Oncolytics Biotech Inc. Announces Voting Results from its Annual Meeting of Shareholders CALGARY

Oncolytics Biotech Inc. Announces Voting Results from its

Annual Meeting of Shareholders

CALGARY, May 4, 2017 /CNW/ - Oncolytics Biotech Inc.

(Oncolytics or the Corporation) (TSX:ONC) (OTCQX:ONCYF) today announced the voting results from its Annual Meeting of Shareholders

held on Thursday May 4th, 2017. A total of 36.89% of the issued and outstanding common shares of the Corporation were represented

either in person or by proxy at the meeting.

On a vote by ballot, the following six nominees proposed by

the Corporation were elected as Directors of Oncolytics to serve until the Corporation's next Annual Meeting of Shareholders or

until their successors are elected or appointed, with shares represented at the meeting voting in favour of individual nominees

In addition to the election of all nominees listed in the

management information circular dated March 15, 2017 as directors, Oncolytics shareholders approved all other resolutions

placed before the meeting (all voting conducted by ballot). These included: fixing the number of directors of the Corporation for

the ensuing year at six; an ordinary resolution confirming, ratifying and approving By-law Number 1 as the Corporation's new form

of bylaws; an ordinary resolution ratifying and approving certain amendments to the stock option plan of the Corporation; an ordinary

resolution ratifying and approving certain amendments to the share award incentive plan of the Corporation; and appointing auditors

for the Corporation for the ensuing year and authorizing the directors to fix the auditors remuneration.

Please refer to the Corporation's management information circular

available on SEDAR at www.sedar.com for more details on the matters covered at the annual meeting. Final voting results

on all matters voted on at the annual meeting will also be filed on SEDAR.

About Oncolytics Biotech Inc.

Oncolytics is a biotechnology company developing REOLYSIN, an immuno-oncology viral-agent, as a potential treatment for a variety

of tumor types. The compound induces selective tumor lysis and promotes an inflamed tumor phenotype through innate and adaptive

immune responses to treat a variety of cancers. Oncolytics' clinical development program emphasizes three pillars: chemotherapy

combinations to trigger selective tumor lysis; immuno-therapy combinations to produce adaptive immune responses; and immune modulator

(IMiD) combinations to facilitate innate immune responses. Oncolytics is currently planning its first registration study

in breast cancer, as well as studies in combination with checkpoint inhibitors and IMID/targeted therapies in solid and hematological

malignancies. For further information about Oncolytics, please visit: www.oncolyticsbiotech.com.

This press release and the presentation related thereto

contain 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 2017 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

SOURCE Oncolytics Biotech Inc.

View original content: http://www.newswire.ca/en/releases/archive/May2017/04/c4662.html

For further information: Oncolytics Investor & Media Contact:

Oncolytics Biotech Inc., Michael Moore, Vice President, Investor Relations & Corporate Communications, 858-886-7813, mmoore@oncolytics.ca;

AXON Media Contact, Marian Cutler, 914-701-0100 ext. 5361, mcutler@axon-com.com

CO: Oncolytics Biotech Inc.

CNW 20:14e 04-MAY-17