Oncolytics Biotech to Present REOLYSIN Safety Data in combination with chemotherapy at ESMO 2017 Congress Announces end-of-phase 2 meeting with the U.S. Food and Drug Administration CALGARY and

Oncolytics Biotech to Present REOLYSIN Safety

Data in combination with chemotherapy at ESMO 2017 Congress

Announces end-of-phase 2 meeting with

the U.S. Food and Drug Administration

CALGARY and SAN DIEGO, July 26, 2017 /CNW/ - Oncolytics Biotech

Inc. (Oncolytics or the Company) (TSX:ONC) (OTCQX:ONCYF) today announced that two abstracts describing both pooled safety and tolerability

data and the mechanism of REOLYSIN , also known as pelareorep , have been selected for poster presentation

(display) at the European Society for Medical Oncology (ESMO) 2017 Congress. The abstracts will be published online on the ESMO

website at 3:05 ET on Wednesday, August 30. The conference is taking place from September 8-12, 2017, in Madrid, Spain.

"The pooled analysis of patients treated with intravenous

pelareorep is the largest safety database available for this class of agents in combination with chemotherapy," said Dr. Andres

Gutierrez, Chief Medical Officer at Oncolytics Biotech. "While our efficacy in metastatic breast cancer announced earlier

this year at AACR was captivating, the safety component of pelareorep increases the benefit-risk ratio of the therapy and supports

its further development. We are particularly excited to present these results as other immuno-oncology agents in the same

class have had limited or no experience with systemic administration."

The Company also announced that it has been granted an End-of-Phase

2 meeting with the United States Food and Drug Administration (FDA), taking place in August 2017. The meeting will address registration

pathways for REOLYSIN for the treatment of metastatic breast cancer, the indication for which the FDA has granted

Fast Track designation. The Company expects to announce the outcome of this meeting in the fourth quarter of 2017.

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 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 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 laws.

SOURCE Oncolytics Biotech Inc.

View original content: http://www.newswire.ca/en/releases/archive/July2017/26/c8529.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

CO: Oncolytics Biotech Inc.

CNW 07:00e 26-JUL-17