Oncolytics Biotech Inc. Announces 2008 Second Quart... ( CALGARY July 29 / Oncolytics Biot...)

Oncolytics Biotech Inc. Announces 2008 Second Quarter Results

Date:7/29/2008

CALGARY, July 29 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. ("Oncolytics") (TSX:ONC, NASDAQ:ONCY) today announced its financial results and highlights for the three and six month periods ended June 30, 2008.

"Oncolytics experienced a strong second quarter with the reporting of durable clinical responses to REOLYSIN(R) combination therapy treatment in refractory head and neck cancer patients," said Dr. Brad Thompson, President and CEO of Oncolytics. "We are enrolling increasing numbers of patients in our clinical program for REOLYSIN(R), and the positive results from these trials are helping us to plan the later-stage development program for REOLYSIN(R)."

Second Quarter Highlights

Significant Clinical Advances

- Presented positive interim U.S. Phase II sarcoma trial results at the

American Society of Clinical Oncology (ASCO) annual meeting, showing 8

of 16 evaluable patients experienced stable disease for periods

ranging from two to more than ten, 28-day cycles.

- Presented positive interim results from a U.K. combination REOLYSIN(R)

and paclitaxel/carboplatin trial at the British Society of Gene

Therapy (BSGT) conference in Edinburgh. Three head and neck patients

evaluated at that time had excellent clinical and radiological

responses without appreciable toxicity. The dose escalation portion of

this trial was completed in the second quarter.

- Received approval for U.K. and U.S. Phase II clinical trials

investigating REOLYSIN(R) in combination with paclitaxel and

carboplatin, and started patient enrolment in the U.K. trial.

- The U.S. National Cancer Institute started patient enrolment in a

Phase I/II ovarian, peritoneal and fallopian tube cancer trial using

systemic and intraperitoneal administration of REOLYSIN(R).

- Started patient enrolment in a U.K. combination REOLYSIN(R) and'/>"/>

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Oncolytics Biotech Inc. Announces 2008 Second Quart...( CALGARY July 29 / Oncolytics Biot...)