Website hacked & PhpSpy virus is injected, How to clean?

Hi,

My website aapkaislam.com got hacked & the hackers injected a code, named as Phpspy. I need help in cleaning my website from this virus. Is there a way to clean this, Phpspy virus?

I thought of one way of cleaning it, I will take a backup using Updraftplus Backup/Restore plugin & then delete the whole website & install wordpress & restore the backup using the same plugin. What do you say will this work?

Or, Please suggest some other way of cleaning.
(Note: I still have access to wp-admin of my site)