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Oncolytics Biotech Inc. Appoints Dr. Wayne Schnarr as Vice President, Corporate Development (Business Wire)...private and publicly traded biotechnology companies, including two with cancer product development programs.......this pathway could have broad potential in the treatment of many cancers.......cancer cells in vitro derived from breast, prostate, pancreatic and brain tumors, as well as being able to treat tumours successfully in a...- May 31 7:44 AM ET


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Website: http://biz.yahoo.com/bw/010531/0045.html

Posted on: 05/31/2001

"Yahoo - Oncolytics Biotech Inc. Appoints Dr. Wayne Schnarr as Vice President, Corporate Development"
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Thursday May 31, 7:44 am Eastern Time

Press Release

Oncolytics Biotech Inc. Appoints Dr. Wayne Schnarr as Vice President, Corporate Development

CALGARY, Alberta--(BUSINESS WIRE)--May 31, 2001--Oncolytics Biotech Inc. (TSE:ONC. - news; "Oncolytics" or "the Company") today announced the appointment of Dr. Wayne Schnarr as Vice President, Corporate Development of the Company.

Dr. Schnarr was most recently the Biotechnology Analyst with Canaccord Capital Corp. Previously, he was a Vice President and a Director of BioCatalyst Yorkton Inc., a venture management firm in which he was a co-founder, and Senior Life Sciences Analyst at Yorkton Securities Inc. He has held senior management positions and been a director for a number of private and publicly traded biotechnology companies, including two with cancer product development programs.

"Oncolytics is pleased that Dr. Schnarr has decided to join the Company. He has been involved with the financing of over twenty biotechnology companies in Canada in the last nine years, provided research coverage for a similar number of companies, been involved with cGMP manufacturing, corporate partnerships, technology acquisition, and merger and acquisitions," commented Dr. Brad Thompson, President and CEO of Oncolytics. "I have wanted to work directly with Dr. Schnarr for some time and am delighted to have the opportunity to do so."

"The REOLYSIN® technology truly has blockbuster potential," said Dr. Schnarr. "I am looking forward to contributing to its development and to the corporate development of Oncolytics."

Oncolytics is a Calgary-based biotechnology company whose focus is the development of the mammalian reovirus known as REOLYSIN® as a potential cancer therapeutic. The mammalian reovirus infects and kills cancer cells with an activated Ras pathway. Ras is an important component of a pathway controlling normal growth and differentiation of a cell, and when activated, may account for a large proportion of all mammalian tumours. Researchers believe that targeting this pathway could have broad potential in the treatment of many cancers. Oncolytics researchers demonstrated that reovirus was selectively able to kill cancer cells with this particular activation and successfully demonstrated that the virus could kill human cancer cells in vitro derived from breast, prostate, pancreatic and brain tumors, as well as being able to treat tumours successfully in a number of animal models. Oncolytics initiated its Phase I clinical trial on REOLYSIN® in June, 2000 and in May, 2001 filed an investigational new drug submission for a Phase II clinical trial on REOLYSIN® for the treatment of Stage T2A prostate cancers. In November 2000, the Company entered into a worldwide licensing agreement with Pfizer Inc. for the development and marketing of the reovirus for animal health applications. To find out more about Oncolytics Biotech Inc. (TSE: ONC - news), visit our website, at www.oncolyticsbiotech.com.

This release contains certain forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.


Contact:
     Oncolytics Biotech Inc.
     Dr. Brad Thompson, 403/283-0705
     Fax: 403/283-0858
     E-mail: notan@aol.com
     Website: www.oncolyticsbiotech.com
           or
     Opsis Financial
     Mr. David Wolk, 416/368-8998
     Fax: 416/368-8669
     E-mail: dwolk@opsis.ca

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