Oncolytics Biotech Inc. Collaborators Present Reovirus Research for Multiple Myeloma at AACR Annual Meeting

    CALGARY, April 15 /CNW/ - Oncolytics Biotech Inc. (TSX: ONC, NASDAQ:
ONCY) announced that an oral presentation by Dr. Chandini Thirukkumaran of the
Tom Baker Cancer Centre, Calgary, entitled "Targeting Multiple Myeloma with
Oncolytic Viral Therapy" was presented today at the American Association for
Cancer Research (AACR) Annual Meeting. The meeting is being held in San Diego,
California from April 12-16, 2008.
    The presentation covered preclinical work using reovirus as a purging
agent during autologous (harvested from the patient themselves) hematopoietic
stem cell transplants for multiple myeloma. The results demonstrated that up
to 70% of multiple myeloma cell lines tested showed reovirus sensitivity and
reovirus induced cell death mediated through apoptosis.
    The investigators concluded that this preclinical data supports
initiating a Phase I purging trial using reovirus against multiple myeloma.

    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 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 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.

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For further information: Oncolytics Biotech Inc.: Cathy Ward, 210, 1167
Kensington Cr NW, Calgary, Alberta, T2N 1X7, Tel: [phone], Fax: (403)
283-0858, [e-mail]; The Equicom Group: Nick Hurst, 325, 300
5th Ave. SW, Calgary, Alberta, T2P 3C4, Tel: [phone], Fax: (403)
237-6916, [e-mail]; The Investor Relations Group: Erika Moran,
11 Stone St, 3rd Floor, New York, NY, 10004, Tel: [phone], Fax: (212)
825-3229, [e-mail]