Oncolytics Biotech® Inc. Announces Addition to Senior Management Team

CALGARY, Feb. 20, 2013 /PRNewswire/ – Oncolytics Biotech Inc. (“Oncolytics” or
the “Company”) (TSX: ONC, NASDAQ: ONCY) today announced the appointment
of Dr. Jeremy Grushcow to the role of General Counsel.

Dr. Grushcow has more than ten years’ experience in the legal profession
representing public and private entities, as well as venture capital
and private equity firms in the acquisition, financing, development,
operation and sale of pharmaceutical and life sciences companies in the
U.S. and Canada. He holds a B.Sc. from the University of Toronto, a
Ph.D. in molecular genetics and cell biology from the University of
, and a J.D. with honors from the University of Chicago Law
School. He has been admitted to the Bar in Ontario, New York and
Illinois. Prior to joining Oncolytics, Dr. Grushcow was a partner in
the Norton Rose LLP pharmaceuticals and life sciences group. He also
previously held positions in the Shearman & Sterling LLP capital
markets group and the Kirkland & Ellis LLP intellectual property
transactions group.

“We are delighted to welcome Jeremy to our management team,” said Dr.
Brad Thompson, President and CEO of Oncolytics. “He brings a unique
combination of scientific, legal and business expertise that will
support Oncolytics’ continued evolution and we look forward to
benefiting from his specific experience and insight.”

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 General Counsel, the
Company’s belief as to the potential of REOLYSIN as a cancer
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.