Oncolytics Biotech Inc. Investigators Present Interim U.S. REOLYSIN(R) Phase II Sarcoma Trial Data

    CALGARY, Nov. 6 /CNW/ - Oncolytics Biotech Inc. (TSX: ONC, NASDAQ: ONCY)
announced today that an oral presentation covering the interim results of a
U.S. Phase II trial investigating intravenous REOLYSIN(R) in patients with
bone and soft tissue sarcomas metastatic to the lung is being delivered today
by Dr. Monica Mita of the Institute of Drug Development (IDD), the Cancer
Therapy and Research Center at the University of Texas Health Science Center,
(UTHSC), San Antonio, Texas at the Chemotherapy Foundation Symposium XXVI,
which is being held in New York from November 4-8, 2008.
    "REOLYSIN(R) is a very well tolerated treatment that is also showing
promising results in patients with metastatic sarcoma," said Dr. Mita. "We are
pleased with the results and honored to present the data at major meetings."
    To date, 35 patients have been enrolled in the study, and 29 are
evaluable. 21% (6/29) of the evaluable patients experienced stable disease
(SD) for more than 16 weeks. The investigators concluded that the study has
met its established objectives, and that enrolment will continue to the full
52 patients.

    -------------------------------------------------------------------------
    Tumour Type                       Cycles          Best Response
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    Synovial sarcoma                  17(*)           SD
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    Ewing's sarcoma                    9(*)           SD
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    Malignant Fibrous Histiocytoma     7(*)           SD, tumor resection
                                                       after cycle 4
    -------------------------------------------------------------------------
    Leiomyosarcoma                     6              SD
    -------------------------------------------------------------------------
    Chordoma                           5(*)           SD
    -------------------------------------------------------------------------
    Unspecified Spindle Cell           5(*)           SD
    -------------------------------------------------------------------------
    (*) patients still on study

    An oral presentation covering results of the trial (REO 014) is also
scheduled to be delivered at the Connective Tissue Oncology Society (CTOS)
annual meeting, being held in London, U.K. from November 13-15, 2008.
    The slides will be available on the Oncolytics' website after the
presentation.
    Dr. Anders Kolb of the Nemours Center for Childhood Cancer Research is
also scheduled to present a poster at the CTOS meeting entitled "Systemic
Administration of REOLYSIN Inhibits Growth of Human Sarcoma Xenografts Alone
and in Combination with Cisplatin and Radiation."

    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), the Company's analysis of the results of the Phase II 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, 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.

    %SEDAR: 00013081E

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