Oncolytics Biotech Inc. Announces Filing of Phase 1/2 Clinical Trial with REOLYSIN(R)



    CALGARY, Jan. 3 /CNW/ - Oncolytics Biotech Inc. ("Oncolytics") (TSX:ONC,
NASDAQ:  ONCY) announced today that the U.S. National Cancer Institute (NCI) has
filed a protocol with the U.S. Food and Drug Administration (FDA) for a
Phase 1/2 clinical trial for patients with metastatic ovarian, peritoneal or
fallopian tube cancers using concurrent systemic and intraperitoneal
administration of REOLYSIN(R), Oncolytics' proprietary formulation of the
human reovirus. The NCI is sponsoring the trial under its Clinical Trials
Agreement with Oncolytics, while Oncolytics will provide clinical supplies of
REOLYSIN(R).
    The trial, which is being carried out at The Ohio State University
Comprehensive Cancer Center, is expected to enroll up to 70 patients with
metastatic ovarian, peritoneal or fallopian tube cancers.
    These cancer indications were selected after comprehensive preclinical
studies carried out by the NCI indicated the reovirus can kill ovarian cancer
cells.
    The American Cancer Society estimates that more than 22,000 women will be
diagnosed with ovarian cancer in the U.S. in 2007, and more than 15,000 will
die from it.

    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 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 Company's expectations related to
the U.S. NCI Phase I/II systemic and intraperitoneal administration clinical
trial for patients with metastatic ovarian, peritoneal or fallopian tube
cancers, 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
tolerability of REOLYSIN(R) outside a controlled test, 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 and uncertainties related to the regulatory
process. 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.





For further information:

For further information: Oncolytics Biotech Inc.: Cathy Ward, 210, 1167
Kensington Cr NW, Calgary, Alberta, T2N 1X7, Tel: (403) 670-7377, Fax: (403)
283-0858, cathy.ward@oncolytics.ca; The Equicom Group: Nick Hurst, 325, 300
5th Ave. SW, Calgary, Alberta, T2P 2V7, Tel: (403) 538-4845, Fax: (403)
237-6916, nhurst@equicomgroup.com; The Investor Relations Group: Erika Moran,
11 Stone St., 3rd Floor, New York, NY, 10004, Tel: (212) 825-3210, Fax: (212)
825-3229, emoran@investorrelationsgroup.com


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