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

----

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

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

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Basic and

diluted loss

per share (0.39) (0.39) (0.39)

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

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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
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SOURCE Oncolytics Biotech Inc.
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