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<SEC-DOCUMENT>0001130319-08-000484.txt : 20080606
<SEC-HEADER>0001130319-08-000484.hdr.sgml : 20080606
<ACCEPTANCE-DATETIME>20080606170602
ACCESSION NUMBER:		0001130319-08-000484
CONFORMED SUBMISSION TYPE:	F-10
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20080606
DATE AS OF CHANGE:		20080606

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ONCOLYTICS BIOTECH INC
		CENTRAL INDEX KEY:			0001129928
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-10
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-151513
		FILM NUMBER:		08886386

	BUSINESS ADDRESS:	
		STREET 1:		1167 KENSINGTON CRES NW SUITE 210
		STREET 2:		CALGARY ALBERTA CANADA T2N 1X7
		CITY:			ALBERTA CANADA
		STATE:			A0
		ZIP:			00000
		BUSINESS PHONE:		4036707380

	MAIL ADDRESS:	
		STREET 1:		210 - 1167 KENSINGTON CRES NW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2N 1X7
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10
<SEQUENCE>1
<FILENAME>o40925fv10.htm
<DESCRIPTION>FORM F-10
<TEXT>
<HTML>
<HEAD>
<TITLE>fv10</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 2pt">As filed with the Securities and Exchange Commission on June&nbsp;6, 2008
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 4pt">Registration Statement No. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#149;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 10pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 5pt"><B>FORM F-10</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 12pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><IMG src="o40925o4092503.gif" alt="(ONCOLYTICS LOGO)">
</DIV>

<DIV align="center" style="font-size: 21pt; margin-top: 12pt"><B>ONCOLYTICS BIOTECH INC.</B><BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 3pt; width: 60%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 0pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center" style="margin-top: 4pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Alberta</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>2834</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>
<TR style="font-size: 5pt" valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Province or other jurisdiction of<BR>
incorporation or organization )
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">(Primary Standard Industrial<BR>
Classification Code Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 15pt"><B>Suite #210, 1167 Kensington Crescent N.W.<BR>
Calgary, Alberta<BR>
Canada T2N 1X7<BR>
(403)&nbsp;670-7377</B><BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 5pt; width: 60%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
(Address and Telephone number of Registrant&#146;s Principal Executive Offices)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 15pt"><B>DL Services, Inc.<BR>
1420 Fifth Avenue, Suite&nbsp;3400<BR>
Seattle, Washington 98101<BR>
(206)&nbsp;903-8800</B><BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 5pt; width: 60%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
(Name, Address (including zip code) and Telephone Number (including Area Code)<BR>
of Agent for Service in the United States)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><I>Copies to:</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR style="font-size: 2pt" valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Kenneth G. Sam, Esq.<BR>
Jason K. Brenkert, Esq.<BR>
Dorsey &#038; Whitney LLP<BR>
Republic Plaza Building, Suite&nbsp;4700<BR>
370 Seventeenth Street<BR>
Denver, CO 80202-5647</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Brent W. Kraus<BR>
Bennett Jones LLP<BR>
4500, 855 2<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP> Street SW<BR>
Calgary, Alberta<BR>
Canada T2P 4K7<BR></I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Approximate date of proposed sale to the public</B>:<BR>
From time to time after the effective date of this registration statement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 15pt"><B>Province of Alberta, Canada</B><BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 5pt; width: 60%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
(Principal jurisdiction regulating this offering)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">It is proposed that this filing shall become effective (check appropriate box):
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 4pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Upon filing with the Commission, pursuant to Rule&nbsp;467(a) (if
in connection with an offering being made contemporaneously
in the United States and Canada).</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">B.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">At some future date (check the appropriate box below):</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 4pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">pursuant to Rule&nbsp;467(b) on &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; (date) at &#95;&#95;&#95;&#95;&#95; (time) (designate a time not sooner than 7 calendar
days after filing).</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">pursuant to Rule&nbsp;467(b) on &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; (date) at &#95;&#95;&#95;&#95;&#95; (time) (designate a time 7 calendar days or sooner
after filing) because the securities regulatory authority in the review jurisdiction has
issued a receipt or notification of clearance on &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; (date).</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">pursuant to Rule&nbsp;467(b) as soon as practicable after notification of the Commission by the
Registrant or the Canadian securities regulatory authority of the review jurisdiction that a
receipt or notification of clearance has been issued with respect hereto.</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">after the filing of the next amendment to this Form (if preliminary material is being filed).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If any of the securities being registered on this Form are to be offered on a delayed or continuous
basis pursuant to the home jurisdiction&#146;s shelf prospectus offering procedures, check the following
box.&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>
</DIV>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of each class of</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>securities to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>aggregate offering price (1) (2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registration fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                <TD valign="top" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Shares, Subscription
Receipts, Warrants,<BR>Debt
Securities, and
Units<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP>
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">U.S.$149,238,881
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">U.S.$5,866</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD valign="top" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px"><B>TOTAL</B>
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">U.S.$149,238,881
</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 2px solid #000000">U.S.$5,866</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Rule&nbsp;457(o) permits the registration fee to be calculated on the basis of
the maximum offering price of all of the securities listed and,
therefore, the table does not specify by each class information as to the
amount to be registered or the proposed maximum offer price per security.
