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Oncolytics Biotech Inc. Announces 2008 Third Quarter Results
Date:11/4/2008

CALGARY, Nov. 4 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) ("Oncolytics" or the "Company") today announced its financial results for the three and nine-month periods ended September 30, 2008.

Recent Pivotal Trial Decision

Oncolytics made a decision in early November to pursue a pivotal (Phase II/III) randomized trial using the combination of REOLYSIN(R) with paclitaxel/carboplatin in refractory patients with head and neck cancers. The decision was made following a review of results by the Company's Board of Directors from the Company's ongoing U.K. Phase I and Phase II combination REOLYSIN(R) and paclitaxel/carboplatin clinical trials. The results were presented November 1, 2008 at the International Society for Biological Therapy of Cancer (iSBTc) annual meeting in San Diego, CA.

Selected Third Quarter Highlights:

- Treatment of the 200th patient in clinical studies with REOLYSIN(R);

- Completion of patient enrolment in the dose escalation portion of its

U.K. clinical trial to evaluate the anti-tumour effects of systemic

administration of REOLYSIN(R) in combination with docetaxel

(Taxotere(R)) in patients with advanced cancers including bladder,

prostate, lung and upper gastro-intestinal;

- The U.S. National Cancer Institute (NCI), part of the National

Institutes of Health, started enrolment in a Phase II clinical trial

for patients with metastatic melanoma using systemic administration

of REOLYSIN(R);

- The start of patient enrolment in a U.S. Phase II clinical trial

using intravenous administration of REOLYSIN(R) in combination with

paclitaxel and carboplatin in patients with advanced head and neck

cancers;

- Initiation of a U.S. Phase II clinical trial using intravenous

administration of REOLYSIN(R) in combination with paclitaxel and

carb
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SOURCE Oncolytics Biotech Inc.
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