Mr. Michael Moore reports

ONCOLYTICS BIOTECH ANNOUNCES FIRST PATIENT TREATED IN STUDY COMBINING PELAREOREP, CARFILZOMIB AND THE CHECKPOINT INHIBITOR OPDIVO IN MULTIPLE MYELOMA

Oncolytics Biotech Inc. has treated the first patient in a phase 1 dose escalation study combining pelareorep and carfilzomib with Bristol-Myers Squibb's checkpoint inhibitor Opdivo (nivolumab) to treat relapsed multiple myeloma patients. This study is based on findings from the NCI 9603 multiple myeloma study that combined pelareorep with carfilzomib that resulted in objective responses, elimination of multiple myeloma cells and most importantly, an inflamed phenotype with PD-L1 overexpression.

"Having worked with pelareorep in multiple myeloma and understanding its ability to act as a potentiator of checkpoint blockade, I'm very excited to work with the Oncolytics team on this study," said Dr. Craig Hofmeister, associate professor, department of hematology and medical oncology, Emory University School of Medicine. "Pelareorep has proven its ability to create an inflamed phenotype and its potential for upregulation of PD-1 on tumour-infiltrating lymphocytes. My hope is this study leads not only to an effective combination dosing schedule but provides quantitative data describing the expression of PD-1, along with correlative studies that reveal the roles of both immune-mediated and direct cytotoxic myeloma cell killing."

This open-label, phase 1 study, conducted by Dr. Hofmeister at Emory University, will enroll up to 62 patients to examine the side effects and best dosing schedule of pelareorep when given in combination with dexamethasone, carfilzomib and nivolumab in treating participants with relapsed multiple myeloma. The primary objectives of the study are to determine the maximum tolerated dose of pelareorep in combination with carfilzomib and nivolumab. Secondary outcome measures include time to progression, progression-free survival and overall survival, as well as the characterization of an inflamed phenotype and confirmation of biomarker responses indicative of tumour inflammation.

"We now have our second checkpoint inhibitor combination study enrolling, and I'm excited for the potential of the immune and biomarker data to come from it," said Dr. Rita Laeufle, chief medical officer of Oncolytics Biotech. "These studies, along with our soon-to-be-initiated studies combining pelareorep with Merck's Keytruda, also in multiple myeloma, and Roche's Tecentriq in neoadjuvant breast cancer, will provide further evidence that pelareorep has the potential to expand the use of checkpoint inhibitors by priming tumour cells. The confirmation of our predictive biomarkers enhances the likelihood of success in registrational studies, thereby reducing both clinical and commercial risk making pelareorep more attractive to potential partners."

For more information about the study, including a comprehensive list of inclusion and exclusion criteria, please visit the government's clinical trials website (identifier: NCT03605719).

About pelareorep

Pelareorep is a non-pathogenic, proprietary isolate of the unmodified reovirus: a first-in-class intravenously delivered immuno-oncolytic virus for the treatment of solid tumours and hematological malignancies. The compound induces selective tumour lysis and promotes an inflamed tumour phenotype through innate and adaptive immune responses to treat a variety of cancers and has been demonstrated to be able to escape neutralizing antibodies found in patients.

About Oncolytics Biotech Inc.

Oncolytics is a biotechnology company developing pelareorep, an intravenously delivered immuno-oncolytic virus. Oncolytics is currently conducting and planning additional studies in combination with checkpoint inhibitors and targeted and IMiD therapies in solid and hematological malignancies, as it prepares for a phase 3 registration study in metastatic breast cancer.

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