Oncolytics Biotech Inc. Collaborators to Present Combination REOLYSIN(R) and Docetaxel Results at iSBTc Annual Meeting

    CALGARY, Oct. 23 /CNW/ - Oncolytics Biotech Inc. (TSX: ONC, NASDAQ:   ONCY)
announced today that an abstract entitled "A Phase I Study to Evaluate
Systemic Wild-Type Reovirus (REOLYSIN(R)) in Combination with Docetaxel in
Patients with Advanced Malignancies" will be available in the
November/December issue of the Journal of Immunotherapy, the official journal
of the International Society for Biological Therapy of Cancer (iSBTc). The
principal investigator for the trial is Professor Hardev Pandha of the Royal
Surrey County Hospital, U.K.
    The abstract covers results of the trial (REO 010) up to July 2008. Of
the 12 patients treated at the time, three had completed six cycles, one
further patient was still on treatment at cycle 7 and four others were ongoing
between cycle 1 and cycle 4. Five patients remained on study. The researchers
observed one complete resolution of the target lesion in a breast cancer
patient with stable disease (SD) of non-target lesions; one partial response
in gastric cancer; two SD in lung cancer; and, one SD in melanoma. The
researchers concluded that REOLYSIN(R) can be safely combined with docetaxel,
that there was objective radiological evidence of anticancer activity and that
Phase II studies with this combination are justified. Any significant
toxicities observed were consistent with those expected with docetaxel alone.
    A poster presentation which will include current results of the trial is
scheduled to be presented by Prof. Pandha on November 1, 2008 at the iSBTc
annual meeting. The meeting is being held in San Diego, California from
October 31-November 2, 2008.
    Prof. Pandha is also scheduled to make a poster presentation on 
November 1, 2008 at the iSBTc meeting entitled "Synergistic Anti-Tumour
Activity of Oncolytic Reovirus and Docetaxel in a PC-3 Prostate Cancer Mouse
Model." This preclinical research, which demonstrated that combining reovirus
and docetaxel treatment resulted in markedly reduced tumour growth compared to
single agent treatments, provided support for the ongoing U.K. clinical trial
examining the combination of REOLYSIN(R) and docetaxel in patients with
advanced cancers. An abstract covering these preclinical results will also be
available in the November/December issue of the Journal of Immunotherapy.
    Poster presentations will be available on the Oncolytics website at
www.oncolyticsbiotech.com after they have been presented at the conference.

    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, 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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