CALGARY, Alberta – November 29, 2001 - Oncolytics Biotech Inc. (TSE: ONC); (NASDAQ: ONCY) has completed enrollment for its Phase I clinical trial for REOLYSIN®, a human Reovirus based product, for the treatment of various cancers. Interim safety and efficacy information will be reported before the end of the quarter.

REOLYSIN® is a formulation of the reovirus that is a potential therapeutic for a broad range of cancers in humans. The Phase I trial is designed to determine the safety and tolerance of REOLYSIN® when administered by injection directly into the tumor in late stage cancer patients. As secondary endpoints, the Company is measuring tumor response for both the treated lesion as well as remote tumors. 

About Oncolytics Biotech 

Oncolytics is a Calgary-based biotechnology company focused on the development of the human Reovirus (REOLYSIN®), as a potential cancer therapeutic. Oncolytics researchers have demonstrated that the reovirus is able to selectively kill cancer cells and, in vitro, kill human cancer cells derived from many types of cancer including breast, prostate, pancreatic and brain tumours. Research has also yielded successful cancer treatment results in a number of animal models. In November of 2000, Oncolytics entered into a worldwide licensing agreement with Pfizer Inc. for the development and marketing of the reovirus for animal health applications.

To find out more about Oncolytics Biotech Inc. (TSE: ONC), (NASDAQ: ONCY), visit the Company’s website atwww.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 expectations regarding the timing of release of information concerning the clinical trial and the potential of REOLYSIN® 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® as a cancer treatment, the success and timely completion of clinical studies and trials, the Company’s ability to successfully commercialize REOLYSIN®, 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.