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Oncolytics Biotech(R) Inc. Reports Highlights and Financial Results for 2008
Date:3/4/2009

CALGARY, March 4 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. (TSX:ONC, NASDAQ: ONCY) ("Oncolytics" or the "Company") today reported its financial results for the year ended December 31, 2008.

"In 2008, we selected our first pivotal program for REOLYSIN(R)," said Dr. Brad Thompson, President and CEO of Oncolytics. "The selection of head and neck cancers was supported by interim results reported in our US and UK clinical studies, and the successful development of a manufacturing process capable of supplying REOLYSIN for large clinical studies."

    Selected Highlights:

    Clinical Trial Results
    ----------------------

    -   Announced positive interim results from our Phase I/II UK combination
        REOLYSIN and carboplatin/paclitaxel trial. Of 14 patients evaluable
        for response, four had partial responses and five patients had stable
        disease. Of note, all partial responses and 4/5 stable diseases were
        in head and neck disease;

    -   Announced positive interim results from our UK combination REOLYSIN
        and docetaxel trial. Of the 11 patients evaluable for response, five
        had partial or minor responses, and six patients had stable disease;
        and

    -   Exceeded the primary statistical endpoint in our US multicentre,
        Phase 2 clinical trial to evaluate the intravenous administration of
        REOLYSIN in patients with various sarcomas that had metastasized to
        the lung. We reported that of 33 patients evaluable for response,
        five had stable disease for more than six months, and an additional
        10 patients had stable disease ranging from 3-6 cycles
        (cycle = 28 days).

    Clinical Trial Progress
    -----------------------

    -   Selection of first pivotal program using REOLYSIN in combination with
        paclitaxe
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SOURCE  Oncolytics Biotech Inc.
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