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

3862), as discussed further in Notes 6 and 7 of our interim consolidated financial statements.

Financial Instruments - Presentation

On January 1, 2008, the Company adopted the new recommendations of the CICA for presentation of financial instruments (CICA Handbook Section 3863). Adoption of this standard had no impact on the Company's financial instrument related presentation disclosures.

OTHER MD&A REQUIREMENTS

We have 41,180,748 common shares outstanding at April 30, 2008. If all of our warrants (4,220,000) and options (3,870,493) were exercised we would have 49,271,241 common shares outstanding.

Additional information relating to Oncolytics Biotech Inc. is available on SEDAR at http://www.sedar.com.

Controls and Procedures

There were no changes in our internal controls over financial reporting during the quarter ended March 31, 2008 that materially affected or are reasonably likely to materially affect, internal controls over financial reporting.

Oncolytics Biotech Inc.

CONSOLIDATED BALANCE SHEETS

(unaudited)

As at,

March 31, December 31,

2008 2007

$ $

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ASSETS

Current

Cash and cash equivalents 7,326,706 6,715,096

Short-term investments (note 7) 14,635,920 18,498,733

Accounts receivable 85,099 80,085

Prepaid expenses 161,478 260,300

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SOURCE Oncolytics Biotech Inc.
Copyright©2008 PR Newswire.
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