that Reovirus cures human cancers implanted in mice, including brain, breast, prostate, ovarian and colorectal cancers.

Science establishes business

Lee’s finding has led to the commercialization of this virus under the name REOLYSIN®. He co-founded Oncolytics Biotech Inc., which trades on the Toronto Stock Exchange (ONC: TSX) and on the NASDAQ (ONCY: NASDAQ). Oncolytics is valued with a $152 million market capitalization as of Nov 2005, and has nine employees. One of these employees is Lee’s former graduate student Dr. Matt Coffey, who currently serves as the company’s chief scientific officer.

Clinical trials move research forward

Oncolytics has completed two human clinical studies in Canada and in 2005 is conducting a Phase I/II brain cancer (recurrent malignant glioblastoma) trial in Canada and a Phase I trial in the U.K.

The company has also received approval in the U.K. to begin a Phase I combination trial using REOLYSIN® in combination with radiotherapy. In the U.S., a Phase I/II brain cancer trial and a Phase I systemic delivery study is underway.

Typically Phase I studies investigate the safety and toxicity of a drug; Phase II studies look for efficacy (effectiveness) of a drug. The Phase I/II trials will look for some signs of efficacy, and positive results from these studies will be important milestones for Oncolytics.