Oncolytics Biotech Inc. Collaborators to Present Reovirus Research at AACR Annual Meeting

CALGARY, March 13 /PRNewswire-FirstCall/ – Oncolytics Biotech Inc. (TSX:
ONC, NASDAQ: ONCY) announced that two abstracts covering preclinical work with
reovirus are available today on the American Association for Cancer Research
(AACR) website at www.aacr.org, and on the Oncolytics website at
www.oncolyticsbiotech.com. Both presentations are scheduled to be delivered at
the AACR Annual Meeting in San Diego, California April 12-16, 2008.

The first abstract, entitled “Targeting Multiple Myeloma with Oncolytic
Viral Therapy” covers preclinical work using reovirus as a purging agent
during autologous (harvested from the patient themselves) hematopoietic stem
cell transplants for multiple myeloma. The results demonstrated that up to 70%
of multiple myeloma cell lines tested showed reovirus sensitivity and reovirus
induced cell death mediated through apoptosis. An oral presentation is
scheduled to be delivered by Dr. Chandini Thirukkumaran of the Tom Baker
Cancer Centre, Calgary, AB on Tuesday, April 15, 2008.

The second abstract, entitled “Radiation in Combination with Reolysin for
Pediatric Sarcomas” covers preclinical work using reovirus in combination with
radiation in mice implanted with pediatric rhabdomyosarcoma and Ewing’s
sarcoma tumours. The results demonstrated that the combination of reovirus and
radiation significantly enhanced efficacy compared to either treatment alone
in terms of tumour regression and event free survival. A poster presentation
is scheduled to be delivered by Dr. Pooja Gidwani of the Albert Einstein
College of Medicine, Bronx, New York on Tuesday, April 15, 2008.

“This exciting work highlights the potential of expanding the use of the
reovirus to include being used as a purging agent during autologous blood stem
cell transplants, as well as a treatment for childhood sarcomas,” said Dr,
Matt Coffey, Chief Scientific Officer of Oncolytics.

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 abstract and
materials presented on the AACR website and at this 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.

SOURCE Oncolytics Biotech Inc.