Oncolytics Biotech* ONC - IN CASE YOU MISSED IT: Last week, global biotech company Amgen (AMGN) announced that it has agreed to purchase private Phase III oncolytic virus company BioVex for up to $1 billion ($425 million upfront + $575 million in potential milestones). This news gives Canaccord Genuity Life Sciences Analyst Neil Maruoka additional confidence in Oncolytics’ approach to treating cancer. Maruoka believes that Amgen’s validation of the oncolytic virus space highlights the potential for big pharma partnering interest for Reolysin. Oncolytics' lead product, Reolysin, is a live virus that has the ability to replicate in certain cancers, thus destroying the cancer cell. Oncolytics has received a Special Protocol Assessment from the FDA for Reolysin and has initiated a Phase III development program for the drug. Maruoka expects that Oncolytics will partner Reolysin in 2011. Data from two Oncolytics studies in lung cancer (NSCLC and SCC of the lung) are expected in the first half of 2011. Maruoka believes that positive results from either study could attract partnering interest.