Oncolytics Biotech® Inc. Completes Patient Enrollment in U.S. Phase 2 Clinical Trial Investigating REOLYSIN® in Combination with Paclitaxel and Carboplatin in Head and Neck Cancers

CALGARY, March 24 /PRNewswire/ – Oncolytics Biotech Inc. (“Oncolytics”) (TSX:
ONC, NASDAQ: ONCY) today announced that it has completed patient
enrollment in its U.S. Phase 2 clinical trial (REO 015) using
intravenous administration of REOLYSIN in combination with paclitaxel
and carboplatin in patients with advanced head and neck cancers.

“This study was performed in part to confirm the results of our UK Phase
II study, which enrolled a slightly different patient population, and
to support our ongoing Phase III study in platinum resistant head and
neck cancers,” said Dr. Brad Thompson, President and CEO of
Oncolytics.  “This U.S. study examined a greater proportion of patients
with prior taxane exposure than either of the other two studies we have
conducted in this indication.”

This trial was a 14-patient, single arm, open-label, dose-targeted,
non-randomized trial of REOLYSIN given intravenously in combination
with a standard dosage of paclitaxel and carboplatin.

Eligible patients included those with advanced or metastatic head and
neck cancers that were refractory to standard therapy or for which no
curative standard therapy existed. The primary objective of the Phase 2
trial was to measure tumor responses and duration of response, and to
describe any evidence of antitumor activity. The secondary objective is
to determine the safety and tolerability of REOLYSIN when administered
in combination with paclitaxel and carboplatin to patients with
advanced or metastatic head and neck cancers. The results are expected
to be fully reported in 2011.

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 human trials
including a Phase III trial in head and neck cancers using REOLYSIN,
its proprietary formulation of the human reovirus. 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
expectations related to the U.S. Phase 2 combination
REOLYSIN/paclitaxel/carboplatin clinical trial for patients with
advanced head and neck cancers, and the Company’s belief as to 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
tolerability of REOLYSIN outside a controlled test, 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 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,
except as required by applicable laws.

SOURCE Oncolytics Biotech Inc.