Media Advisory - Oncolytics Biotech(R) Inc. to Present at BioPartnering North America



    CALGARY, Feb. 5 /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 BioPartnering North America
Conference on Monday, February 9, 2009 at 4:30 p.m. PST. The event will be
held at the Westin Bayshore Resort in Vancouver, B.C. from February 8-10,
2009.

    About BioPartnering North America

    Now in its seventh year, BioPartnering North America (BPN) offers
excellent partnering opportunities for lifescience innovators and investors.
Hosted by LifeSciences British Columbia, BIOTECanada, and BioAlberta, BPN
annually attracts senior business development executives from around the
globe. BPN offers a targeted approach to the best lifescience partnering
opportunities.

    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 time is 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          %CIK: 0001129928




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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