Oncolytics Biotech® Inc. Announces Additional Positive REOLSYIN® Clinical Trial Data from Phase 2 Study in Squamous Cell Carcinoma of the Lung

CALGARY, Feb. 8, 2013 /PRNewswire/ – Oncolytics Biotech Inc. (“Oncolytics”)
(TSX: ONC) (NASDAQ: ONCY) today announced results examining percent
overall tumour shrinkage data from its U.S. Phase 2 clinical trial in
patients with squamous cell carcinoma of the lung (SCCLC) using
intravenous administration of REOLYSIN® in combination with carboplatin and paclitaxel (REO 021).

The analysis examined percent best overall tumour changes between
pre-treatment and up to six treatment cycles. Of 20 evaluable patients,
19 (95%) exhibited overall tumour shrinkage, (mean (20 patients): 33.7%
shrinkage). A waterfall graph showing individual patient data will be
available on the Company’s website at http://www.oncolyticsbiotech.com/presentations.

“It’s exciting to have 95% of patients in this study exhibit tumour
shrinkage and these results further suggest that REOLYSIN may have
potential use in neoadjuvant (pre-surgical) settings,” said Dr. Brad
, President and CEO of Oncolytics. “Based on these findings we
intend to continue to look at REOLYSIN as a treatment for cancers of
the lung and cancers that metastasize to the lung.”

The study enrolled patients with metastatic or recurrent squamous cell
carcinoma of the lung.  The primary endpoint of the study is objective
tumour response rates, and the secondary objectives include progression
free survival and overall survival. To date, the Company has observed
nine partial responses (PR), nine stable disease (SD) and three
progressive disease (PD) by RECIST criteria for a disease control rate
(complete response (CR) + PR + SD)) of 86%. The study continues to
enroll patients.

About SCC Lung Cancer

The American Cancer Society estimates that in 2013, approximately
228,190 new cases of lung cancer will be diagnosed. Approximately 84%
of all lung cancers are classified as non-small cell lung cancer
(NSCLC); squamous cell carcinomas account for approximately 25% of all
lung cancers. Lung cancer is by far the leading cause of cancer death
among both men and women. There will be an estimated 159,480 deaths
from lung cancer in the United States in 2012, accounting for around
27% of all cancer deaths. More people die of lung cancer than from
colon, breast, and prostate cancers combined. For more information
about SCC lung cancer, please go to www.cancer.org.

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 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 Company’s expectations related to the Phase II squamous
cell carcinoma of the lung trial of REOLYSIN in combination with
carboplatin and paclitaxel, and 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.