CALGARY, AB, November 1, 2004 –Oncolytics Biotech Inc. (TSX: ONC, NASDAQ: ONCY), will present a corporate overview of the Company at the 6th Annual Mass Opps Investment Conference on Thursday, November 4 at 10:50 A.M. (ET) to analysts, portfolio managers, investment bankers and other financial professionals. The event will be held at the Hilton Boston Logan Airport on November 4-5, 2004.

A live audio webcast of the presentation will be available at: 
http://www.corporate-ir.net/ireye/confLobby.zhtml?ticker=W69590&item_id=957494 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 available for two weeks following the presentation athttp://www.corporate-ir.net/ireye/confLobby.zhtml?ticker=W69590&item_id=957494

About Oncolytics Biotech Inc.
Oncolytics is a Calgary-based biotechnology company focused on the development of REOLYSIN®, its proprietary formulation of the human reovirus, as a potential cancer therapeutic. Oncolytics’ researchers have demonstrated that the reovirus is able to selectively kill cancer cells and, in vitro, kill human cancer cells that are derived from many types of cancer including breast, prostate, pancreatic and brain tumours, and have also demonstrated successful cancer treatment results in a number of animal models. Phase I clinical trial results have indicated that REOLYSIN® was well tolerated and that the reovirus demonstrated activity in tumours injected with REOLYSIN®.

The webcast 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.