Oncolytics Biotech(R) Inc. To Host Conference Call to Discuss Updated U.K. Phase I/II Trial Head and Neck Cancer Data Being Presented at the ASCO Annual Meeting

CALGARY, Canada, June 4, 2010 - Oncolytics Biotech Inc. ("Oncolytics") (TSX:ONC, NASDAQ:ONCY) announced
today that Dr. Brad Thompson, President and CEO, will host a conference
call and webcast on Monday, June 7th, 2010 at 7:00 a.m. MT (9:00 a.m. ET)
to discuss the Phase I/II head and neck cancer data being presented that
day at the ASCO Annual Meeting in Chicago, IL.

To access the conference call by telephone, dial 1-647-427-7450 or
1-888-231-8191. A live audio webcast will also be available at the following
link: www.newswire.ca/en/webcast/viewEvent.cgi?eventID=3108600 or
through the Company's website at 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 www.oncolyticsbiotech.com and will also be
available by telephone through June 14th, 2010. To access the telephone
replay, dial 1-416-849-0833 or 1-800-642-1687 and enter reservation
number 80060184 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 human trials including a
Phase III trial in head and neck cancers using REOLYSIN, its proprietary
formulation of the human reovirus. For further information about
Oncolytics, please visit: www.oncolyticsbiotech.com.

The presentation time is subject to change. This press release and the
presentations related thereto contain forward-looking statements, within
the meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements, including the timing, implication and
accuracy of materials presented at the ASCO meeting with respect to
REOLYSIN, and the Company's belief as to the potential of REOLYSIN 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 as a cancer
treatment, the tolerability of REOLYSIN outside a controlled test, 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 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: 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; 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

For further information: 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; 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/