Oncolytics Biotech® Inc. Announces Nomination of Two New Directors

CALGARY, May 21, 2014 /PRNewswire/ – Oncolytics Biotech Inc. (TSX:ONC)
(NASDAQ:ONCY) (“Oncolytics” or the “Company”) today announced the
nomination of Ms. Linda Hohol and Ms. Angela Holtham to its slate of
directors for election by shareholders at its upcoming Annual General
Meeting to be held June 18, 2014 in Toronto, Ontario, Canada. The
Company today also announced that Fred Stewart, QC will not be standing
for re-election at this year’s meeting.

“Fred Stewart has been an integral part of Oncolytics since its start as
an active company,” said Dr. Brad Thompson, Chairman, President and CEO
of Oncolytics.  “I want to take this opportunity to thank Fred for his
many years of service to Oncolytics and to say how much I will miss his

“The potential election of Linda Hohol and Angela Holtham at our
upcoming Annual Meeting will bring a wealth of experience to the Board
of Directors of Oncolytics Biotech Inc.,” said Mr. Bob Schultz, Lead
Director of Oncolytics. “My fellow directors and I look forward to
working with them.”

Over a 26-year career with CIBC, Ms. Hohol held progressively senior
retail and commercial banking positions before advancing to the role of
Executive Vice President, Wealth Management. Most recently she was
President of the TSX Venture Exchange where she was instrumental in
raising the profile of the Exchange as a means for small and medium
market capitalization companies to access capital, while also driving
improved financial performance of the organization. She has held
director positions for a number of public and private organizations and
is currently a director of Canadian Western Bank, EllisDon Construction
and NAV Canada, serving on the Audit and Finance Committees of all
three companies. Most recently she was a director of Export Development
Canada (Chair Human Resource Committee) and Canada Foundation for
Innovation (Chair Audit and Finance Committee). Ms. Hohol is a graduate
of the Executive Development Program of the Kellogg Business School, a
Fellow of the Institute of Canadian Bankers and attended the
International Banking Summers School in Japan.

Ms. Holtham held a number of financial positions over a 19-year career
with the Canadian subsidiary of Nabisco Inc., rising to become Senior
Vice President and Chief Financial Officer. In 2002, she joined
Toronto, Ontario-based Hospital for Sick Children as Vice President,
Finance and Chief Financial Officer, a position she held for eight
years. Through her career she has participated in myriad initiatives
ranging from traditional finance functions and operations oversight to
intellectual property portfolio management and mergers and
acquisitions. Ms. Holtham is an FCPA, FCMA, holds an MBA from the
University of Toronto – Rotman School of Management and has completed
the Institute of Corporate Directors Designation (ICD.D).

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 date for the
Company’s upcoming Annual Meeting of shareholders, the potential
election of Linda Hohol and Angela Holtham at the Annual Meeting, the
potential benefits to the Board of Directors of the future election of
Linda Hohol and Angela Holtham and such other similar statements
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, a change in the date of the Annual Meeting, an indefinite delay
or postponement of the Annual Meeting, certain director nominees,
including Linda Hohol and Angela Holtham being unable to serve on the
Board of Directors, if elected, due to unanticipated circumstances,
failure of the shareholders to elect Linda Hohol or Angela Holtham to
the Board of Directors, changing economic circumstances altering Board
of Directors composition and needs and other risks and uncertainties.
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

SOURCE Oncolytics Biotech Inc.