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

    CALGARY, Oct. 23 /CNW/ - Oncolytics Biotech Inc. (TSX: ONC, NASDAQ:   ONCY)
today announced that an abstract entitled "Phase I Trial of Oncolytic Reovirus
(REOLYSIN(R)) in Combination with Carboplatin/Paclitaxel in Patients with
Advanced Solid Cancers" 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 Dr. Kevin Harrington of The Institute of Cancer Research and
The Royal Marsden NHS Foundation Trust.
    The abstract covers results of the trial (REO 011) up to July 2008. At
that time, 11 patients had received 46 cycles of treatment, with no
dose-limiting toxicities. Of the 10 evaluable patients, there were three
patients with a partial response, five patients with stable disease and two
patients with progressive disease. On the basis of promising response data in
the patients with head and neck cancers, a Phase II study has been opened in
head and neck cancer patients using the 3x10(10) TCID(50) dose on five
consecutive days.
    A poster presentation that will include current results of the trial is
scheduled to be presented on November 1, 2008 at the iSBTc annual meeting. The
meeting is being held in San Diego, California from October 31-November 2,
    The poster should be available on the Oncolytics website at
www.oncolyticsbiotech.com on November 3, 2008.

    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.

    The Institute of Cancer Research is Europe's leading cancer research
centre with expert scientists working on cutting edge research. It was founded
in 1909 to carry out research into the causes of cancer and to develop new
strategies for its prevention, diagnosis, treatment and care. For more
information visit www.icr.ac.uk. The Institute is a charity that relies on
voluntary income. The Institute is one of the world's most cost-effective
major cancer research organisations with over 95p in every (pnds stlg) of
total income directly supporting research.

    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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