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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. Forward-looking statements, including 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 tolerability of REOLYSIN(R) outside a controlled test, 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.


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