to Present at BioPartnering North America

to Present at BioPartnering North America

CALGARY, AB, --- January 21, 2010

--- Dr. Brad Thompson, President and CEO of Oncolytics Biotech Inc. (TSX:

ONC, NASDAQ: ONCY), will present a corporate overview of the Company at the

Annual BioPartnering North America (BPN) Conference on Monday, January 25, 2010. The

event is being held at the Westin Bayshore Resort in Vancouver, BC from January

the BioPartnering North America

its eighth year, BPN offers excellent partnering opportunities for life science

innovators and investors. Produced by TVG & LifeSciences British Columbia,

and hosted by BIOTECanada & BioAlberta, BPN annually attracts senior

business development executives from around the globe.

Oncolytics Biotech Inc.

is a Calgary-based biotechnology company focused on the development of oncolytic

viruses as potential cancer therapeutics. Oncolytics' clinical

program includes a variety of human trials including a Phase III trial in head

and neck cancers using REOLYSIN , its

proprietary formulation of the human reovirus. For further information about

Oncolytics, please visit: www.oncolyticsbiotech.com.

presentation 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

cancer treatment, the success and timely completion of clinical studies and

trials, uncertainties related to the research and development of pharmaceuticals

and uncertainties related to the regulatory process. 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, except as required by applicable

FURTHER INFORMATION PLEASE CONTACT: