Media Advisory – Oncolytics Biotech Inc. to Present at Oncology Biologics Development Primer

CALGARY, Feb. 21 /PRNewswire-FirstCall/ – Dr. Matt Coffey, Chief
Scientific Officer of Oncolytics Biotech Inc. (TSX: ONC, NASDAQ: ONCY), will
participate as an invited speaker in a session entitled “Case Studies in Gene
Therapies” at the Oncology Biologics Development Primer (OBDP) conference on
Friday, February 29, 2008. The OBDP was developed by the International Society
for Biological Therapy of Cancer (iSBTc) to explore and discuss best practices
for worldwide biologics development. The conference runs from February 28-29,
2008 in Gaithersburg, MD.

For more information about the conference, please visit and
click on “Oncology Biologics Development Primer.”

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 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

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, 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.

SOURCE Oncolytics Biotech Inc.