Oncolytics Biotech Inc. Announces 2007 Third Quart... ($ $ ------------------------...)

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Oncolytics Biotech Inc. Announces 2007 Third Quarter Results

Date:10/30/2007

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Product manufacturing expenses 3,134,143 1,664,308

Technology transfer expenses - 457,975

Process development expenses 412,589 628,924

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Manufacturing and related process

development expenses 3,546,732 2,751,207

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Our M&P expenses for the nine month period ending September 30, 2007 increased to $3,546,732 compared to $2,751,207 in 2006. For the nine month period ending September 30, 2007, our production and vial filling activity increased compared to 2006. During this period of 2007, we completed production runs that commenced in 2006 and initiated additional production runs to manufacture REOLYSIN(R) at the beginning of 2007. Also, as a result of the increased viral yields from the process development activity in 2006, we have incurred additional vial filling and packaging costs compared to 2006.

For the nine month period ending September 30, 2006, we completed the production runs that were ongoing at the end of 2005 for our Phase I trials. At the same time, our process development activity helped improve the virus yields from our manufacturing process. These improvements were then transferred to our cGMP manufacturer with additional production runs initiated in the third quarter of 2006.

Our process development expenses for the nine month period ending September 30, 2007 were $412,589 compared to $628,924 for the nine month period ending September 30, 2006. During this period of 2007, our main process development focus has been on the scale up of our produ
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Oncolytics Biotech Inc. Announces 2007 Third Quart...($ $ ------------------------...)