Oncolytics Biotech® Inc. Announces Additional Positive REOLSYIN® Clinical Trial Data from Phase 2 Study in Squamous

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

PR Newswire

CALGARY, Feb. 8, 2013

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  Thompson, 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.

Contact:

The Equicom Group
Nick Hurst
300 5^th Ave. SW, 10^th Floor
Calgary, Alberta, T2P 3C4
Tel: 403.218.2835
Fax: 403.218.2830
nhurst@tmxequicom.com

Dian Griesel, Inc.
Susan Forman
396 West Broadway, 2^nd Floor
New York, NY 10012
Tel: 212.825.3210
Fax: 212.825.3229
sforman@dgicomm.com
 
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