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

p>with financial instruments (CICA Handbook Section 3862), as discussed

further in Notes 7 and 8.

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.

3. CONTRIBUTED SURPLUS

Amount

$

-------------------------------------------------------------------------

Balance, December 31, 2006 8,529,326

Stock-based compensation 539,156

Expired warrants 1,308,480

-------------------------------------------------------------------------

Balance, December 31, 2007 10,376,962

Stock-based compensation 19,593

-------------------------------------------------------------------------

Balance, March 31, 2008 10,396,555

-------------------------------------------------------------------------

-------------------------------------------------------------------------

4. DEFICIT

Amount

$

-------------------------------------------------------------------------

Balance, December 31, 2006 65,030,066

Adjustment - Alberta Heritage Foundation loan(1) (150,000)

Net loss for the year 15,642,191

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SOURCE Oncolytics Biotech Inc.
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