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Oncolytics Biotech Inc. Reports Highlights and Financial Results for 2007
Date:3/6/2008

CALGARY, March 6 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY) ("Oncolytics" or the "Company") today reported its financial results for the year ended December 31, 2007.

"2007 was our most productive year to date, marking a significant expansion of the Company's clinical trial program for REOLYSIN(R) with Phase II studies and combination drug therapy studies being expanded and initiated," said Dr. Brad Thompson, President and CEO of Oncolytics. "This activity was supported by further advances in our preclinical development program, manufacturing, and intellectual property."

Selected Highlights:

Clinical Trial Results Presented

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

- Final results from our Phase I U.K. systemic administration trial, and

our U.S. Phase I systemic administration trial at ASCO;

- Positive interim results from our U.K. Phase Ia/Ib combination

REOLYSIN(R) and radiation trial;

Clinical Trial Progress

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

- Commenced patient enrolment in three combination REOLYSIN(R) and

chemotherapy trials in the U.K.;

- Commenced patient enrolment in a U.S. Phase II trial for patients with

various sarcomas that have metastasized to the lung;

- U.S. National Cancer Institute (NCI) filed a protocol with the U.S.

Food and Drug Administration (FDA) to conduct a Phase II melanoma

trial with REOLYSIN(R);

- Approval to begin a Phase I combination REOLYSIN(R) and

cyclophosphamide trial in the U.K.;

- In January 2008, the NCI filed a protocol with the U.S. FDA to conduct

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

- In January 2008, met the criteria to expand to full enrolment of 52

patients in our U.S. Phase II sarcoma trial;

Manufacturing

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

- Completed scale up of our manufacturing process to the 40-litre level

and investigated further increases in scale to the 100-litre level;

Financial and Intellectual Property

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

- Completed a public offering that added gross proceeds of $13.8 million

to our financial reserves; and,

- Secured an additional eight U.S, patents and one Canadian patent,

bringing our current total to more than 165 patents issued worldwide;

"We expect 2008 to be an outstanding year as we move ahead with our Phase II program and begin to focus our efforts in the clinical program in key indications," said Thompson. "With solid preclinical and Phase I results, a scalable manufacturing process, a comprehensive intellectual property portfolio and the financial resources to support our Phase II program, we are well positioned for an exciting and productive 2008."

Oncolytics Biotech Inc.

BALANCE SHEETS

As at December 31

2007 2006

$ $

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ASSETS

Current

Cash and cash equivalents 6,715,096 3,491,511

Short-term investments 18,498,733 24,122,237

Accounts receivable 80,085 84,003

Prepaid expenses 260,300 638,540

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25,554,214 28,336,291

Property and equipment 201,103 149,596

Intellectual property 5,026,540 5,079,805

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30,781,857 33,565,692

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LIABILITIES AND SHAREHOLDERS' EQUITY

Current

Accounts payable and accrued liabilities 2,821,227 2,616,421

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Alberta Heritage Foundation loan - 150,000

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Commitments and contingency

Shareholders' equity

Share capital

Authorized: unlimited

Issued: 41,180,748 (2006 - 36,520,748) 92,759,665 83,083,271

Warrants 5,346,260 4,216,740

Contributed surplus 10,376,962 8,529,326

Deficit (80,522,257) (65,030,066)

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27,960,630 30,799,271

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30,781,857 33,565,692

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Oncolytics Biotech Inc.

