Oncolytics Biotech Inc. Announces 2008 First Quart...( CALGARY April 30 / Oncolytics Bio...)

CALGARY, April 30 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. ("Oncolytics") (TSX:ONC, NASDAQ:ONCY) today announced its financial results and highlights for the three month period ended March 31, 2008.

"We are currently enrolling or recruiting patients in a total of nine clinical trials, four exploring the use of REOLYSIN(R) as a monotherapy, and five exploring the use of REOLYSIN(R) in combination with a variety of chemotherapies, immune modulation and radiotherapy," said Dr. Brad Thompson, President and CEO of Oncolytics. "In 2008, we expect to report interim or final results on a number of our ongoing clinical trials. We are rapidly moving toward the point where we can expect to make pivotal clinical trial decisions about REOLYSIN(R). It is an exciting time for Oncolytics and our shareholders."

First Quarter Highlights

Significant Clinical Advances

- Met the criteria to expand to full enrolment of 52 patients in our

U.S. Phase II sarcoma trial after the third patient treated in the

trial experienced stable disease by RECIST criteria for more than

six months.

- In early April, our collaborators presented positive interim results

from our U.K. combination REOLYSIN(R) and paclitaxel/carboplatin

trial at the British Society of Gene Therapy conference in Edinburgh.

Three head and neck patients evaluated to date have had excellent

clinical and radiological responses without appreciable toxicity.

- The U.S. National Cancer Institute filed a protocol with the U.S. FDA

to conduct a Phase I/II ovarian, peritoneal and fallopian tube cancer

trial. The trial is currently recruiting patients.

- Research characterizing immune system responses to REOLYSIN(R) in our

U.K. Phase I systemic administration trial was published in the

March 6 issue of Gene Therapy.

Preclinical Advances

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