Oncolytics Biotech Inc. Announces Addition to Senior Management Team

CALGARY, Nov. 12, 2012 /PRNewswire/ – Oncolytics Biotech Inc. (“Oncolytics” or
the “Company”) (TSX:ONC, NASDAQ:ONCY) today announced the appointment
of Mr. Kirk Look to the role of Chief Financial Officer.

Mr. Look has served as Oncolytics’ Controller since 2003 and has been
the Chief Financial Officer of Oncolytics Biotech (U.S.) Inc. since
2009. Prior to joining Oncolytics, Mr. Look held progressively senior
audit roles with Ernst & Young LLP in both North and South America over
an eight year period. He holds a Bachelor of Commerce degree from the
University of Calgary and is a Chartered Accountant.

“I am very pleased to announce Mr. Look’s appointment as CFO,” said Dr.
Brad Thompson, President and CEO of Oncolytics. “We are looking forward
to his contributions to the Company’s ongoing development in his new

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 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 within the
meaning of the U.S. Securities Act of 1933, as amended, and U.S.
Securities Exchange Act of 1934, as amended, and forward-looking
information within the meaning of Canadian securities laws. Statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that Oncolytics
expects or anticipates will or may occur in the future, including such
things as the appointment and performance of a new Chief Financial
Officer, the Company’s belief as to the potential of REOLYSIN as a
cancer therapeutic,
and other such matters are forward-looking statements and
forward-looking information and involve known and unknown risks and
uncertainties, which could cause the Company’s actual results to differ
materially from those in the forward-looking statements and
forward-looking information. Such risks and uncertainties include,
among others, risks related to the statistical sufficiency of patient
enrollment numbers in separate patient groups, the availability of
funds and resources to pursue research and development projects, the
efficacy of REOLYSIN as a cancer treatment, the tolerability of
REOLYSIN outside a controlled test, the success and timely completion
of clinical studies and trials, the Company’s ability to successfully
commercialize REOLYSIN, 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 statement and forward-looking information. Investors
are cautioned against placing undue reliance on forward-looking
statements and forward-looking information. The Company does not
undertake to update these forward-looking statements and
forward-looking information, except as required by applicable laws.

SOURCE Oncolytics Biotech Inc.