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Oncolytics Biotech Inc. Announces U.S. Phase II Sarcoma Clinical Trial Conference Call
Date:11/5/2008

CALGARY, Nov. 5 /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 Thursday, November 6, 2008 at 11:00 a.m. MT (1:00 p.m. ET) to update investors on clinical trial results in its U.S. Phase II trial for patients with bone and soft tissue sarcomas metastatic to the lung. The results are scheduled to be presented November 6, 2008 at the Chemotherapy Foundation Symposium XXVI in New York.

To access the conference call by telephone, dial 1-416-915-5651 or 1-800-732-6179. A live audio webcast will also be available at the following link: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2471700, 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 13, 2008. To access the telephone replay, dial 1-416-640-1917 or 1-877-289-8525 and enter reservation number 21288636 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.

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