Media Advisory - Oncolytics Biotech(R) Inc. to Present at BIO-Europe 2009

CALGARY, Canada - Dr. Matt Coffey, Chief Operating Officer of Oncolytics Biotech Inc. ( TSX: ONC, NASDAQ: ONCY), will present a corporate overview of the Company at the BIO-Europe 2009 15th Annual International Partnering Conference on Wednesday, November 4, 2009. The event is being held at the Messe Wien Exhibition & Congress Center, Vienna, Austria from November 2-4, 2009.

About the BIO-Europe Conference

Bio-Europe is Europe’s largest partnering conference, serving the global biotechnology industry. The conference annually attracts leading dealmakers from biotech, pharma and finance along with the most exciting emerging companies. Produced with the support of BIO, it is regarded as a “must attend” event for the biotech industry.

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 human trials including a Phase III trial in head and neck cancers using REOLYSIN(R), its proprietary formulation of the human reovirus. For further information about Oncolytics, please visit: www.oncolyticsbiotech.com.

The presentation times are subject to change. This release and the presentation related thereto contain forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the Company’s control and which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements. Such risks and uncertainties include, among others, the efficacy of REOLYSIN as a cancer treatment, the success and timely completion of clinical studies and trials, 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, except as required by applicable laws.

For further information: For Canada: The Equicom Group, Nick Hurst, 300 5th Ave. SW, 10th Floor, Calgary, Alberta, T2P 3C4, Tel: +1-403-218-2835, Fax: +1-403-218-2830, nhurst@equicomgroup.com; For United States: The Investor Relations Group, Erika Moran, 11 Stone St, 3rd Floor, New York, NY, 10004, Tel: +1-212-825-3210, Fax: +1-212-825-3229, emoran@investorrelationsgroup.com

Source: Oncolytics Biotech Inc.

For further information: For Canada: The Equicom Group, Nick Hurst, 300 5th Ave. SW, 10th Floor, Calgary, Alberta, T2P 3C4, Tel: +1-403-218-2835, Fax: +1-403-218-2830, nhurst at equicomgroup.com; For United States: The Investor Relations Group, Erika Moran, 11 Stone St, 3rd Floor, New York, NY, 10004, Tel: +1-212-825-3210, Fax: +1-212-825-3229,
emoran at investorrelationsgroup.com