Media Advisory - Oncolytics Biotech Inc. to Present at BIO Investor Forum 2008



    CALGARY, Oct. 21 /CNW/ - Dr. Brad Thompson, President and CEO of
Oncolytics Biotech Inc. (TSX: ONC, NASDAQ:   ONCY), will present a corporate
overview of the Company at the 7th Annual BIO Investor Forum 2008 on
Wednesday, October 29, 2008 at 2:15 p.m. PT. The conference will be held at
the Palace Hotel in San Francisco from October 29-31, 2008.
    A live audio link to the webcast presentation is available at:
www.corporate-ir.net/ireye/conflobby.zhtml?ticker=ONC.TO&item_id=1996001, or
on the company's website at www.oncolyticsbiotech.com. It is recommended that
listeners log on 15 minutes in advance of the presentation to register and
download any necessary software.
    An audio replay will be accessible approximately one hour following the
presentation on the Oncolytics website.

    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 www.oncolyticsbiotech.com

    The presentation and webcast 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(R) 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.

    %SEDAR: 00013081E




For further information:

For further information: For Canada: Oncolytics Biotech Inc., Cathy
Ward, 210, 1167 Kensington Cr NW, Calgary, Alberta, T2N 1X7, Tel: (403)
670-7377, Fax: (403) 283-0858, cathy.ward@oncolytics.ca; For Canada: The
Equicom Group, Nick Hurst, 325-300 5th Ave. SW, Calgary, Alberta, T2P 3C4,
Tel: (403) 538-4845, Fax: (403) 237-6916, nhurst@equicomgroup.com; For United
States: The Investor Relations Group, Erika Moran, 11 Stone St, 3rd Floor, New
York, NY 10004, Tel: (212) 825-3210, Fax: (212) 825-3229,
emoran@investorrelationsgroup.com


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