News Releases
Oncolytics Biotech Inc. Announces Termination of Animal Health Care Development Program

CALGARY, Alberta, January 10, 2002 -- Oncolytics Biotech Inc. (TSE: ONC, NASDAQ: ONCY) (Oncolytics) announced that the agreement with Pfizer Inc. to develop the reovirus as an animal health care product has been terminated and that pivotal clinical studies in animals for potential veterinary use will not be initiated.
“Oncolytics has been pleased to work with Pfizer Inc. on the animal health care program,” said Dr. Brad Thompson, President and CEO of Oncolytics. “Oncolytics primary focus has been and will continue to be the development of REOLYSIN® as a human therapeutic. Following our recent announcement of positive interim Phase I results in humans, Oncolytics will be initiating a series of follow up Clinical studies, the first one being a T2 prostate cancer trial.” 
About Oncolytics Biotech Inc.

Oncolytics is a Calgary-based biotechnology company focused on the development of the human reovirus (REOLYSIN®), as a potential cancer therapeutic. Oncolytics researchers have demonstrated that the reovirus is able to selectively kill cancer cells and, in vitro, kill human cancer cells derived from many types of cancer including breast, prostate, pancreatic and brain tumours. Research studying the reovirus as a potential human cancer therapy has also yielded successful cancer treatment results in a number of animal models. Interim Phase I clinical trial results in people have indicated that there were no toxicology related issues with the administration of the reovirus, and that the reovirus demonstrated activity in human tumours injected with REOLYSIN®.

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 belief as to the potential of REOLYSIN® as a cancer therapeutic, and the Company’s expectations as to the timing of the T2 prostate cancer trial and other clinical studies, 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.