The proposed maximum initial offering price per security will be
determined, from time to time, by the Registrant. In no event will the
aggregate initial offering price of all securities issued from time to
time pursuant to this Registration Statement exceed U.S.$149,238,881.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Determined based on the proposed maximum aggregate offering price in
Canadian dollars of $150,000,000 converted into U.S. dollars based on the
noon exchange rate as report by the Federal Reserve Bank of New York on
June&nbsp;3, 2008 of US$1.00 to Cdn$1.0051.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Subject to footnote (1), there are being registered hereunder an
indeterminate number of Common Shares, Subscription Receipts, Warrants,
Debt Securities, and Units as may be sold from time to time by the
Registrant. There are also being registered hereunder an indeterminate
number of Common Shares as may be issuable upon exercise of Subscription
Receipts and Warrants or as part of Units.</TD>
</TR>

</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary
to delay its effective date until the registration statement shall become effective as provided in
Rule&nbsp;467 under the Securities Act, or on such date as the Commission, acting pursuant to Section
8(a) of the Securities Act, may determine.</B>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><U>Base Shelf Prospectus</U></I>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 9pt; color: #C41E3A">A copy of
    this preliminary short form prospectus has been filed with the
    securities regulatory authorities in each of the provinces of
    British Columbia, Alberta, Manitoba and Ontario but has not yet
    become final for the purpose of the sale of securities.
    Information contained in this preliminary short form prospectus
    may not be complete and may have to be amended. The securities
    may not be sold until a receipt for the short form prospectus is
    obtained from the securities regulatory authority.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 9pt; color: #C41E3A">This short
    form prospectus has been filed under legislation in each of the
    provinces of British Columbia, Alberta, Manitoba and Ontario
    that permits certain information about these securities to be
    determined after this short form prospectus has become final and
    that permits the omission from this short form prospectus of
    that information. The legislation requires the delivery to
    purchasers of a prospectus supplement containing the omitted
    information within a specified period of time after agreeing to
    purchase any of these securities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 9pt; color: #C41E3A">Information
    contained herein is subject to completion or amendment. A
    registration statement relating to these securities has been
    filed with the United States Securities Exchange Commission.
    These securities may not be sold nor may offers to buy be
    accepted prior to the time the registration statement becomes
    effective. This prospectus shall not constitute an offer to sell
    or the solicitation of an offer to buy nor shall there be any
    sale of these securities in any state of the United States in
    which such offer, solicitation or sale would be unlawful prior
    to registration or qualification under the securities laws of
    any such state of the United States.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 9pt">This short form prospectus
    constitutes a public offering of these securities only in those
    jurisdictions where they may be lawfully offered for sale and
    therein only by persons permitted to sell such securities. No
    securities regulatory authority has expressed an opinion about
    these securities and it is an offence to claim
    otherwise.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 9pt">Information has been
    incorporated by reference in this short form prospectus from
    documents filed with securities commissions or similar
    authorities in Canada.
