Oncolytics Biotech Inc. Research Collaborators to Present Reovirus Treatment in Melanoma Animal Models at International Oncolytic Virus Conference

    CALGARY, March 16 /CNW/ - Oncolytics Biotech Inc. ("Oncolytics")
(TSX:ONC, NASDAQ:  ONCY) announces that Dr. Alan Melcher of St. James's
University Hospital in Leeds, U.K. is scheduled to present a poster today
entitled "Inflammatory Tumour Cell Killing by Oncolytic Reovirus for the
Treatment of Melanoma" at the 4th International Conference on Oncolytic
Viruses as Cancer Therapeutics in Carefree, Arizona. The conference runs from
March 14 through 17, 2007.
    The results of the preclinical study showed that the reovirus effectively
replicated in and killed a range of human melanomas in vitro, and
intratumoural injection of reovirus significantly delayed tumour growth in a
mouse implanted with a human melanoma tumour. In addition, the melanoma cell
death caused by reovirus also triggered an immune response which led to
additional anti-tumour activity.
    The investigators concluded that the reovirus is a promising agent for
the treatment of melanoma, causing an inflammatory cell death that is
potentially immunogenic as well as directly cytotoxic.
    "This latest study is one of several that indicate there is a
relationship between the reovirus and the immune system," said Dr. Matt
Coffey, Chief Scientific Officer of Oncolytics. "Recording immune system
effects on cancer following reovirus infection continues to be an important
objective in our ongoing clinical program for REOLYSIN(R)."
    The research will be posted on the Oncolytics website at
www.oncolyticbiotech.com as soon as it is available.

    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
presented at this conference 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, 600, 205
5th Ave. SW, Calgary, Alberta, T2P 2V7, Tel: (403) 538-4845, Fax: (403)
266-2453, 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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