Oncolytics Biotech Announces Appointment of Dr. George M. Gill as Chief Medical Officer

CALGARY, July 5, 2011 /PRNewswire/ – Oncolytics Biotech Inc. (TSX: ONC)
(NASDAQ: ONCY) (“Oncolytics”) today announced the appointment of George
M. Gill
, MD as Chief Medical Officer. He has been Senior Vice President
of Clinical Safety and Regulatory Affairs and an officer of Oncolytics
since 2002.

“Dr. Gill has an outstanding track record, having supported the
advancement of more than 20 products – including 11 anti-cancer agents
– through the clinical research and regulatory approval process in the
United States
, Canada and Europe,” said Dr. Brad Thompson, President
and CEO of Oncolytics. “With his added responsibilities, Dr. Gill will
continue to play a pivotal role in advancing our proprietary product,
REOLYSIN®, through the clinical and regulatory processes.”

Prior to joining Oncolytics Dr. Gill was Vice President of Clinical
Research and Vice President of Medical Affairs at Ligand
Pharmaceuticals; Senior Director and Head of U.S. Clinical and Medical
Affairs for ICI Pharmaceuticals (now AstraZeneca) and Vice President
and Head of Worldwide Regulatory Affairs for The Bristol-Myers Company
(now Bristol-Myers Squibb). Dr. Gill began his career in the industry
at Hoffman-La Roche, where he held several clinical and regulatory
positions, including Director of the Clinical Oncology Group and
Associate Director of the Regulatory Affairs Department. Dr. Gill holds
a B.Sc. (Chemistry) from Dickinson College in Pennsylvania and an MD
from the School of Medicine of the University of Pennsylvania. He is
board certified in pediatrics.

About Oncolytics Biotech Inc.
Oncolytics is a Calgary-based biotechnology company focused on the
development of oncolytic viruses as potential cancer therapeutics.
Oncolytics’ clinical program includes a variety of human trials
including a Phase III trial in head and neck cancers using REOLYSIN,
its proprietary formulation of the human reovirus. For further
information about Oncolytics, please visit: www.oncolyticsbiotech.com.

This press release contains forward-looking statements which involve
known and unknown risks, delays, uncertainties and other factors not
under the Company’s control and which may cause actual results,
performance or achievements of the Company to be materially different
from the results, performance or expectations implied by these
forward-looking statements. Such risks and uncertainties include, among
others, the efficacy of REOLYSIN as a cancer treatment, the success and
timely completion of clinical studies and trials, uncertainties related
to the research and development of pharmaceuticals and uncertainties
related to the regulatory process. Investors should consult the
Company’s quarterly and annual filings with the Canadian and U.S.
securities commissions for additional information on risks and
uncertainties relating to the forward-looking statements. Investors are
cautioned against placing undue reliance on forward-looking statements.
The Company does not undertake to update these forward-looking
statements, except as required by applicable laws.

SOURCE Oncolytics Biotech Inc.