CALGARY, Canada, October 1 /PRNewswire/ --     Oncolytics Biotech Inc. ("Oncolytics") (TSX:ONC, NASDAQ:ONCY) today 
announced that an oral presentation covering interim results from a U.K. 
Phase Ia/Ib combination REOLYSIN(R) and radiation clinical trial for 
patients with advanced or metastatic cancers is scheduled to be presented 
at the National Cancer Research Institute (NCRI) conference on October 2, 
2007 in Birmingham, U.K. The presentation, entitled "Biological Approaches 
to Radiosensitisation: Viruses, Gene Therapy and Novel Radiosensitisers" 
will be presented by Dr. Kevin Harrington of The Institute of Cancer 
Research, London and one of the principal investigators for the trial. The 
conference runs from September 30 through October 3, 2007 in Birmingham, U.K.

"We are very pleased with the results of this trial to date," said Dr. 
Brad Thompson, President and CEO of Oncolytics. "We continue to evaluate 
the data and look forward to announcing final results."

To date, 22 patients have been treated with 15 having completed the 
study. Five patients withdrew from the study, and two patients are still on 
study.

A total of 11 patients in the Ia portion of the trial received two 
intratumoural treatments of REOLYSIN(R) at dosages of 1x10(8), 1x10(9), or 
1x10(10) TCID(50) with a constant localized radiation dose of 20 Gy given 
in five fractions. Of these 11 patients, three patients (oesophageal, 
squamous skin carcinoma and squamous cell scalp) experienced significant 
partial responses.

One month following treatment, the oesophageal patient experienced a 
28.5% reduction in the target tumour, with stable disease noted in four, 
non-treated tumours. At two and three months, the target tumour had shrunk 
64%, with stable disease continuing in the four non-treated tumours, 
including a 15% volume reduction in non-treated mediastinal disease that 
was maintained for more than six months. The squamous skin cancer patient 
experienced a 50% reduction in the target tumour, as well as stable disease 
in two, non-treated tumours at one, two and three months post treatment. 
The squamous cell scalp patient experienced stable disease in the target 
tumour for two months which then became a partial response at three months. 
This patient also experienced stable disease in one non-treated tumour 
measured at three months post-treatment.

Patients in the Ib portion received either two, four or six 
intratumoural doses of REOLYSIN(R) at 1x10(10) TCID(50) with a constant 
localized radiation dose of 36 Gy given in 12 fractions. Of the six 
patients who have completed the study to date, three patients (colorectal, 
melanoma and lung cancer) experienced tumour regression in the target 
tumour, as well as stable disease in non-treated tumours.

The colorectal patient experienced a partial response with a more than 
50% regression in the target tumour as well as stable disease in four, non-
treated tumours measured at one month following treatment. A melanoma 
patient experienced minor regression in the target tumour as well as stable 
disease in two, non-treated tumours at one and two months following 
treatment. A lung cancer patient experienced minor regression in the target 
tumour, as well as stable disease in three, non-treated tumours at two 
months following treatment.

The treatment has been well tolerated, with mostly Grade 1 or 2 
toxicities noted including fatigue, lymphopenia, fever, and neutropenia. 
Grade 3 toxicities including cellulitis, dysphasia and diarrhoea were 
related to disease progression and not to the combination treatment. Viral 
replication was unaffected by cellular irradiation.

The primary objective of the Phase Ia/Ib trial is to determine the 
maximum tolerated dose (MTD), dose limiting toxicity (DLT), and safety 
profile of REOLYSIN(R) when administered intratumourally to patients 
receiving radiation treatment. A secondary objective is to examine any 
evidence of anti-tumour activity. Eligible patients include those who have 
been diagnosed with advanced or metastatic solid tumours that are 
refractory (have not responded) to standard therapy or for which no 
curative standard therapy exists.

The principal investigators for the trial are Dr. Kevin Harrington of 
the Targeted Therapy Laboratory, The Institute of Cancer Research, Cancer 
Research UK Centre for Cell and Molecular Biology and Honorary Consultant 
in Clinical Oncology at The Royal Marsden NHS Foundation Trust, London, UK, 
and Dr. Alan Melcher of the Cancer Research U.K. Clinical Centre at St. 
James's University Hospital in Leeds. The trial is enrolling patients at 
the Royal Marsden and St. James's Hospitals in the U.K.

Further results of the combination REOLYSIN(R) and radiation trial are 
scheduled to be presented at the AACR-NCI-EORTC International Conference on 
Molecular Targets and Cancer Therapeutics in San Francisco October 22-26, 
2007.

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 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 
http://www.oncolyticsbiotech.com

About The Institute of Cancer Research

The Institute of Cancer Research is Europe's leading cancer research 
centre with expert scientists working on cutting edge research. It was 
founded in 1909 to carry out research into the causes of cancer and to 
develop new strategies for its prevention, diagnosis, treatment and care. 
Website at: http://www.icr.ac.uk

The Institute works in a unique partnership with The Royal Marsden NHS 
Foundation Trust, forming the largest comprehensive cancer centre in Europe
. This relationship enables close daily contact between research scientists 
and those on the frontline in the fight against cancer - the clinicians, 
the carers and most importantly, the patients.

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 Phase Ia/Ib U.K. combination REOLYSIN(R) and radiation clinical trial, 
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 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.