/R E P E A T -- Oncolytics Biotech Inc. Collaborators Present Positive Phase II Sarcoma Trial Results at ASCO Annual Meeting/

    CALGARY, June 2 /CNW/ - Oncolytics Biotech Inc. (TSX: ONC, NASDAQ:   ONCY)
announced that interim results of a Phase II study of intravenous REOLYSIN(R)
in patients with sarcomas metastatic to the lung were presented yesterday at
the American Society of Clinical Oncology (ASCO) annual meeting. The
presentation, entitled "A Phase II Study of Intravenous REOLYSIN (Wild-type
Reovirus) in the Treatment of Patients with Bone and Soft Tissue Sarcomas
Metastatic to the Lung" was delivered by Dr. Monica Mita, the study principal
investigator and her team at the Institute of Drug Development (IDD), the
Cancer Therapy and Research Center at the University of Texas Health Science
Center, (UTHSC), San Antonio, Texas.
    The interim results demonstrate that the treatment has been well
tolerated to date, with 8 of 16 evaluable patients experiencing stable disease
for periods ranging from two to more than ten, 28-day cycles. As previously
announced by Oncolytics, the third patient treated in the study was
demonstrated to have stable disease by RECIST criteria for more than six
months as measured by CT scan. A PET scan taken at the same time showed that
any residual mass was metabolically inert.
    "These very encouraging data have increased our commitment to the
thorough investigation of this exciting, unique, truly targeted agent," said
Dr Francis Giles, Director of the IDD at UTHSC.
    "We feel privileged to participate in this study and to be able to offer
this therapeutic option to our patients," said Dr. Mita. "Patients have
tolerated the treatment well and seem to have disease control up to several
months, which is encouraging for patients with advanced refractory sarcoma."
    A copy of the poster will be available on the Oncolytics' website today.

    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 the ASCO 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.

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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