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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
        Agency (MHRA) to conduct a Phase 3 trial examining REOLYSIN in
        combination with paclitaxel and carboplatin in patients with
        platinum-refractory head and neck cancers. This is the same trial
        that the Company previously reached an agreement on with the U.S.
        Food and Drug Administration (FDA) under the Special Protocol
        Assessment (SPA) process;
    -   The Cancer Therapy & Research Center at the University of Texas
        Health Science Center (CTRC) had started patient enrolment in a U.S.
        Phase 2 clinical trial using intravenous administration of REOLYSIN
        in combination with carboplatin and paclitaxel in patients with
        squamous cell carcinoma of the lungs (SCC lung cancer);
    -   Completion of Phase I patient enrollment in a Phase I/II clinical
        trial to investigate the use of REOLYSIN for patients with recurrent
        malignant gliomas (REO 007);

    Collaborative Program

    -   A paper entitled "Antiangiogenic cancer therapy combined with
        oncolytic virotherapy leads to regression of established tumors in
        mice," co-senior authored by Dr. Richard Vile of the Department of
        Immunology, Mayo Clinic, Rochester, Minnesota, USA, and Dr. Kevin
        Harrington of the Institute of Cancer Research, London, UK, was
        published in the online version of the Journal of Clinical
        Investigation;
    -   A poster presentation at the AACR Annual Meeting entitled "Molecular
        pathways associated with REOLYSIN and gemcitabine synergy in ras-
        mutated human HCT116 cells," covering work done to better understand
        the mechanisms associated with the cytotoxic synergies in this
        combined approach in colorectal cancer cell lines;
    -   A poster presentation at the AACR Annual Meeting entitled "The
        addition of REOLYSIN, an oncolytic reovirus, to irinotecan shows
        synergistic anticancer activity in colorectal cancer cell lines,"
        covering research done in vitro into a novel therapeutic approach for
        treating patients with colorectal cancer tumors that harbor a
        mutation in the Kras oncogene that have failed first line therapy;
        and
    -   A poster presentation at the AACR Annual Meeting entitled "Reovirus
        successfully purges multiple myeloma ex vivo and does not affect
        human CD34+ cell engraftment in a murine transplantation model,"
        covering the utility of reovirus in treating hematological
        malignancies.


                           Oncolytics Biotech Inc.

                     INTERIM CONSOLIDATED BALANCE SHEETS
                                 (unaudited)

    As at,
                                                     March 31,   December 31,
                                                       2010          2009
                                                         $             $
    -------------------------------------------------------------------------
    ASSETS
    Current
    Cash and cash equivalents                       27,143,314    32,448,939
    Short-term investments                           1,679,937     1,679,937
    Accounts receivable                                 33,013        64,787
    Prepaid expenses                                   421,552       507,408
    -------------------------------------------------------------------------
                                                    29,277,816    34,701,071

    Property and equipment                             197,082       208,320

    Long term investment                               684,000       684,000
    -------------------------------------------------------------------------

                                                    30,158,898    35,593,391
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current
    Accounts payable and accrued liabilities         2,932,622     4,226,933
    -------------------------------------------------------------------------

    Shareholders' equity
    Share capital
      Authorized: unlimited number of common shares
      Issued: 61,549,969
       (December 31, 2009 - 61,549,969)            131,908,274   131,908,274
    Warrants                                         2,073,441     4,511,441
    Contributed surplus                             16,173,772    13,734,743
    Deficit                                       (122,929,211) (118,788,000)
    -------------------------------------------------------------------------
                                                    27,226,276    31,366,458
    -------------------------------------------------------------------------

                                                    30,158,898    35,593,391
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



                           Oncolytics Biotech Inc.

       INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
                                 (unaudited)

                                                                  Cumulative
                                                                     from
                                     Three Month   Three Month    inception
                                        Period        Period      on April 2,
                                        Ending        Ending        1998 to
                                       March 31,     March 31,     March 31,
                                         2010          2009          2010
                                           $             $             $
    -------------------------------------------------------------------------

    Revenue
    Rights revenue                             -             -       310,000
    -------------------------------------------------------------------------

    Expenses
    Research and development           2,839,313     2,812,655    88,977,604
    Operating                            949,424       986,764    29,568,956
    Stock-based compensation               1,029        11,637     5,194,146
    Foreign exchange loss                346,379        56,035     1,115,522
    Amortization - intellectual
     property                                  -        90,375     3,615,000
    Amortization - property and
     equipment                            14,885        17,304       576,966
    -------------------------------------------------------------------------
                                       4,151,030     3,974,770   129,048,194
    -------------------------------------------------------------------------

    Loss before the following          4,151,030     3,974,770   128,738,194

    Interest income                       (9,819)      (17,124)   (6,573,265)

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

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

    Loss before income taxes           4,141,211     3,957,646   124,022,211

    Income taxes                               -             -    (1,093,000)
    -------------------------------------------------------------------------

    Net loss and comprehensive
     loss for the period               4,141,211     3,957,646   122,929,211
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Basic and diluted loss per share       (0.07)        (0.09)
    -----------------------------------------------------------
    -----------------------------------------------------------

    Weighted average number of
     shares (basic and diluted)       61,549,969    43,849,637
    -----------------------------------------------------------
    -----------------------------------------------------------



                           Oncolytics Biotech Inc.

                INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (unaudited)

                                                                  Cumulative
                                                                     from
                                     Three Month   Three Month    inception
                                        Period        Period      on April 2,
                                        Ending        Ending        1998 to
                                       March 31,     March 31,     March 31,
                                         2010          2009          2010
                                           $             $             $
    -------------------------------------------------------------------------
    OPERATING ACTIVITIES
    Net loss for the period           (4,141,211)   (3,957,646) (122,929,211)
    Add/(deduct) non-cash items
      Amortization - intellectual
       property                                -        90,375     3,615,000
      Amortization - property
       and equipment                      14,885        17,304       576,966
      Stock-based compensation             1,029        11,637     5,194,146
      Other non-cash items               363,895             -     1,858,232
    Net change in non-cash working
     capital                          (1,176,681)     (164,019)    2,478,057
    -------------------------------------------------------------------------
    Cash used in operating
     activities                       (4,938,083)   (4,002,349) (109,206,810)
    -------------------------------------------------------------------------

    INVESTING ACTIVITIES
    Purchase of property and
     equipment                            (3,647)       (3,349)     (826,715)
    Purchase of short-term
     investments                               -        (8,966)  (51,096,801)
    Redemption of short-term
     investments                               -     3,930,000    48,998,380
    Investment in BCY
     LifeSciences Inc.                         -             -       464,602
    Investment in Transition
     Therapeutics Inc.                         -             -     2,532,343
    -------------------------------------------------------------------------
    Cash provided by (used in)
     investing activities                 (3,647)    3,917,685        71,809
    -------------------------------------------------------------------------
    FINANCING ACTIVITIES
    Proceeds from exercise of
     warrants and stock options                -        21,250    30,511,278
    Proceeds from private placements           -             -    38,137,385
    Proceeds from acquisition of
     private company                           -             -     1,800,120
    Proceeds from public offerings             -             -    66,320,777
    -------------------------------------------------------------------------
    Cash provided by financing
     activities                                -        21,250   136,769,560
    -------------------------------------------------------------------------

    Net increase (decrease) in cash
     and cash equivalents during
     the period                       (4,941,730)      (63,414)   27,634,559

    Impact of foreign exchange on
     cash and cash equivalents          (363,895)            -      (491,245)

    Cash and cash equivalents,
     beginning of the period          32,448,939     7,429,895             -
    -------------------------------------------------------------------------
    Cash and cash equivalents,
     end of the period                27,143,314     7,366,481    27,143,314
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

To view the Company's First Quarter 2010 Consolidated Financial Statements, related Notes to Consolidated Financial Statements, and Management's Discussion and Analysis, please see the Company's quarterly 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 human trials including a Phase III trial in head and neck cancers using REOLYSIN, its proprietary formulation of the human reovirus. 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 2010 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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