Oncolytics Biotech® Inc. Announces Positive REOLSYIN® Clinical Trial Data Presented at ASCO Gastrointestinal Cancers Symposium

CALGARY, Jan. 28, 2013 /PRNewswire/ – Oncolytics Biotech Inc. (“Oncolytics”)
(TSX:ONC, NASDAQ:ONCY) today announced a poster presentation covering
positive preliminary results from a Phase I study examining the
intravenous administration of REOLYSIN in combination with FOLFIRI in
patients with metastatic colorectal cancer (REO 022). The results were
presented at the ASCO Gastrointestinal Cancers Symposium in San
Francisco, CA
, which took place from January 24-26, 2013.

The poster presentation, titled: “A Multicenter Phase I Study of
Intravenous Administration of REOLYSIN in combination with
Irinotecan/Fluorouracil/Leucovorin (FOLFIRI) in Patients (pts) with
Oxaliplatin-Refractory/Intolerant KRAS-Mutant Metastatic Colorectal
Cancer (mCRC),” was authored by Ocean et al. Twenty-one patients were
enrolled in the study, including nine that were FOLFIRI-naïve. Of the
18 patients evaluable for response there was one partial response and
nine had stable disease. The combined overall progression free survival
(PFS) of FOLFIRI-naïve and FOLFIRI-failed patients was 7.4 months. The
authors concluded that the combination of REOLYSIN and FOLFIRI was safe
and well tolerated and resulted in disease control in the majority of
evaluable patients, including patients that had previously progressed
on Irinotecan.

“These results are intriguing, particularly with respect to patients who
have failed prior FOLFIRI treatment,” said Dr. Brad Thompson, President
and CEO of Oncolytics.  “This study, in conjunction with an earlier
study examining REOLYSIN monotherapy in metastatic colorectal patients
(REO 013), formed the basis for our decision to proceed into a
randomized study in colorectal cancer (IND 211), which is now

The trial was a 21-patient, single arm dose escalation study designed to
determine a maximum tolerated dose and dose-limiting toxicities for the
combination of REOLYSIN and FOLFIRI. Eligible patients included those
with histologically confirmed cancer of the colon or rectum with Kras
mutation and measurable disease. They must have progressed on or within
190 after the last dose of an oxaliplatin regimen in the metastatic
setting, or be intolerant to oxaliplatin.

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 I colorectal
cancer trial of REOLYSIN in combination with FOLFIRI, 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.