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

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

PR Newswire

CALGARY, Jan. 28, 2013

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 enrolling."

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.

Contact:

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