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Oncolytics Biotech(R) Inc. Announces 2009 Second Quarter Results
Date:7/29/2009

CALGARY, July 29 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. (TSX:ONC, NASDAQ: ONCY) ("Oncolytics" or the "Company") today announced its financial results for the three and six-month periods ended June 30, 2009.

"Clinical results from our monotherapy and combination clinical trials with REOLYSIN(R) continued to emerge in the second quarter," said Dr. Brad Thompson, President and CEO of Oncolytics. "The results of these trials, and the response and clinical benefit rates as reported by our investigators, reinforce our belief that REOLYSIN has the potential to significantly improve treatment outcomes in patients with a broad range of cancers."

Selected Second Quarter Highlights

    -   Presented updated U.S. Phase II sarcoma trial data at the American
        Society of Clinical Oncology (ASCO) annual meeting. The interim
        results demonstrated that the treatment was well tolerated, with 15
        of 36, or 42% of evaluable patients experiencing stable disease (SD)
        for more than 16 weeks, including five patients who had SD for more
        than 24 weeks. Patient enrolment was completed in May;

    -   Presented a poster at ASCO demonstrating that the combination of
        REOLYSIN and gemcitabine in a U.K. Phase I trial was well tolerated,
        and resulted in disease control for a majority of the patients. Of
        the ten patients evaluable for response, two patients (breast and
        nasopharyngeal) had partial responses (PRs) and/or clinical responses
        and five patients had SD for 4-8 cycles, for a total disease control
        rate (CR (Complete Response)+PR+SD) of 70%;

    -   Presented a poster at ASCO that indicated REOLYSIN was well tolerated
        and demonstrated anti-tumour activity in a U.S. Phase I systemic
        administration monotherapy trial. Of 18 patients treated in the
        trial, eight demonstrated SD or better as measured by Response
        Evaluation Criteria in Solid Tumors (RECIST) including a patient with
        progressive breast cancer who experienced a PR (34% shrinkage in
        tumor volume);

    -   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;

    -   Successfully completed the acquisition of an inactive private company
        with net cash of $2.1 million by issuing 1,875,121 common shares, and
        completed a public offering consisting of 3.45 million units at $2.00
        per unit, for gross proceeds of $6.9 million;

    -   In early July, completed patient enrolment in the Phase II component
        of our U.K. REOLYSIN and paclitaxel/carboplatin clinical trial; and,

    -   In mid-July, announced that we had completed the lyophilization
        (freeze-drying) formulation development program for REOLYSIN.



                           Oncolytics Biotech Inc.

                         CONSOLIDATED BALANCE SHEETS
                                 (unaudited)

    As at,
                                                      June 30,   December 31,
                                                       2009          2008
                                                         $             $
    -------------------------------------------------------------------------
    ASSETS
    Current
    Cash and cash equivalents                       11,983,352     7,429,895
    Short-term investments                                   -     5,846,634
    Accounts receivable                                102,659        86,322
    Prepaid expenses                                   435,485       179,668
    -------------------------------------------------------------------------
                                                    12,521,496    13,542,519
    -------------------------------------------------------------------------

    Property and equipment                             233,435       263,926
    Intellectual property                                    -       180,750
    -------------------------------------------------------------------------

                                                    12,754,931    13,987,195
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current

    Accounts payable and accrued liabilities         3,228,045     4,534,111
    -------------------------------------------------------------------------

    Shareholders' equity
    Share capital
      Authorized: unlimited number of common shares
      Issued: 49,395,169
       (December 31, 2008 - 43,830,748)            102,203,004    95,234,924
    Warrants                                         4,803,054     3,425,110
    Contributed surplus                             13,369,982    13,349,801
    Deficit                                       (110,849,154) (102,556,751)
    -------------------------------------------------------------------------
                                                     9,526,886     9,453,084
    -------------------------------------------------------------------------

                                                    12,754,931    13,987,195
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



                           Oncolytics Biotech Inc.

           CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
                                 (unaudited)

                                     Three Month   Three Month    Six Month
                                        Period        Period        Period
    	                                 Ending June   Ending June   Ending June
    	                                   30, 2009     30, 2008       30, 2009
    	                                      $             $             $
    -------------------------------------------------------------------------
    Revenue
    Rights revenue                             -             -             -
    -------------------------------------------------------------------------
                                               -             -             -
    -------------------------------------------------------------------------

    Expenses
    Research and development           3,239,210     4,046,904     6,051,865
    Operating                            980,721     1,319,498     1,967,485
    Stock based compensation               8,544        18,023        20,181
    Foreign exchange loss/gain             3,103       (58,347)       59,138
    Amortization -
     intellectual property                90,375        90,375       180,750
    Amortization -
     property and equipment               16,536        12,194        33,840
    -------------------------------------------------------------------------
                                       4,338,489     5,428,647     8,313,259
    -------------------------------------------------------------------------

    Loss before the following:         4,338,489     5,428,647     8,313,259

    Interest income                       (3,732)     (174,117)      (20,856)

    Gain on sale of BCY
     LifeSciences Inc.                         -             -             -

    Loss on sale of Transition
     Therapeutics Inc.                         -             -             -
    -------------------------------------------------------------------------

    Loss before income taxes           4,334,757     5,254,530     8,292,403

    Future income tax recovery                 -             -             -
    -------------------------------------------------------------------------