STATEMENTS OF LOSS AND DEFICIT

For the periods ended December 31

Cumulative

from inception

on April 2,

1998 to

December 31,

2007 2006 2005 2007

$ $ $ $

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Revenue

Rights revenue - - - 310,000

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- - - 310,000

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Expenses

Research and

development 11,315,088 10,535,689 9,308,977 54,536,282

Operating 3,987,688 3,630,144 3,083,372 20,758,269

Stock based

compensation 539,156 403,550 64,104 4,704,805

Foreign

exchange loss 8,862 35,270 253,608 657,710

Amortization

- intellectual

property 962,427 874,043 786,459 4,999,261

Amortization

- capital assets 40,714 52,637 69,532 448,397

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16,853,935 15,531,333 13,566,052 86,104,724

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Loss before the

following 16,853,935 15,531,333 13,566,052 85,794,724

Interest income (1,211,744) (1,233,809) (783,456) (6,014,749)

Gain on sale of

BCY LifeSciences

Inc. - - (765) (299,403)

Loss on sale of

Transition

Therapeutics

Inc. - - - 2,156,685

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Loss before

income taxes 15,642,191 14,297,524 12,781,831 81,637,257

Future income

tax recovery - - - (1,115,000)

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Net loss and

comprehensive

loss for the

period 15,642,191 14,297,524 12,781,831 80,522,257

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

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

Basic and

diluted loss

per share (0.39) (0.39) (0.39)

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

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

Oncolytics Biotech Inc.

STATEMENTS OF CASH FLOWS

For the periods ended December 31

Cumulative

from inception

on April 2,

1998 to

December 31,

2007 2006 2005 2007

$ $ $ $

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OPERATING

ACTIVITIES

Net loss and

comprehensive

loss for the

period (15,642,191) (14,297,524) (12,781,831) (80,522,257)

Add/(deduct)

non-cash items

Amortization

- intellectual

property 962,427 874,043 786,459 4,999,261

Amortization

- capital

assets 40,714 52,637 69,532 448,397

Stock based

compensation 539,156 403,550 64,104 4,704,805

Other non-cash

items - - 224,508 1,383,537

Net change in

non-cash working

capital 530,300 811,922 584,766 2,435,221

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Cash used in

operating

activities (13,569,594) (12,155,372) (11,052,462) (66,551,036)

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

INVESTING ACTIVITIES

Intellectual

property (852,498) (842,610) (1,033,035) (6,351,778)

Capital assets (92,221) (35,837) (61,309) (715,569)

Purchase of

short-term

investments (949,496) (1,035,427) (22,195,253) (49,068,963)

Redemption of

short-term

investments 6,573,000 13,808,000 6,656,746 30,151,746

Investment in

BCY LifeSciences

Inc. - - 7,965 464,602

Investment in

Transition

Therapeutics

Inc. - - - 2,532,343

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Cash provided by

(used in)

investing

activities 4,678,785 11,894,126 (16,624,886) (22,987,619)

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FINANCING ACTIVITIES

Proceeds from

exercise of

stock options

and warrants 51,000 241,400 3,384,787 15,259,468

Proceeds from

private

placements - - 15,395,402 38,137,385

Proceeds from

public

offerings 12,063,394 - - 42,856,898

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Cash provided

by financing

activities 12,114,394 241,400 18,780,189 96,253,751

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Net increase

(decrease) in

cash and cash

equivalents

during the

period 3,223,585 (19,846) (8,897,159) 6,715,096

Cash and cash

equivalents,

beginning of

the period 3,491,511 3,511,357 12,408,516 -

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Cash and cash

equivalents,

end of the

period 6,715,096 3,491,511 3,511,357 6,715,096

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

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

Cash interest

received 1,392,866 940,100 993,097

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To view the Company's Financial Statements and Management's Discussion and Analysis, please see the Company's 2007 Annual Filings which will be available on http://www.sedar.com and http://www.oncolyticsbiotech.com.

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

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 Company's belief as to the potential of REOLYSIN(R) as a cancer therapeutic; the Company's expectations as to the success of its research and development programs in 2008 and beyond, the Company's planned expansion, the value of the additional patents and intellectual property; the Company's expectations related to the applications of the patented technology; the ability of the technology to strengthen the core technology; the Company's expectations as to adequacy of its existing capital resources; the design, timing, success of planned clinical trial programs and the Company's planned expansion of such programs; and other statements related to anticipated developments in the Company's business and technologies 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.


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SOURCE Oncolytics Biotech Inc.
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