Oncolytics Biotech Inc.'s Research Collaborators to Present REOLYSIN(R) Clinical Trial Data at ASCO Conference



    CALGARY, June 1 /CNW/ - Research collaborators with Oncolytics Biotech
Inc. ("Oncolytics") (TSX:ONC, NASDAQ:  ONCY) are scheduled to deliver a poster
presentation covering REOLYSIN(R) clinical trial data at the American Society
of Clinical Oncology (ASCO) Annual Meeting, to be held June 1-5, 2007 in
Chicago. The data cover final results of Oncolytics' U.K. Phase I systemic
administration trial.
    The poster, entitled "Final Results of a Phase I Study of Wild-Type
Oncolytic Reovirus Administered Intravenously to Patients with Advanced
Cancer" is scheduled to be presented by Dr. James Spicer of The Royal Marsden
Hospital and The Institute of Cancer Research, U.K. on Sunday, June 3, 2007.
    The poster will be available on the Oncolytics website on Monday, June 4,
2007.

    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 implication of the materials to be
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 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.

    %SEDAR: 00013081E




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 3C4, 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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