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Oncolytics Biotech Inc. Announces Clinical Update Conference Call
Date:11/3/2008

CALGARY, Nov. 3 /PRNewswire-FirstCall/ - Dr. Brad Thompson, President and CEO of Oncolytics Biotech Inc. ("Oncolytics") (TSX:ONC, NASDAQ:ONCY), will host a conference call and webcast on Tuesday, November 4, 2008 at 8:00 a.m. MT (10:00 a.m. ET) to update investors on recent clinical trial results for REOLYSIN(R), and to announce the selection of the Company's first pivotal trial.

To access the conference call by telephone, dial 1-416-644-3420 or 1-800-589-8577. A live audio webcast will also be available at the following link:

http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2455860, or through the Company's website at http://www.oncolyticsbiotech.com. Please connect at least 15 minutes prior to the webcast to ensure adequate time for any software download that may be needed. A replay of the webcast will be available at http://www.oncolyticsbiotech.com and will also be available by telephone through November 11, 2008. To access the telephone replay, dial 1-416-640-1917 or 1-877-289-8525 and enter reservation number 21287371 followed by the number sign.

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 http://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
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SOURCE Oncolytics Biotech Inc.
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