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Oncolytics Biotech(R) Inc. Announces 2009 First Quarter Results
Date:5/5/2009

CALGARY, May 5 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. (TSX:ONC, NASDAQ: ONCY) ("Oncolytics" or the "Company") today announced its financial results for the three-month period ended March 31, 2009.

"The first quarter of 2009 was highlighted by the announcement of very positive results in several of our combination REOLYSIN(R) clinical trials," said Dr. Brad Thompson, President and CEO of Oncolytics. "We continue to report clinical benefit in the majority of patients treated with REOLYSIN in combination with chemotherapy or radiation, paving the way for our pivotal program to begin this year."

    Selected First Quarter Highlights:

    -  Announced positive interim results from a U.K. Phase I/II combination
       REOLYSIN and paclitaxel/carboplatin trial for patients with advanced
       head and neck cancers. Of 12 evaluable patients, five patients had
       partial responses (PR) and four patients had stable disease (SD), for
       a clinical benefit rate (complete response + partial response + stable
       disease) of 75%;

    -  Announced positive results from a U.K. combination REOLYSIN and
       docetaxel trial for patients with a variety of advanced cancers.
       Fifteen of the 17 evaluable patients experienced SD or better,
       including two PR, three minor responses and 10 SD, giving a clinical
       benefit rate of 88%;

    -  Completed enrolment in a U.K. combination REOLYSIN and gemcitabine
       clinical trial. Of the ten patients evaluable for response, two
       patients (breast and nasopharyngeal) had PRs and five patients had SD,
       for a clinical benefit rate of 70%;

    -  Started patient enrolment in a U.S. Phase 2 Combination REOLYSIN and
       paclitaxel/carboplatin clinical trial for patients with non-small cell
       lung cancer with K-RAS or EGFR-activated tumours. Eligible patients
       include those who have not received chemotherapy treatment for their
       metastatic or recurrent disease;

    -  Started patient enrolment in a U.K. translational clinical trial
       investigating REOLYSIN in patients with metastatic colorectal cancer;
       and

    -  Announced a multi-trial clinical research collaboration with the
       Cancer Therapy & Research Center at the University of Texas Health
       Science Center involving up to five, open-label, Phase 2 studies
       exploring the use of REOLYSIN(R) in combination with chemotherapy for
       various cancer indications. These indications are expected to include
       melanoma, pancreatic cancer, squamous cell lung, liver and K-RAS
       mutated colorectal cancers in combination with standard
       chemotherapeutics.

    Latest Highlights

    Subsequent to quarter end, the Company announced:

    -  Positive results of a U.K. Phase II REOLYSIN and radiation combination
       clinical trial. Of 14 evaluable patients, 13 patients had SD or better
       in the treated target lesions, including four PRs and two minor
       responses, for a clinical benefit rate of 93% in the treated lesions;

    -  The successful acquisition of PrivateCo., an inactive private company
       with net cash of $2.1 million; and

    -  A proposed public offering consisting of up to 3.45 million units at
       $2.00 per unit, for gross proceeds of up to $6.9 million.



                           Oncolytics Biotech Inc.

                     INTERIM CONSOLIDATED BALANCE SHEETS
                                 (unaudited)

    As at,
                                                    March 31,    December 31,
                                                      2009          2008
                                                        $             $
    -------------------------------------------------------------------------
    ASSETS
    Current
    Cash and cash equivalents                        7,366,481     7,429,895
    Short-term investments                           1,925,600     5,846,634
    Accounts receivable                                 68,411        86,322
    Prepaid expenses                                   101,025       179,668
    -------------------------------------------------------------------------
                                                     9,461,517    13,542,519

    Property and equipment                             249,971       263,926

    Intellectual property                               90,375       180,750
    -------------------------------------------------------------------------

                                                     9,801,863    13,987,195
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current
    Accounts payable and accrued liabilities         4,273,538     4,534,111
    -------------------------------------------------------------------------

    Shareholders' equity
    Share capital
      Authorized: unlimited number of common shares
      Issued: 43,855,748 (December 31, 2008 -
       43,830,748)                                  95,256,174    95,234,924
    Warrants                                         3,425,110     3,425,110
    Contributed surplus                             13,361,438    13,349,801
    Deficit                                       (106,514,397) (102,556,751)
    -------------------------------------------------------------------------
                                                     5,528,325     9,453,084
    -------------------------------------------------------------------------

                                                     9,801,863    13,987,195
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                           Oncolytics Biotech Inc.

