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Oncolytics Biotech Inc. Announces 2008 First Quarter Results
Date:4/30/2008

t an oral presentation by Dr. Chandini Thirukkumaran of the Tom Baker Cancer Centre, Calgary, entitled "Targeting Multiple Myeloma with Oncolytic Viral Therapy" was presented at the AACR Annual Meeting. The presentation covered preclinical work using reovirus as a purging agent during autologous (harvested from the patient themselves) hematopoietic stem cell transplants for multiple myeloma. The results demonstrated that up to 70% of multiple myeloma cell lines tested showed reovirus sensitivity and reovirus induced cancer cell death mediated through apoptosis.

On April 16, 2008, we announced that Prof. Alan Melcher and his research group at St. James's University Hospital in Leeds, U.K. published the results of their work in the April 10 online issue of Gene Therapy. The paper is entitled "Inflammatory Tumour Cell Killing by Oncolytic Reovirus for the Treatment of Melanoma." The investigators showed that reovirus effectively kills and replicates in both human melanoma cell lines and freshly resected tumour. They demonstrated that reovirus melanoma killing is more potent than, and distinct from, chemotherapy or radiotherapy-induced cell death. They concluded that reovirus is suitable for clinical testing in melanoma.

RESULTS OF OPERATIONS

Net loss for the three month period ending March 31, 2008 was $3,324,241 compared to $4,113,231 for the three month period ending March 31, 2007.

Research and Development Expenses ("R&D")

2008 2007

$ $

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Manufacturing and related process

development expenses 503,094 1,838,193

Clinical trial expenses 1,042,791 721,617

Pre-clinical trial expenses and collaborations - 106,281

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SOURCE Oncolytics Biotech Inc.
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