Oncolytics Biotech Inc. Announces Publication of Research on Combination Reovirus and Radiation Therapy

CALGARY, Feb. 4 /PRNewswire-FirstCall/ – Oncolytics Biotech Inc. (TSX:
ONC, NASDAQ: ONCY) (‘Oncolytics’) reported today that Dr. Kevin Harrington and
his research group at The Institute of Cancer Research, London, U.K. published
the results of their work testing combination treatment schedules of reovirus
and radiation in human and murine tumour cells in vitro and in vivo. The
paper, entitled “Enhanced In vitro and In vivo Cytotoxicity of Combined
Reovirus and Radiotherapy” appears online in the February 1, 2008 issue of
Clinical Cancer Research.

The effect of different schedules of reovirus and radiotherapy on viral
replication and cytotoxicity was tested in vitro and the combination was
assessed in three tumour models in vivo. The results demonstrated that
combining reovirus and radiotherapy significantly increased cancer cell
killing both in vitro and in vivo, particularly in cell lines with moderate
susceptibility to reovirus alone.

“Dr. Harrington’s work demonstrates convincingly that REOLYSIN(R) works to
enhance the effects of radiation therapy,” said Dr. Matt Coffey, Chief
Scientific Officer of Oncolytics. “The results of this preclinical research
provided strong support for the combination REOLYSIN(R) and radiation clinical
trials we are conducting in the U.K. To date, we have successfully completed
enrolment in a Phase Ia/Ib combination REOLYSIN(R) and radiation trial and are
currently enrolling patients in a Phase II trial using this combination.”

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 in “Clinical Cancer Research” 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.

SOURCE Oncolytics Biotech Inc.