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Oncolytics Biotech(R) Inc. Announces Second Quarter 2010 Results
Date:7/29/2010

CALGARY, July 29 /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 June 30, 2010.

"We have recently passed a number of key milestones in our clinical program, most notably the opening of enrollment in our Phase 3 head and neck cancer study, the expansion of the study to other jurisdictions internationally, and the reporting of positive results from an earlier study with an emphasis on squamous cell carcinoma of the head and neck," said Dr. Brad Thompson, President and CEO of Oncolytics. "While our Phase 3 study remains our primary focus, we have also successfully expanded our clinical program to include other indications as REOLYSIN(R) may be effective in treating a variety of cancers."

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

Since April 1, 2010 the Company has announced:

Clinical Trial Results

        -  A poster presentation at the American Society of Clinical Oncology
           2010 Annual Meeting, entitled "A Phase I/II study of oncolytic
           reovirus plus carboplatin/paclitaxel in patients with advanced
           solid cancers with emphasis on squamous cell carcinoma of the head
           and neck (SCCHN)," showing that of 19 head and neck cancer
           patients evaluable for response, eight (42%) had partial responses
           and six (32%) had stable disease; mean overall survival in 24
           treated head and neck cancer patients was more than eight months;
        -  Publication of a paper entitl
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SOURCE Oncolytics Biotech Inc.
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3. Oncolytics Biotech(R) Inc. Receives Approval from Belgium FAMHP to Conduct Phase 3 Trial for REOLYSIN(R) in Head and Neck Cancers
4. Oncolytics Biotech(R) Inc. Announces Start of Enrolment in U.S. Phase 2 Pancreatic Cancer Clinical Trial
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