Oncolytics Biotech® Inc. Announces Completion of Enrollment in Translational Clinical Trial Investigating REOLYSIN® in Patients with Metastatic Colorectal Cancer

CALGARY, Feb. 23 /PRNewswire-FirstCall/ – Oncolytics Biotech Inc. (“Oncolytics”) (TSX:
ONC) (NASDAQ: ONCY) announced today that enrollment has been completed
in a U.K. translational clinical trial investigating intravenous
administration of REOLYSIN in patients with metastatic colorectal
cancer prior to surgical resection of liver metastases (REO 013). The
principal investigator is Professor Alan Melcher of St. James’s
University Hospital and the trial is sponsored by the University of
Leeds, UK.

“The early results from this study reported in 2010 concluded that
reovirus can be successfully delivered specifically to colorectal liver
metastases following intravenous administration as a monotherapy,” said
Dr. Brad Thompson, President and CEO of Oncolytics. “This is supportive
of observations that REOLYSIN was active against metastatic liver
lesions in a number of different combination therapy studies.”

The trial was an open-label, non-randomized, single centre study of
REOLYSIN given intravenously to patients for five consecutive days in
advance of their scheduled operations to remove colorectal cancer
deposits metastatic to the liver. After surgery, the tumour and
surrounding liver tissue were assessed for viral status and anti-tumour

The primary objectives of the trial are to assess the presence,
replication and anti-cancer effects of reovirus within liver metastases
after intravenous administration of REOLYSIN by examination of the
resected tumour. Secondary objectives include assessing the anti-tumour
activity and safety profile of REOLYSIN, and monitoring the humoral and
cellular immune response to REOLYSIN.

Eligible patients included those with histologically proven colorectal
cancer, planned for potentially curative surgical resection of liver
metastases. A total of 10 patients were treated in the study. The
results are expected to be fully reported in 2011.

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 Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements, including the Company’s
expectations related to the U.K. translational study for patients with
metastatic colorectal cancer with liver metastases and the Company’s
belief as to the potential of REOLYSIN as a cancer therapeutic, 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. Such risks and uncertainties include, among
others, 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 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.