                 INTERIM CONSOLIDATED STATEMENTS OF LOSS AND
                             COMPREHENSIVE LOSS
                                 (unaudited)

                                     Three Month   Three Month   Cumulative
                                       Period        Period    from inception
                                       Ending        Ending       on April 2,
                                      March 31,     March 31,   1998 to March
                                        2009          2008         31, 2009
    	                                      $             $             $
    -------------------------------------------------------------------------

    Revenue
    Rights revenue                             -             -       310,000
    -------------------------------------------------------------------------
    Expenses
    Research and development           2,812,655     2,393,397    77,344,432
    Operating                            986,764     1,050,894    25,823,789
    Stock-based compensation              11,637        19,593     4,780,481
    Foreign exchange loss                 56,035         9,262       645,462
    Amortization - intellectual
     property                             90,375        90,375     3,524,625
    Amortization - property and
     equipment                            17,304        11,186       514,455
    -------------------------------------------------------------------------
                                       3,974,770     3,574,707   112,633,244
    -------------------------------------------------------------------------

    Loss before the following          3,974,770     3,574,707   112,323,244

    Interest income                      (17,124)     (180,334)   (6,551,129)

    Gain on sale of BCY LifeSciences Inc.      -             -      (299,403)

    Loss on sale of Transition
     Therapeutics Inc.                         -             -     2,156,685
    -------------------------------------------------------------------------

    Loss before income taxes           3,957,646     3,394,373   107,629,397

    Future income tax recovery                 -             -    (1,115,000)
    -------------------------------------------------------------------------
    Net loss and comprehensive loss
     for the period                    3,957,646     3,394,373   106,514,397
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted loss per share       (0.09)        (0.08)
    -----------------------------------------------------------
    -----------------------------------------------------------

    Weighted average number of shares
     (basic and diluted)              43,849,637    41,180,748
    -----------------------------------------------------------
    -----------------------------------------------------------


                           Oncolytics Biotech Inc.

                INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (unaudited)

                                                                 Cumulative
                                     Three Month  Three Month       from
                                       Period        Period     inception on
                                       Ending        Ending     April 2, 1998
                                      March 31,     March 31,    to March 31,
                                        2009          2008          2009
                                          $             $             $
    -------------------------------------------------------------------------
    OPERATING ACTIVITIES
    Net loss for the period           (3,957,646)   (3,394,373) (106,514,397)
    Add / (deduct) non-cash items
      Amortization - intellectual
       property                           90,375        90,375     3,524,625
      Amortization - property and
       equipment                          17,304        11,186       514,455
      Stock-based compensation            11,637        19,593     4,780,481
      Other non-cash items                     -             -     1,383,537
    Net change in non-cash working
     capital                            (164,019)       24,681     4,104,102
    -------------------------------------------------------------------------
    Cash used in operating activities (4,002,349)   (3,248,538)  (92,207,197)
    -------------------------------------------------------------------------

    INVESTING ACTIVITIES
    Purchase of property and equipment    (3,349)       (2,665)     (817,093)
    Purchase of short-term investments    (8,966)     (137,187)  (49,425,830)
    Redemption of short-term
     investments                       3,930,000     4,000,000    47,081,746
    Investment in BCY LifeSciences Inc.        -             -       464,602
    Investment in Transition
     Therapeutics Inc.                         -             -     2,532,343
    -------------------------------------------------------------------------
    Cash provided by (used in)
     investing activities              3,917,685     3,860,148      (164,232)
    -------------------------------------------------------------------------
    FINANCING ACTIVITIES
    Proceeds from exercise of warrants
     and stock options                    21,250             -    15,322,318
    Proceeds from private placements           -             -    38,137,385
    Proceeds from public offerings                           -    46,278,207
    -------------------------------------------------------------------------
    Cash provided by financing
     activities                           21,250             -    99,737,910
    -------------------------------------------------------------------------
    Net increase (decrease) in cash
     and cash equivalents during the
     period                              (63,414)      611,610     7,366,481
    Cash and cash equivalents,
     beginning of the period           7,429,895     6,715,096             -
    -------------------------------------------------------------------------
    Cash and cash equivalents, end of
     the period                        7,366,481     7,326,706     7,366,481
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

To view the 2009 First Quarter Report which includes the Consolidated Financial Statements, related Notes to Consolidated Financial Statements, and Management's Discussion and Analysis, please see the Company's first quarter filings which will be available on www.sedar.com and on www.oncolyticsbiotech.com.

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 Phase I/II and Phase II human trials using REOLYSIN, its proprietary formulation of the human reovirus, alone and in combination with radiation or chemotherapy. 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 2009 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.


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