    </FONT></I></B><FONT style="font-size: 9pt"><I>Copies of the
    documents incorporated herein by reference may be obtained on
    request without charge from the Corporate Secretary of
    Oncolytics Biotech Inc. at 210, 1167 Kensington Crescent N.W.,
    Calgary, Alberta T2N&#160;1X7 telephone
    <FONT style="white-space: nowrap">(403)&#160;670-7377,</FONT>
    and are available electronically</I> at <I>www.sedar.com. See
    &#147;Documents Incorporated by Reference&#148;.</I>
    </FONT>
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">Preliminary Short
    Form&#160;Prospectus</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">New
    Issue</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 9pt; font-family: 'Times New Roman', Times">
    Dated June&#160;6, 2008</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="o40925o4092502.gif" alt="(ONCOLYTICS LOGO)"><FONT style="font-size: 9pt">
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">Cdn. $150,000,000</FONT></B>
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Common Shares<BR>
    Subscription Receipts<BR>
    Warrants<BR>
    Debt Securities<BR>
    Units</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=480 length=84 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">We may from time to time during the
    <FONT style="white-space: nowrap">25-month</FONT>
    period that this prospectus (the &#147;<B>Prospectus</B>&#148;),
    including any amendments, remains valid, sell under this
    Prospectus up to Cdn. $150,000,000 (or the equivalent in other
    currencies or currency units) aggregate initial offering price
    of our common shares (&#147;<B>Common Shares</B>&#148;),
    subscription receipts (&#147;<B>Subscription
    Receipts</B>&#148;), warrants to purchase Common Shares
    (&#147;<B>Warrants</B>&#148;), senior or subordinated unsecured
    debt securities (&#147;<B>Debt Securities</B>&#148;), and/or
    units comprised of one or more of the other securities described
    in this Prospectus in any combination, (&#147;<B>Units</B>&#148;
    and, together with the Common Shares, Subscription Receipts,
    Debt Securities and Warrants, the
    &#147;<B>Securities</B>&#148;). We may offer Securities in such
    amount and, in the case of the Subscription Receipts, Debt
    Securities, Warrants and Units, with such terms, as we may
    determine in light of market conditions. We may sell the
    Subscription Receipts, Debt Securities and Warrants in one or
    more series.
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 9pt">There are certain risk factors
    that should be carefully reviewed by prospective purchasers. See
    &#147;Risk Factors&#148;.</FONT></B>
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The specific variable terms of any offering of Securities will
    be set forth in a supplement to this Prospectus relating to such
    Securities (each, a <B>&#147;Prospectus Supplement&#148;</B>)
    including where applicable: (i)&#160;in the case of the Common
    Shares, the number of Common Shares offered, the currency (which
    may be Canadian dollars or any other currency), the issue price
    and any other specific terms; (ii)&#160;in the case of
    Subscription Receipts, the number of Subscription Receipts
    offered, the currency (which may be Canadian dollars or any
    other currency), the issue price, the terms and procedures for
    the exchange of the Subscription Receipts and any other specific
    terms; (iii)&#160;in the case of Warrants, the designation, the
    number of Warrants offered, the currency (which may be Canadian
    dollars or any other currency), number of the Common Shares that
    may be acquired upon exercise of the Warrants, the exercise
    price, dates and periods of exercise, adjustment procedures and
    any other specific terms; (iv)&#160;in the case of Debt
    Securities, the designation, aggregate principal amount and
    authorized denominations of the Debt Securities, any limit on
    the aggregate principal amount of the Debt Securities, the
    currency (which may be Canadian dollars or any other currency),
    the issue price (at par, at a discount or at a premium), the
    issue and delivery date, the maturity date (including any
    provisions for the extension of a maturity date), the interest
    rate (either fixed or floating and, if floating, the method of
    determination thereof), the interest payment date(s), the
    provisions (if any) for subordination of the Debt Securities to
    other indebtedness, any redemption provisions, any repayment
    provisions, any terms entitling the holder to exchange or
    convert the Debt Securities into other securities and any other
    specific terms; and (v)&#160;in the case of Units, the
    designation, the number of Units offered, the offering price,
    the currency (which may be Canadian dollars or any other
    currency), terms of the Units and of the securities comprising
    the Units and any other specific terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>We are permitted, as a foreign issuer in the United States,
    under a multi-jurisdictional disclosure system adopted by the
    United States and Canada, to prepare this Prospectus in
    accordance with Canadian disclosure requirements. You should be
    aware that such requirements are different from those of the
    United States. We have prepared our financial statements
    included or incorporated herein by reference in accordance with
    Canadian generally accepted accounting principles, and they are
    subject to Canadian auditing and auditor independence standards.