    Net loss and comprehensive loss
     for the period                    4,334,757     5,254,530     8,292,403
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted loss per share        0.09          0.13          0.18
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Weighted average number of shares
     (basic and diluted)              47,449,182    41,180,748    45,659,353
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                    Cumulative
                                                       from
                                                   inception on
                                      Six Month      April 2,
                                        Period         1998
                                     Ending June     to June
                                       30, 2008      30, 2009
                                           $             $
    -----------------------------------------------------------
    Revenue
    Rights revenue                             -       310,000
    -----------------------------------------------------------
                                               -       310,000
    -----------------------------------------------------------
    Expenses
    Research and development           6,440,301    80,583,642
    Operating                          2,370,392    26,804,510
    Stock based compensation              37,616     4,789,025
    Foreign exchange loss/gain           (49,085)      648,565
    Amortization -
     intellectual property               180,750     3,615,000
    Amortization -
     property and equipment               23,380       530,991
    -----------------------------------------------------------
                                       9,003,354   116,971,733
    -----------------------------------------------------------

    Loss before the following:         9,003,354   116,661,733

    Interest income                     (354,451)   (6,554,861)

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

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

    Loss before income taxes           8,648,903   111,964,154

    Future income tax recovery                 -    (1,115,000)
    -----------------------------------------------------------

    Net loss and comprehensive loss
     for the period                    8,648,903   110,849,154
    -----------------------------------------------------------
    -----------------------------------------------------------

    Basic and diluted loss per share        0.21
    ---------------------------------------------
    ---------------------------------------------

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



                           Oncolytics Biotech Inc.

                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (unaudited)

                                      Three Month   Three Month   Six Month
                                        Period        Period        Period
                                      Ending June   Ending June  Ending June
                                        30, 2009      30, 2008     30, 2009
                                           $             $            $
    -------------------------------------------------------------------------
    OPERATING ACTIVITIES
    Net loss for the period           (4,334,757)   (5,254,530)   (8,292,403)
    Deduct non-cash items
      Amortization - intellectual
       property                           90,375        90,375       180,750
      Amortization - property
       and equipment                      16,536        12,194        33,840
      Stock based compensation             8,544        18,023        20,181
      Other non-cash items                     -             -             -
    Net changes in non-cash
     working capital                  (1,414,201)    1,157,662    (1,578,220)
    -------------------------------------------------------------------------
                                      (5,633,503)   (3,976,276)   (9,635,852)
    -------------------------------------------------------------------------

    INVESTING ACTIVITIES
    Capital assets                             -       (56,080)       (3,349)
    Purchase of short-term investments         -      (115,009)            -
    Redemption of short-term
     investments                       1,925,600     5,000,000     5,846,634
    Investment in BCY
     LifeSciences Inc.                         -             -             -
    Investment in Transition
     Therapeutics Inc.                         -             -             -
    -------------------------------------------------------------------------
                                       1,925,600     4,828,911     5,843,285
    -------------------------------------------------------------------------
    FINANCING ACTIVITIES
    Proceeds from exercise of
     warrants and stock options          351,835             -       373,085
    Proceeds from acquisition
     of private company                1,800,120             -     1,800,120
    Proceeds from private placements           -             -             -
    Proceeds from public offerings     6,172,819             -     6,172,819
    -------------------------------------------------------------------------
                                       8,324,774             -     8,346,024
    -------------------------------------------------------------------------
    Increase in cash and cash
     equivalents during the period     4,616,871       852,635     4,553,457
    Cash and cash equivalents,
     beginning of the period           7,366,481     7,326,706     7,429,895
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of the period                11,983,352     8,179,341    11,983,352
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                    Cumulative
                                                       from
                                                   inception on
                                       Six Month     April 2,
                                        Period         1998
                                      Ending June     to June
                                        30, 2008      30, 2009
                                           $             $
    -----------------------------------------------------------
    OPERATING ACTIVITIES
    Net loss for the period           (8,648,903) (110,849,154)
    Deduct non-cash items
      Amortization - intellectual
       property                          180,750     3,615,000
      Amortization - property
       and equipment                      23,380       530,991
      Stock based compensation            37,616     4,789,025
      Other non-cash items                     -     1,383,537
    Net changes in non-cash
     working capital                   1,182,343     2,689,901
    -----------------------------------------------------------
                                      (7,224,814)  (97,840,700)
    -----------------------------------------------------------

    INVESTING ACTIVITIES
    Capital assets                       (58,745)     (817,093)
    Purchase of short-term investments  (252,196)  (49,416,864)
    Redemption of short-term
     investments                       9,000,000    48,998,380
    Investment in BCY
     LifeSciences Inc.                         -       464,602
    Investment in Transition
     Therapeutics Inc.                         -     2,532,343
    -----------------------------------------------------------
                                       8,689,059     1,761,368
    -----------------------------------------------------------

    FINANCING ACTIVITIES
    Proceeds from exercise of
     warrants and stock options                -    15,674,153
    Proceeds from acquisition
     of private company                        -     1,800,120
    Proceeds from private placements           -    38,137,385
    Proceeds from public offerings             -    52,451,026
    -----------------------------------------------------------
                                               -   108,062,684
    -----------------------------------------------------------
    Increase in cash and cash
     equivalents during the period     1,464,245    11,983,352
    Cash and cash equivalents,
     beginning of the period           6,715,096             -
    -----------------------------------------------------------
    Cash and cash equivalents,
     end of the period                 8,179,341    11,983,352
    -----------------------------------------------------------
    -----------------------------------------------------------

To view the 2009 Second 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 second 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 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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