Oncolytics Biotech(R) Inc. Announces Details of 2009 Annual Shareholder Meeting



    CALGARY, April 30 /CNW/ - Oncolytics Biotech Inc. (TSX: ONC, NASDAQ:  
ONCY) announced today that its 2009 Annual and Special Meeting of the
Shareholders will be held on Tuesday, May 5, 2009 at 2:30 p.m. (MT) at the
Telus World of Science, 701-11 Street SW, Calgary.
    Following the business portion of the meeting, Dr. Brad Thompson,
President and CEO of Oncolytics, will discuss recent progress in developing
REOLYSIN(R) as a potential cancer therapeutic.
    A live audio webcast of the presentation will begin at approximately 2:45
p.m. (MT) at:
    http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2632960 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 following the presentation at
www.oncolyticsbiotech.com.

    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, 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 as a
cancer treatment, the success and timely completion of clinical studies and
trials, uncertainties related to the research and development of
pharmaceuticals, uncertainties related to the regulatory process and general
changes to the economic environment. 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: 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; 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; 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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