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Oncolytics Biotech(R) Inc. Announces First Quarter 2010 Results
Date:5/12/2010

CALGARY, May 12 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) ("Oncolytics" or the "Company") today announced its financial results and operational highlights for the quarter ended March 31, 2010.

"We have recently seen a range of preclinical and clinical results that both improved our understanding of REOLYSIN(R)'s mechanism of action and provided evidence of synergies with currently approved therapeutics in an expanded range of potential indications," said Dr. Brad Thompson, President and CEO of Oncolytics. "While much of this information will support future decisions with respect to our evolving clinical program, our near term focus will be on completing the final preparations to begin enrollment in our Phase III trial which we expect to begin in the second quarter."

    Selected Highlights
    -------------------

    Since January 1, 2010 the Company announced:

    Clinical Trial Results

    -   A poster presentation, entitled "Reovirus replication in ovarian and
        peritoneal tumors after intravenous administration," covering
        correlative results from a Phase 1/2 study with reovirus, sponsored
        by the National Cancer Institute under its Clinical Trials Agreement
        with Oncolytics, in patients with ovarian, primary peritoneal and
        fallopian tube carcinoma, was presented at the 101st AACR Annual
        Meeting in Washington, DC. The authors reported that when REOLYSIN is
        administered intravenously, the reovirus can be demonstrated to
        localize and replicate in ovarian and peritoneal tumors;

    Clinical Program

    -   Approval from the U.K. Medicines and Healthcare products Regulatory
        Age
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SOURCE Oncolytics Biotech Inc.
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5. Oncolytics Biotech Inc. Announces Approval for U.K. Clinical Trial Investigating REOLYSIN(R) in Combination with Cyclophosphamide
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