Oncolytics Biotech Inc. Announces Details of 2007 Annual Shareholder Meeting

CALGARY, May 2 /PRNewswire-FirstCall/ – Oncolytics Biotech Inc. (TSX: ONC,
NASDAQ: ONCY) announces today that its 2007 Annual and Special Meeting of the
Shareholders will be held on Wednesday, May 2, 2007 at 11:00 a.m. (ET) at the
Queen Elizabeth II Conference Centre, Abbey & Rutherford rooms, Broad
Sanctuary, Westminster, London.

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 11:30
a.m. (ET) at:
http://w.on24.com/r.htm?e=41664&s=1&k=9F49C5E5594CE40A6499F57963A9F8B7 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

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 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(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.