Oncolytics Biotech(R) Inc. Collaborators to Present Reovirus Research at the EORTC-NCI-AACR Meeting

CALGARY, Nov. 1 /PRNewswire/ – Oncolytics Biotech Inc. (TSX:ONC, NASDAQ:ONCY)
(“Oncolytics”) today announced that an abstract covering preclinical
research with reovirus (REOLYSIN®) is available on the European CanCer Organisation (ECCO) website at www.ecco-org.eu. The research is scheduled to be presented at the 22nd EORTC-NCI-AACR symposium on Molecular Targets and Cancer Therapeutics
being held in Berlin, Germany from November 16th – 19th 2010.

The abstract, entitled “REOLYSIN® induces endoplasmic reticular stress in multiple myeloma and enhances
the activity of bortezomib”, authored by Kelly et al, indicates that the REOLYSIN and bortezomib combination significantly
reduced tumor burden in both xenograft and syngeneic multiple myeloma
mouse models. The authors concluded that REOLYSIN is a promising
anticancer agent that displays activity against multiple myeloma alone
and in combination with bortezomib and warrants further investigation
for the treatment of multiple myeloma and other malignancies.

“Our preclinical research is increasingly looking at expanding the range
of drug combinations and potentially treatable indications that
REOLYSIN may be suited for,” said Dr. Matt Coffey, COO of Oncolytics.
“With this work we are expanding beyond our research in solid tumours
to look at the applicability of our agent in hematopoietic

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 implication of the materials presented at the EORTC-NCI-AACR symposium on Molecular Targets and Cancer
Therapeutics with respect to REOLYSIN; the Company’s belief as to the
potential of REOLYSIN as a cancer therapeutic; the Company’s
expectations as to the success of its research and development programs
in 2010 and beyond, the Company’s planned operations, the value of the
additional patents and intellectual property; the Company’s
expectations related to the applications of the patented technology;
the Company’s expectations as to adequacy of its existing capital
resources; the design, timing, success of planned clinical trial
programs; and other statements related to anticipated developments in
the Company’s business and technologies 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, except as
required by applicable laws.

SOURCE Oncolytics Biotech Inc.