Oncolytics Biotech Inc. Treats 200th Cancer Patient in Clinical Studies with REOLYSIN(R)

    - Company to Host Conference Call to Update Clinical Program -

    CALGARY, July 14 /CNW/ - Oncolytics Biotech Inc. ("Oncolytics") (TSX:ONC,
NASDAQ:  ONCY) announced today that it has now enrolled and treated 200 cancer
patients in clinical studies with REOLYSIN(R), its proprietary formulation of
the human reovirus.
    "The clinical program has gained substantial momentum in the past year,
culminating in the treatment of our 200th patient this week," said Dr. Brad
Thompson, President and CEO of Oncolytics. "REOLYSIN(R) has been well
tolerated by the patients, and has demonstrated activity in all trials
reported on to date. Our current studies will allow us to design our pivotal
program based on Phase II data from human clinical studies."
    Together with its collaborators, Oncolytics is now recruiting or
enrolling patients in ten Phase I/II or Phase II clinical trials with
REOLYSIN(R) in the U.S. and the U.K., and has permission to begin another
Phase II trial in the U.S. These trials include four monotherapy trials using
REOLYSIN(R) alone, and seven trials using REOLYSIN(R) in combination with
radiation or chemotherapy.

    Conference Call Details

    Dr. Brad Thompson, President and CEO of Oncolytics, will host a
conference call on Wednesday, July 16, 2008 at 11:30 a.m. MST (1:30 p.m. EST)
to update investors on the Company's current and future clinical program for
    To access the conference call by telephone, dial 1-416-644-3414 or
1-800-733-7571. A live audio webcast will be available through the Company's
website at www.oncolyticsbiotech.com. Please connect at least 15 minutes prior
to the webcast to ensure adequate time for any software download that may be
needed. A replay of the webcast will be available at www.oncolyticsbiotech.com
and will also be available by telephone through July 23, 2008. To access the
telephone replay, dial 1-416-640-1917 or 1-877-289-8525 and enter reservation
number 21277892 followed by the number sign.

    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 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 tolerability of REOLYSIN(R) outside a controlled test,
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, 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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