CALGARY, AB, --- November 7, 2006 – Research collaborators with Oncolytics Biotech Inc. (“Oncolytics”) (TSX:ONC, NASDAQ:ONCY) are scheduled to deliver two poster presentations this week covering REOLYSIN® preclinical and clinical trial data at the 18th EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics. The meeting is being held from November 7-10, 2006 in Prague, Czech Republic. The data cover preclinical work using reovirus in combination with chemotherapy for various cancer cell lines, and further results of Oncolytics’ Phase I systemic administration trial conducted in the U.K.

A poster entitled “Synergistic Antitumor Activity of Oncolytic Reovirus and Chemotherapeutic Agents against Non-small Cell Lung Cancer (NSCLC)” is scheduled to be presented Nov. 9 by Dr. Shizuko Sei of SAIC-Frederick, Inc., prime contractor to the National Cancer Institute at Frederick in the United States. Her co-authors include Dr. Joseph E. Tomaszewski of the NCI and Dr. Matt Coffey of Oncolytics Biotech Inc. This work was conducted under a Clinical Trials Agreement which was executed between Oncolytics and NCI.

A poster entitled “A Phase I Study of Wild-Type Reovirus, which Selectively Replicates in Cells Expressing Activated Ras, Administered Intravenously to Patients with Advanced Cancer” is also scheduled to be presented Nov. 9 by Dr. T.A. Yap of The Royal Marsden NHS Foundation Trust and The Institute of Cancer Research.

The abstracts are expected to be available online today at: http://www.fecs.be/emc.asp?pageId=973&Type=PThe EORTC-NCI-AACR symposium is held on an annual basis and is jointly organized by the European Organization for Research and Treatment of Cancer (EORTC), the US National Cancer Institute (NCI) and the American Association for Cancer Research (AACR).

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 and Phase I/II human trials using REOLYSIN®, its proprietary formulation of the human reovirus, alone and in combination with radiation. For further information about Oncolytics, please visit www.oncolyticsbiotech.com

This press release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including the implication of the materials presented at this symposium with respect to REOLYSIN®, the Company’s expectations related to the results of trials investigating delivery of 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 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.