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

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LIQUIDITY AND CAPITAL RESOURCES

Liquidity

As at March 31, 2008, we had cash and cash equivalents (including short-term investments) and working capital positions of $21,962,626 and $19,457,103, respectively compared to $25,213,829 and $22,732,987, respectively for December 31, 2007. The decrease in the first quarter of 2008 reflects the cash usage from our operating activities and purchase of intellectual property of $2,991,234 and $257,304, respectively.

We desire to maintain adequate cash and short-term investment reserves to support our planned activities which include our clinical trial program, product manufacturing, administrative costs, and our intellectual property expansion and protection. In 2008, we expect to continue to enroll patients in our various clinical trials and we also expect to continue with our collaborative studies pursuing support for our clinical trial program. We will therefore need to ensure that we have enough REOLYSIN(R) to supply our clinical trial and collaborative programs. We still expect our average monthly cash usage to be $1,660,000 in 2008 and we believe our existing capital resources are adequate to fund our current plans for research and development activities well into 2009. Factors that will affect our anticipated monthly burn rate include, but are not limited to, the number of manufacturing runs required to supply our clinical trial program and the cost of each run, the number of clinical trials ultimately approved, the timing of patient enrollment in the approved clinical trials, the actual costs incurred to support each clinical trial, the number of treatments each patient will receive, the timing of the NCI's R&D activity, and the level of pre-clinical activity undertaken.

In the event that we choose to seek additional capital, we will look to fund additional capital requirements primarily through the issue of additional equity. We recognize the challenges and uncertainty inherent in the
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SOURCE Oncolytics Biotech Inc.
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