CALGARY, Alberta, --- November 14, 2005 – Dr. Brad Thompson, President and CEO of Oncolytics Biotech Inc. (TSX: ONC, NASDAQ: ONCY), will host a webcast at 8:30 a.m. EST on Thursday, November 17, 2005 to provide a clinical trial update for REOLYSIN®, with a particular focus on the information being presented this week at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics being held in Philadelphia, Pennsylvania.

Two poster presentations by Oncolytic’s collaborators will be delivered at the AACR-NCI-EORTC conference. A poster entitled “Reovirus enhances radiation cytotoxicity in vitro and in vivo” will be presented Tuesday, November 15, 2005 by Dr. Kevin J. Harrington of the Targeted Therapy Laboratory, The Institute of Cancer Research, Cancer Research UK Centre for Cell and Molecular Biology, UK. A second poster entitled “A Phase I study of a wild-type reovirus (Reolysin) given intravenously to patients with advanced malignancies” will be presented on Thursday, November 17, 2005 by Dr. Johann S. de Bono of The Royal Marsden Hospital and The Institute of Cancer Research, UK. Abstracts of these presentations will be available on the AACR website on Monday, November 14, 2005. The posters will be available on the Company’s homepage atwww.oncolyticsbiotech.com on November 15 and 17, 2005 respectively.

The live audio webcast will be available at: 
http://w.on24.com/r.htm?e=17899&s=1&k=A0A05B5477B6AD312BCAEBE40FBB6D79 
or through www.oncolyticsbiotech.com. Please connect to the link at least 15 minutes prior to the webcast to ensure adequate time for any software download that may be needed. A replay of the webcast will be available at www.oncolyticsbiotech.com until December 1, 2005, and will also be available by telephone through November 24, 2005. To access the telephone replay, dial 1-416-640-1917 or 1-877-289-8525 and enter reservation number 21163310.

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, bladder 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. 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