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



    CALGARY, May 14 /CNW/ - Oncolytics Biotech Inc. ("Oncolytics") (TSX:ONC,
NASDAQ:  ONCY) announced today that data from three clinical trials using
REOLYSIN are scheduled to be presented at the 2009 American Society of
Clinical Oncology (ASCO) Annual Meeting. The meeting will take place in
Orlando, Florida May 29-June 2, 2009. The abstracts are available on the ASCO
website today at www.asco.org.

    
    REOLYSIN poster presentations

    -   Dr. Monica Mita and colleagues are scheduled to deliver a poster
        presentation entitled "A Phase II Study of Intravenous (IV) Wild-Type
        Reovirus in the Treatment of Patients with Bone and Soft Tissue
        Sarcomas Metastatic to the Lung."

    -   Dr. Johann de Bono and colleagues are scheduled to deliver a poster
        presentation entitled "A Phase I Study of the Combination of
        Intravenous Reolysin (REO) and Gemcitabine (GEM) in Patients (pts)
        with Advanced Cancer."

    -   Dr. Sanjay Goel and colleagues are scheduled to deliver a poster
        entitled "Dose Escalation and Pharmacodynamic Study of Intravenous
        Administration of REOLYSIN, a Live Replication Competent RNA Virus in
        Patients with Advanced Solid Tumors."
    

    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, 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, the Company's expectations
related to the results of trials investigating delivery of REOLYSIN, and the
Company's belief as to the potential of REOLYSIN 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 as a cancer treatment, the
success and timely completion of clinical studies and trials, the Company's
ability to successfully commercialize REOLYSIN, 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, except
as required by applicable laws.

    %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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