Oncolytics Biotech Inc. Announces 2007 Third Quart... (n 2007. We still expect that our Othe...)

Oncolytics Biotech Inc. Announces 2007 Third Quarter Results

Date:10/30/2007

n 2007.

We still expect that our Other Research and Development expenses for the remainder of 2007 will increase compared to 2006. We expect that salaries and benefits will increase to reflect increased compensation levels and the salary and benefit costs for our Vice President of Intellectual Property. Our R&D consulting fees are expected to remain consistent with 2006. However, we may choose to engage additional consultants to assist us in the development of protocols and regulatory filings for our additional combination therapy and phase II clinical trial studies, possibly causing our R&D consulting expenses to increase.

Operating Expenses

2007 2006

$ $

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Public company related expenses 1,970,903 2,007,464

Office expenses 827,727 782,183

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Operating expenses 2,798,630 2,789,647

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During the nine month period ending September 30, 2007, our public company related expenses were $1,970,903 compared to $2,007,464 for the nine month period ending September 30, 2006. In this period of 2007, our financial advisory expenses decreased compared to 2006. This decrease was offset by an increase in expenses associated with our investor relations activity in the U.S. and Europe and professional fees during the nine month period ending September 30, 2007 compared to 2006.

During the nine month period ending September 30, 2007, our office expenses were $827,727 compared to $782,183 for the nine
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Oncolytics Biotech Inc. Announces 2007 Third Quart...(n 2007. We still expect that our Othe...)