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Oncolytics Biotech Inc. Collaborators Present Reovirus Research for Pediatric Sarcomas at AACR Annual Meeting

CALGARY, April 15, 2008 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. announced that a poster presentation by Dr. Anders Kolb of the Nemours Center for Childhood Cancer Research entitled "Radiation in Combination with Reolysin for Pediatric Sarcomas" was presented today at the American Association for Cancer Research (AACR) Annual Meeting. The meeting is being held in San Diego, California from April 12-16, 2008.

"The combination of REOLYSIN(R) with radiation is certainly favourable," said Dr. Kolb. "Statistically significant improvements in event-free survival are seen in mice treated with the combination when compared to either therapy alone."

The poster 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.

"We are very pleased to be working with investigators such as Dr. Kolb," said Dr. Matt Coffey, Chief Scientific Officer of Oncolytics. "The work completed by Dr. Kolb and his team supports our ongoing efforts in our human trials with REOLYSIN(R)."

The poster will be available on the Oncolytics website today at www.oncolyticsbiotech.com

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 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.

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: April 2008

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