Oncolytics Biotech Inc. Collaborators to Present Reovirus Research at ASGT Meeting

CALGARY, May 30, 2008 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. announced today that two presentations covering preclinical work using the reovirus are scheduled to be delivered by Dr. Richard Vile of the Mayo College of Medicine, Rochester, Minnesota, at the American Society of Gene Therapy (ASGT) annual meeting in Boston, MA. The meeting runs from May 28 to June 1, 2008.

A poster presentation entitled "Combination Immunotherapy and Oncolytic Virotherapy for the Treatment of Malignant Mesothelioma" is scheduled to be presented on Friday, May 30, 2008. The poster covers preclinical work using oncolytic viruses including reovirus against mesothelioma, a rare but deadly cancer. In vitro data show that mesothelioma cells are sensitive to and support replication of reoviruses. In addition, data suggesting how anti-tumour immunity can be enhanced will be presented.

An oral presentation entitled "Purging Lymph Node Metastases with Adoptive T Cell Therapy, Oncolytic Virotherapy and Immunotherapy" is scheduled to be presented on Saturday, May 31, 2008. In many cancers, disease spreads to other parts of the body via the lymph nodes. In this study, the investigators demonstrated that normal T-cells pre-loaded with reovirus localize to lymph nodes, spleen and liver and deliver the virus to sites of metastatic disease. In addition, killing the tumour cells in the lymph nodes and spleen by reovirus generated potent anti-tumour immunity, preventing repopulation of the lymph nodes and spleen by further waves of cells spreading from the primary tumour. The researchers are continuing to investigate methods of improving virus delivery, and developing clinical protocols that will examine purging lymph nodes of tumor cells using reovirus.

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 materials presented at the ASGT 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.

CONTACT: Oncolytics Biotech Inc., Cathy Ward, 210, 1167 Kensington Cr NW,Calgary, Alberta, T2N 1X7, Tel: (403) 670-7377, Fax: (403) 283-0858,; The Equicom Group, Nick Hurst, 325, 300 5th Ave.SW, Calgary, Alberta, T2P 3C4, Tel: (403) 538-4845, Fax: (403) 237-6916,; The Investor Relations Group, Erika Moran, 11Stone St, 3rd Floor, New York, NY, 10004, Tel: (212) 825-3210, Fax: (212)825-3229, cathy.ward@oncolytics.ca nhurst@equicomgroup.com emoran@investorrelationsgroup.com

Ticker Symbol: (Toronto:ONC.),(NASDAQ-NMS:ONCY)

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Posted: May 2008

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