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Oncolytics Biotech® Inc. Announces First Quarter 2014 Results

May 8, 2014

CALGARY, May 8, 2014 /PRNewswire/ – Oncolytics Biotech Inc. (TSX:ONC,
NASDAQ:ONCY) (“Oncolytics” or the “Company”) today announced its
financial results and operational highlights for the first quarter
ended March 31, 2014.

“During the quarter we reported additional data from our head and neck
study which will help us with the design of our proposed registration
study for discussion with regulators,” said Dr. Brad Thompson,
President and CEO of Oncolytics. “We also took steps to improve our
access to capital in order to support our clinical program, which
continues to move ahead.”

Selected Highlights

Since January 1, 2014, specific highlights announced by the Company
include:

Clinical and Preclinical Data

        --  Final data from the Company's randomized, double-blinded
            clinical study examining REOLYSIN® in combination with
            carboplatin and paclitaxel in patients with second-line,
            platinum-refractory, taxane-naïve head and neck cancers;

        --  A series of presentations by research collaborators at the 8th
            Annual International Conference on Oncolytic Virus Therapeutics
            held in Oxford, UK covering:
      o early clinical research showing that intravenously delivered
        REOLYSIN®can cross the blood brain barrier to access tumours in the
        brains of humans;
      o preclinical research examining the synergies associated with
        treatment in animal models with GM-CSF prior to administering
        REOLYSIN®;
      o preclinical research focused on identifying biomarkers predictive
        of sensitivity/resistance to reovirus in head and neck cancer cell
        lines; and
      o preclinical research into the treatment of hepatocellular carcinoma
        associated with infection by Hepatitis B and Hepatitis C.

Financial

        --  At March 31, 2014 the Company reported $22.2 million in cash,
            cash equivalents and short-term investments; and
        --  Entry into a share purchase agreement with Lincoln Park Capital
            Fund, LLC that will provide an initial investment in Oncolytics
            of US$1.0 million and make available additional periodic
            investments of up to US$25.0 million over a 30-month term.

ONCOLYTICS BIOTECH INC.

INTERM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(unaudited)


                                                March 31,  December 31,
    As at                                         2014         2013

    Assets                                                              

    Current assets                                                      

    Cash and cash equivalents                   20,155,907    25,220,328

    Short-term investments                       2,031,685     2,001,644

    Accounts receivable                             43,507       105,853

    Prepaid expenses                               295,802       361,743

    Total current assets                        22,526,901    27,689,568

    Non-current assets                                                  

    Property and equipment                         508,782       532,459

    Total non-current assets                       508,782       532,459

    Total assets                                23,035,683    28,222,027

    Liabilities And Shareholders' Equity                                

    Current Liabilities                                                 

    Accounts payable and accrued liabilities     4,833,423     6,008,661

    Total current liabilities                    4,833,423     6,008,661

    Shareholders' equity                                                

    Share capital
      Authorized: unlimited   Issued:
    March 31, 2014 - 85,810,718
    December 31, 2013 - 84,803,818             229,801,006   228,612,564

    Warrants                                       --       376,892

    Contributed surplus                         25,172,701    24,491,212

    Accumulated other comprehensive loss            61,004        79,698

    Accumulated deficit                      (236,832,451) (231,347,000)

    Total shareholders' equity                  18,202,260    22,213,366

    Total liabilities and equity                23,035,683    28,222,027


ONCOLYTICS BIOTECH INC.

INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(unaudited)


                                                      2014        2013
    For the three month period ending March 31          $           $

    Expenses                                                            

    Research and development                       4,178,334   5,117,044

    Operating                                      1,391,254   1,564,751

    Operating loss                               (5,569,588) (6,681,795)

    Interest                                          87,987      74,959

    Loss before income taxes                     (5,481,601) (6,606,836)

    Income tax expense                               (3,850)     --

    Net loss                                     (5,485,451) (6,606,836)

    Other comprehensive income items that may be reclassified to net
    loss

    Translation adjustment                          (18,694)      34,188

    Net comprehensive loss                       (5,504,145) (6,572,648)

    Basic and diluted loss per common share           (0.06)      (0.08)

    Weighted average number of shares (basic and  85,148,242  79,766,258
    diluted)


ONCOLYTICS BIOTECH INC.

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited)


                                                     Accumulated
                                                        Other
                      Share   Contributed           Comprehensive  Accumulated
                     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      --     --   --        34,188   (6,606,836) (6,572,648)
    comprehensive
    loss

    Issued,        30,207,062     --   --       --       --  30,207,062
    pursuant to a
    public
    offering

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

    Share based       --     120,856   --       --       --     120,856
    compensation

    As at March   228,501,829  24,212,434   376,892      (22,927) (214,421,189)  38,647,039
    31, 2013

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

                         $           $          $            $             $            $

    As at         228,612,564  24,491,212   376,892        79,698 (231,347,000)  22,213,366
    December 31,
    2013

    Net loss and      --     --   --      (18,694)   (5,485,451) (5,504,145)
    comprehensive
    loss

    Issued,
    pursuant to
    Share
    Purchase
     Agreement      1,188,442     --   --       --       --   1,188,442

    Expired           --     376,892 (376,892)       --       --     --
    warrants

    Share based       --     304,597   --       --       --     304,597
    compensation

    As at March   229,801,006  25,172,701   --        61,004 (236,832,451)  18,202,260
    31, 2014


ONCOLYTICS BIOTECH INC.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


                                                        2014        2013
    For the three month period ending March 31            $           $

    Operating Activities                                                  

    Net loss for the period                        (5,485,451) (6,606,836)

      Amortization - property and equipment             39,657      24,581

      Share based compensation                         304,597     120,856

      Unrealized foreign exchange loss                  24,070   (307,653)

    Net change in non-cash working capital         (1,046,951) (1,641,170)

    Cash used in operating activities              (6,164,078) (8,410,222)

    Investing Activities                                                  

    Acquisition of property and equipment             (15,980)    (15,138)

    Purchase of short-term investments                (30,041)    (32,416)

    Cash used in investing activities                 (46,021)    (47,554)

    Financing Activities                                                  

    Proceeds from Share Purchase Agreement           1,188,442     --

    Proceeds from exercise of stock options and        --     104,989
    warrants

    Proceeds from public offering                      --  30,207,062

    Cash provided by financing activities            1,188,442  30,312,051

    Increase in cash                               (5,021,657)  21,854,275

    Cash and cash equivalents, beginning of period  25,220,328  19,323,541

    Impact of foreign exchange on cash and cash       (42,764)     341,841
    equivalents

    Cash and cash equivalents, end of period        20,155,907  41,519,657

To view the Company’s First Quarter 2014 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/for-investors/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 2014 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



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