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

e potential to significantly enhance the efficacy of oncolytic virotherapy. About a third of those patients also showed increases in NK (natural killer) cells following therapy. The data support the development of interventions aimed at blunting the patient's immune response, although preclinical data also suggest that maintaining a baseline level is necessary to restrict systemic spread and toxicity of the virus.

Manufacturing and Process Development

In the first quarter of 2008, after completing the technology transfer of our 40-litre production process to our manufacturer in the U.S., we commenced production at the 40-litre scale under cGMP conditions for use in our clinical trials. Our process development activity continued to focus on scale up from 40-litre to 100-litre production runs.

Intellectual Property

During the first quarter of 2008, one U.S. and two Canadian patents were issued. At the end of the first quarter of 2008, we had been issued over 170 patents including 26 U.S. and eight Canadian patents as well as issuances in other jurisdictions. We also have over 180 patent applications filed in the U.S., Canada and other jurisdictions.

Financial Impact

We estimated at the beginning of 2008 that our average monthly cash usage would be approximately $1,660,000 for 2008. Our cash usage for the first quarter of 2008 was $2,991,234 from operating activities and $259,969 for the purchases of intellectual property and capital assets which is lower than our expected monthly average but is in line with our expectations for 2008. Our net loss for the first quarter of 2007 was $3,324,241.

Cash Resources

We exited the first quarter of 2008 with cash resources totaling $21,962,626 (see "Liquidity and Capital Resources").

Expected REOLYSIN(R) Development for the Remainder of 2008

We plan to continue to enroll patients in our clinical trials throughout 2008 and still expect to complete enrollment in
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SOURCE Oncolytics Biotech Inc.
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