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Oncolytics Biotech Inc. Issued First European Patent Covering REOLYSIN^® Technology

CALGARY, Alberta, March 6, 2002 -- Oncolytics Biotech Inc. (TSE: ONC, NASDAQ: ONCY) (‘Oncolytics’) has been granted European Patent 1,003,524 that covers the use of the reovirus as a treatment for ras-mediated neoplasms (cancers), including the use of different strains of the reovirus, various methods of administration and the treatment of various types of cancer.

“This patent builds on our current intellectual property portfolio by providing additional protection in Europe for use of the reovirus to treat various cancers,” said Dr. Matt Coffey, Vice President, Product Development. “With four U.S. patents covering our technology, we continue to strategically strengthen our intellectual capital.” 

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 human cancer cells in vitro that are derived from many types of cancer, including breast, prostate, pancreatic and brain tumours, and have also demonstrated successful cancer treatment results in a number of animal models. Interim Phase I clinical trial results have indicated that there were no toxicology-related issues with the administration of the reovirus, and that the reovirus demonstrated activity in 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 ability to protect its products through patents on a worldwide basis, 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.