Oncolytics Biotech Inc. Announces Details of 2008 Annual Shareholder Meeting

CALGARY, May 5 /PRNewswire-FirstCall/ – Oncolytics Biotech Inc. (TSX: ONC,
NASDAQ: ONCY) announced today that its 2008 Annual and Special Meeting of the
Shareholders will be held on Wednesday, May 7, 2008 at 9:00 a.m. (ET) at the
Yale Club of New York City, 50 Vanderbilt Ave, New York.

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 9:15
a.m. (ET) at: http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2266660
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
www.oncolyticsbiotech.com.

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/II 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.