Oncolytics Biotech Inc. Collaborators to Present Preclinical Combination REOLYSIN(R) and Cisplatin Research at EORTC-NCI-AACR Annual Meeting

    CALGARY, Oct. 22 /CNW/ - Oncolytics Biotech Inc. (TSX: ONC, NASDAQ:   ONCY)
announced today that a poster presentation authored by Prof. Hardev Pandha of
The Royal Surrey Hospital, U.K., entitled "Synergistic Anti-Tumour Activity of
Oncolytic Reovirus and Cisplatin in a B16.F10 Mouse Melanoma Model" is
scheduled to be presented October 23, 2008 at the 20th EORTC-NCI-AACR
Symposium on Molecular Targets and Cancer Therapeutics. The conference is
being held in Geneva, Switzerland, from October 21-24, 2008.
    In the study, the researchers examined the in vitro and in vivo oncolytic
activity of reovirus in combination with cisplatin against a mouse melanoma
cell line. The researchers demonstrated that the combined therapy results in
significantly increased cell death in vitro compared to either agent alone. In
the mouse model, combined therapy suppressed tumour growth and significantly
prolonged median survival time. The researchers concluded that the addition of
chemotherapeutic agents can significantly enhance the anti-tumour efficacy of
reovirus therapy and justify formal clinical evaluation.
    This research supports the ongoing U.K. clinical trial examining the
combination of REOLYSIN(R) with carboplatin and paclitaxel (REO 011) in
patients with advanced cancers. An abstract covering interim results of the
trial is expected to be available tomorrow in the Journal of Immunotherapy,
the official journal of the International Society for Biological Therapy of
Cancer (iSBTc). A poster presentation which will include current results from
the trial is scheduled to be presented at the iSBTc conference in San Diego,
CA on November 1, 2008.
    The poster will be available today on the Oncolytics website at
    The EORTC-NCI-AACR symposium is held on an annual basis and is jointly
organized by the European Organization for Research and Treatment of Cancer
(EORTC), the U.S. National Cancer Institute (NCI) and the American Association
for Cancer Research (AACR).

    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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