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Last updated on April 17, 2014 at 17:30 EDT

Oncolytics Biotech® Inc. Announces Third Quarter 2013 Results

November 7, 2013

CALGARY, Nov. 7, 2013 /PRNewswire/ – Oncolytics Biotech Inc. (TSX:ONC,
NASDAQ:ONCY) (“Oncolytics” or the “Company”) today announced its
financial results and operational highlights for the quarter ended
September 30, 2013.

“In recent months we have reported positive data in our squamous cell
and non-squamous cell lung clinical trials both in terms of tumour
response and survival,” said Dr. Brad Thompson, President and CEO of
Oncolytics. “On the strength of this reported data, we intend to
conduct randomized clinical studies in these indications that will
further expand our lung cancer program.”

Selected Highlights

Since June 30, 2013, the Company has made a number of announcements
including:

Clinical Trial Results

        --  Reporting positive final results from a U.S. Phase 2 study
            examining the use of REOLYSIN® in combination with carboplatin
            and paclitaxel in patients with stage IV non-small cell lung
            cancer (NSCLC) with Kras or EGFR-activated tumors (REO 016).
            Response evaluation for 36 evaluable patients showed 11 partial
            responses (PR) (30%) (EGFR amplified, five; BRAF two; Kras,
            three; EGFR mutated, one), 21 stable disease (SD), and four
            progressive disease (PD). The data also correlated a number of
            molecular abnormalities with best response, progression free
            survival (PFS) and one-year survival. Current data in these
            patients demonstrates that 20 of 36 evaluable patients (56%)
            survived a year or more. There were 13 patients with only EGFR
            mutations or amplifications, of whom nine (69.2%) survived a
            year or longer. Four of four (100%) patients with BRAF and EGFR
            amplification survived a year or longer; and

        --  Reporting final tumour response and progression free survival
            ("PFS") data from a 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). Of the 25 evaluable
            patients who had more than one cycle of therapy, 23 (92%)
            exhibited overall tumour shrinkage. When evaluated for best
            response, which is the best percentage response recorded on
            study compared to baseline, 10 patients (40%) had partial
            responses (PRs), while a further 14 (56%) showed stable disease
            (SD), and one (4%), had progressive disease (PD). Using RECIST
            criteria to evaluate best overall response, 10 patients (40%)
            had partial responses (PRs), 12 (48%) showed stable disease
            (SD) and three (12%), had progressive disease (PD).  31.8% of
            patients with sufficient follow up had a PFS greater than six
            months.





                              ONCOLYTICS BIOTECH INC.
                INTERM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
                                    (unaudited)

                                          September 30,    December 31,
                                              2013             2012
                                                $                $

    Assets                                                              

    Current assets                                                      

    Cash and cash equivalents               29,472,201      19,323,541  

    Short-term investments                   2,001,644       1,969,228  

    Accounts receivable                         35,402          44,979  

    Prepaid expenses                           471,318         331,094  

    Total current assets                    31,980,565      21,668,842  

    Non-current assets                                                  

    Property and equipment                     568,711         409,248  

    Total non-current assets                   568,711         409,248  

    Total assets                            32,549,276      22,078,090  

    Liabilities And Shareholders' Equity                                

    Current Liabilities                                                 

    Accounts payable and accrued             4,913,395       7,291,310
    liabilities

    Total current liabilities                4,913,395       7,291,310  

    Shareholders' equity                                                

    Share capital                                                       

      Authorized: unlimited                                             

      Issued:                                                           

    September 30, 2013 - 84,758,818                                     

    December 31, 2012 - 76,710,285         228,513,564     198,155,091  

    Warrants                                   376,892         376,892  

    Contributed surplus                     24,282,934      24,126,265  

    Accumulated other comprehensive loss        17,011         (57,115  

    Accumulated deficit                  (225,554,520)   (207,814,353)  

    Total shareholders' equity              27,635,881      14,786,780  

    Total liabilities and equity            32,549,276      22,078,090  



                                ONCOLYTICS BIOTECH INC.
            INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
                                      (unaudited)

                    Three Month   Three Month    Nine Month     Nine Month
                   Period Ending Period Ending Period Ending  Period Ending
                   September 30, September 30, September 30,  September 30,
                       2013          2012           2013           2012
                         $             $             $              $

    Expenses                                                                

      Research and   5,001,972     8,129,328     13,923,323     24,673,201
      development

      Operating      1,222,157     1,175,227      4,107,650      3,485,368  

    Operating loss (6,224,129)   (9,304,555)   (18,030,973)   (28,158,569)  

      Interest         110,479        74,053        290,806        287,509  

    Loss before    (6,113,650)   (9,230,502)   (17,740,167)   (27,871,060)
    income taxes

      Income tax       --      (13,400)        --       (10,172)
      expense

    Net loss       (6,113,650)   (9,243,902)   (17,740,167)   (27,881,232)  

    Other
    comprehensive
    income items
    that may be
      reclassified
    to net loss

      Translation     (33,513)      (47,462)         74,126         34,479
      adjustment

