Oncolytics Biotech Inc. Announces Details Of 2006 Annual General Meeting

CALGARY, April 26 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. announced that its 2006 Annual and Special Meeting of Shareholders will be held today, April 26, 2006 at 4:30 p.m. (ET) at St. Andrew’s Club and Conference Centre, 150 King Street W., Toronto.

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.

The presentation will be archived on the Oncolytics’ website following the presentation and can be found at: www.oncolyticsbiotech.com or at http://w.on24.com/r.htm?e(equal sign)22727&s(equal sign)1&k(equal sign)AB0D23B115F80BDC5D6B161ECF3E212B

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 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.

Oncolytics Biotech Inc.

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,mcintosh@investorrelationsgroup.com; RenMark Financial Communications, JohnBoidman, 2080 Rene Levesque Blvd. W., Montreal, PQ, H3H 1R6, Tel: (514)939-3989, Fax: (514) 939-3717, jboidman@renmarkfinancial.com

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