Oncolytics Biotech Inc. Announces 2007 Third Quart...( CALGARY Oct. 30 / Oncolytics Biot...)

CALGARY, Oct. 30 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. ("Oncolytics") (TSX:ONC, NASDAQ:ONCY) today announced its financial results and highlights for the three and nine-month periods ended September 30, 2007.

Third Quarter Highlights

- Announced positive interim results from a U.K. Phase Ia/1b

combination REOLYSIN(R) and radiation trial for patients with

advanced cancers - including partial and remote responses in patients

with a variety of advanced cancers;

- Commenced patient enrolment in a multi-centre, combination

REOLYSIN(R) and docetaxel (Taxotere(R)) systemic administration trial

in the U.K.;

- In October, received approval from the U.K. regulatory authorities to

begin a combination REOLYSIN(R) and cyclophosphamide trial for

patients with advanced cancers;

- Secured two additional U.S. patents, for a total of more than 150

issued patents worldwide; and,

- Presented preclinical work at the National Cancer Research Institute

Conference in Birmingham, U.K. demonstrating for the first time how

reovirus-infected melanoma cells stimulate dendritic cells to prime

the immune system against cancer cells.

"With positive results being reported from our clinical trial program in the U.K. and the U.S., seven trials actively enrolling, an additional combination trial approved to begin and an expanding intellectual property portfolio supporting our technology, Oncolytics is looking forward to making substantial progress through the balance of 2007 and 2008," said Dr. Brad Thompson, President and CEO of Oncolytics.

Oncolytics Biotech Inc.

BALANCE SHEETS

(unaudited)

As at,

September 30, December 31,

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