Oncolytics Biotech Inc. Announces 2007 Third Quart... (095 178179 -----------------------...)

Oncolytics Biotech Inc. Announces 2007 Third Quarter Results

Date:10/30/2007

,095 178,179

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Manufacturing and related process

development expenses 879,937 1,259,716

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During the third quarter of 2007, our M&P expenses decreased to $879,937 compared to $1,259,716 for the third quarter of 2006. In the third quarter of 2007, we continued to fill, test, and package the REOLYSIN(R) that was produced earlier in the year. During the third quarter of 2006, we commenced a number of cGMP production runs using our improved manufacturing process. The technology transfer of our improved process was successfully completed at the beginning of the third quarter of 2006.

Our process development studies in the third quarter of 2007 focused on increasing the scale of our production runs from batch sizes of 20 litres to 40 and then 100 litres. In the third quarter of 2006, we completed process development studies that were successful in improving virus yields.

Clinical Trial Program

2007 2006

$ $

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Direct clinical trial expenses 1,201,557 639,719

Other clinical trial expenses 76,618 48,716

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Clinical trial expenses 1,278,175 688,435

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During the third quarter of 2007, our direct clinical trial expenses increa
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Oncolytics Biotech Inc. Announces 2007 Third Quart...(095 178179 -----------------------...)