Oncolytics Biotech Inc. To Present At Biotechnology Industry Organization (BIO) CEO & Investor Conference

CALGARY, Feb. 9 /PRNewswire-FirstCall/ - Dr. Brad Thompson, President and CEO of Oncolytics Biotech Inc. , will present a corporate overview at the Bio CEO & Investor Conference 2006 on Tuesday, February 14 at 3:00 PM (ET). The event, which is expected to draw more than 1,000 biotechnology and life sciences investors, will be held at the Waldorf Astoria in New York City on February 14-15, 2006.

A live audio webcast of the presentation will be available at: http://www.corporate- ir.net/ireye/confLobby.zhtml?ticker=W69590&item_id=1210847 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 approximately one hour 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 and Phase I/II human trials using REOLYSIN(R), its proprietary formulation of the human reovirus, alone and in combination with radiation. For further information about Oncolytics, please visit www.oncolyticsbiotech.com

The presentation and webcast times are 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.

CONTACT: Oncolytics Biotech Inc., Cathy Ward, 210, 1167 Kensington Cr NW,Calgary, Alberta T2N 1X7, Tel: (403) 670-7377, Fax: (403) 283-0858,cathy.ward@oncolytics.ca, www.oncolyticsbiotech.com; The Equicom Group,Nick Hurst, 20 Toronto Street, Toronto, Ontario, M5C 2B8, Tel: (416)815-0700 ext.226, Fax: (416) 815-0080, nhurst@equicomgroup.com; TheInvestor Relations Group, Damian McIntosh, 11 Stone St, 3rd Floor, NewYork, NY 10004, Tel: (212) 825-3210, Fax: (212) 825-3229,dmcintosh@investorrelationsgroup.com; RenMark Financial Communications,John Boidman, 2080 Rene Levesque Blvd. W., Montreal, PQ H3H 1R6, Tel: (514)939-3989, Fax: (514) 939-3717, jboidman@renmarkfinancial.com