    Net            (6,147,163)   (9,291,364)   (17,666,041)   (27,846,753)
    comprehensive
    loss

    Basic and           (0.07)        (0.12)         (0.21)         (0.37)
    diluted loss
    per common
    share

    Weighted        84,758,818    76,607,281     83,112,919     75,903,566
    average number
    of shares
    (basic and
    diluted)



                                                    ONCOLYTICS BIOTECH INC.
                                     INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
                                                          (unaudited)

                                                          Accumulated
                                                             Other
                                Contributed              Comprehensive    Accumulated
                  Share Capital   Surplus      Warrants      Loss           Deficit          Total
                        $            $             $           $               $               $

    As at         177,282,566   21,142,519   2,653,627   (117,501)     (171,440,832)     29,520,379
    December 31,
    2011

    Net loss and      --      --     --      34,479      (27,881,232)   (27,846,753)
    comprehensive
    loss

    Issued,        19,386,903      --     376,892     --           --     19,763,795
    pursuant to a
    bought deal
    financing

    Exercise of     1,380,139    (392,920)     --     --           --        987,219
    stock options

    Share based       --     (49,489)     --     --           --       (49,489)
    compensation

    As at         198,049,608   20,700,110   3,030,519    (83,022)     (199,322,064)     22,375,151
    September 30,
    2012

                                                          Accumulated
                                                             Other
                                Contributed              Comprehensive    Accumulated
                  Share Capital   Surplus      Warrants      Loss           Deficit          Total

                           $            $           $             $              $              $

    As at         198,155,091   24,126,265     376,892    (57,115)     (207,814,353)     14,786,780
    December 31,
    2012

    Net loss and      --      --     --      74,126      (17,740,167)   (17,666,041)
    comprehensive
    loss

    Issued,        30,218,797      --     --     --           --     30,218,797
    pursuant to a
    bought deal
    financing

    Exercise of       139,676     (34,687)     --     --           --        104,989
    stock options

    Share based       --      191,356     --     --           --        191,356
    compensation

    As at         228,513,564   24,282,934     376,892      17,011     (225,554,520)     27,635,881
    September 30,
    2013




                                 ONCOLYTICS BIOTECH INC.
                      INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
                                      (unaudited)  

                  Three Month                   Nine Month     Nine Month
                    Period      Three Month       Period         Period
                    Ending     Period Ending      Ending         Ending
                 September 30, September 30,    September      September
                     2013          2012          30, 2013       30, 2012
                       $             $              $              $

    Operating
    Activities

    Net loss for (6,113,650)   (9,243,902)   (17,740,167)   (27,881,232)
    the period

    Amortization      41,205        26,422         91,351         83,993
    - property
    and
    equipment

    Share based     (59,497)     (121,685)        191,356       (49,489)
    compensation

    Unrealized        34,179           983       (63,670)         17,145
    foreign
    exchange
    loss (gain)

    Net change     (412,109)     1,514,620    (2,508,562)        301,108
    in non-cash
    working
    capital

    Cash used in (6,509,872)   (7,823,562)   (20,029,692)   (27,528,475)
    operating
    activities

    Investing
    Activities

    Acquisition    (103,512)      (25,238)      (250,814)      (118,865)
    of property
    and
    equipment

    Purchase of      --       --       (32,416)       (32,441)
    short-term
    investments

    Cash used in   (103,512)      (25,238)      (283,230)      (151,306)
    investing
    activities

    Financing
    Activities

    Proceeds         --       101,750        104,989        987,219
    from
    exercise of
    stock
    options and
    warrants

    Proceeds         --       --     30,218,797     19,763,795
    from public
    offering

    Cash             --       101,750     30,323,786     20,751,014
    provided by
    financing
    activities

    Increase in  (6,613,384)   (7,747,050)     10,010,864    (6,928,767)
    cash

    Cash and      36,153,277    33,802,813     19,323,541     32,918,751
    cash
    equivalents,
    beginning of
    period

    Impact of       (67,692)      (48,445)        137,796         17,334
    foreign
    exchange on
    cash and
    cash
    equivalents

    Cash and      29,472,201    26,007,318     29,472,201     26,007,318
    cash
    equivalents,
    end of
    period


To view the Company’s Fiscal 2013 Third Quarter Consolidated Financial
Statements, related Notes to Consolidated Financial Statements, and
Management’s Discussion and Analysis, please see the Company’s
quarterly filings which will be available on www.sedar.com and on www.oncolyticsbiotech.com/financials.

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 belief as
to the potential of REOLYSIN as a cancer therapeutic; the Company’s
expectations as to the success of its research and development programs
in 2013 and beyond, the Company’s planned operations, the value of the
additional patents and intellectual property; the Company’s
expectations related to the applications of the patented technology;
the Company’s expectations as to adequacy of its existing capital
resources; the design, timing, success of planned clinical trial
programs; and other statements related to anticipated developments in
the Company’s business and technologies 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 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, uncertainties related to
the regulatory process and general changes to the economic environment.
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.


Source: PR Newswire