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Oncolytics Biotech Inc. Collaborators to Present Combination REOLYSIN(R) and Paclitaxel/Carboplatin Results at iSBTc Annual Meeting
Date:10/23/2008

CALGARY, Oct. 23 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. (TSX: ONC, NASDAQ: ONCY) today announced that an abstract entitled "Phase I Trial of Oncolytic Reovirus (REOLYSIN(R)) in Combination with Carboplatin/Paclitaxel in Patients with Advanced Solid Cancers" will be available in the November/December issue of the Journal of Immunotherapy, the official journal of the International Society for Biological Therapy of Cancer (iSBTc). The principal investigator for the trial is Dr. Kevin Harrington of The Institute of Cancer Research and The Royal Marsden NHS Foundation Trust.

The abstract covers results of the trial (REO 011) up to July 2008. At that time, 11 patients had received 46 cycles of treatment, with no dose-limiting toxicities. Of the 10 evaluable patients, there were three patients with a partial response, five patients with stable disease and two patients with progressive disease. On the basis of promising response data in the patients with head and neck cancers, a Phase II study has been opened in head and neck cancer patients using the 3x10(10) TCID(50) dose on five consecutive days.

A poster presentation that will include current results of the trial is scheduled to be presented on November 1, 2008 at the iSBTc annual meeting. The meeting is being held in San Diego, California from October 31-November 2, 2008.

The poster should be available on the Oncolytics website at http://www.oncolyticsbiotech.com on November 3, 2008.

About Oncolytics Biotech Inc.

Oncolytics is a Calgary-based biotechnology company focused on the development of oncolytic viruses as potential cancer therapeutics. Oncolytics' clinical program includes a variety of Phase I/II and Phase II human trials using REOLYSIN(R), its proprietary formulation of the human reovirus, alone and in combination with radiation or chemotherapy. For further information about Oncolytics, please visit http://www.oncolyticsbiotech.com.

The Institute of Cancer Research is Europe's leading cancer research centre with expert scientists working on cutting edge research. It was founded in 1909 to carry out research into the causes of cancer and to develop new strategies for its prevention, diagnosis, treatment and care. For more information visit http://www.icr.ac.uk. The Institute is a charity that relies on voluntary income. The Institute is one of the world's most cost-effective major cancer research organisations with over 95p in every (pnds stlg) of total income directly supporting research.

This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including the implication of the materials presented at this meeting with respect to REOLYSIN(R), the Company's expectations related to the results of trials investigating delivery of REOLYSIN(R), and the Company's belief as to the potential of REOLYSIN(R) as a cancer therapeutic, involve known and unknown risks and uncertainties, which could cause the Company's actual results to differ materially from those in the forward-looking statements. Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development projects, the efficacy of REOLYSIN(R) as a cancer treatment, the success and timely completion of clinical studies and trials, the Company's ability to successfully commercialize REOLYSIN(R), uncertainties related to the research and development of pharmaceuticals, uncertainties related to the regulatory process and general changes to the economic environment. Investors should consult the Company's quarterly and annual filings with the Canadian and U.S. securities commissions for additional information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned against placing undue reliance on forward-looking statements. The Company does not undertake to update these forward-looking statements, except as required by applicable laws.


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SOURCE Oncolytics Biotech Inc.
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