    Thus, they may not be comparable to the financial statements of
    United States companies. Information regarding the impact upon
    our financial statements of significant differences between
    Canadian and United States generally accepted accounting
    principles is contained in the notes to the financial statements
    incorporated by reference in this Prospectus.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should be aware that the purchase of the Securities may
    have tax consequences both in the United States and Canada. Such
    consequences for investors who are resident in, or citizens of,
    the United States may not be described fully herein. You should
    read the tax discussion contained in the applicable Prospectus
    Supplement with respect to a particular offering of securities.
    See &#147;Certain Income Tax Considerations&#148;.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Your ability to enforce civil liabilities under United States
    federal securities laws may be affected adversely by the fact
    that we are incorporated under the laws of Canada, the majority
    of our officers and directors and some of the experts named in
    this Prospectus are residents of Canada, and a substantial
    portion of our assets and the assets of such persons are located
    outside the United States.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
    (THE &#147;SEC&#148;) NOR ANY STATE SECURITIES COMMISSION HAS
    APPROVED OR DISAPPROVED THESE SECURITIES NOR PASSED UPON THE
    ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO
    THE CONTRARY IS A CRIMINAL OFFENCE.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All shelf information permitted under applicable laws to be
    omitted from this Prospectus will be contained in one or more
    Prospectus Supplements that will be delivered to purchasers
    together with this Prospectus. Each Prospectus Supplement will
    be incorporated by reference into this Prospectus for the
    purposes of securities legislation as of the date of the
    Prospectus Supplement and only for the purposes of the
    distribution of the Securities to which the Prospectus
    Supplement pertains.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our outstanding securities are listed for trading on the Toronto
    Stock Exchange under the trading symbol &#147;ONC&#148; and on
    the NASDAQ Capital Market under the trading symbol
    &#147;ONCY&#148;. Unless otherwise specified in any applicable
    Prospectus Supplement, the Subscription Receipts, Warrants, Debt
    Securities, and Units will not be listed on any securities
    exchange. <B>There is no market through which the Subscription
    Receipts, Warrants, Debt Securities or Units may be sold and
    purchasers may not be able to resell the Subscription Receipts,
    Warrants, Debt Securities or Units purchased under this
    Prospectus. This may affect the pricing of these securities in
    the secondary market, the transparency and availability of
    trading prices, the liquidity of the securities, and the extent
    of issuer regulation. See the &#147;Risk Factors&#148; section
    of the applicable Prospectus Supplement.</B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    ii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell the Securities to or through underwriters, dealers,
    placement agents or other intermediaries or directly to
    purchasers or through agents. See &#147;Plan of
    Distribution&#148;. The Prospectus Supplement relating to a
    particular offering of Securities will identify each person who
    may be deemed to be an underwriter with respect to such offering
    and will set forth the terms of the offering of such Securities,
    including, to the extent applicable, the initial public offering
    price, the proceeds that we will receive, the underwriting
    discounts or commissions and any other discounts or concessions
    to be allowed or reallowed to dealers. The managing underwriter
    or underwriters with respect to Securities sold to or through
    underwriters, if any, will be named in the related Prospectus
    Supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should rely only on the information contained in this
    Prospectus. We have not authorized anyone to provide you with
    information different from that contained in this Prospectus.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our head office and principal place of business is located at
    210, 1167 Kensington Crescent N.W., Calgary, Alberta T2N 1X7.
    Our registered office is located at 4500 Bankers Hall East,
    855&#160;&#151; 2nd Street S.W., Calgary, Alberta T2P 4K7.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    iii
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Page</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>DEFINITIONS AND OTHER MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>SPECIAL NOTICE REGARDING FORWARD-LOOKING
    STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>DOCUMENTS INCORPORATED BY REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>WHERE YOU CAN FIND ADDITIONAL INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>ENFORCEABILITY OF CIVIL LIABILITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>ONCOLYTICS BIOTECH INC.</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>OUR BUSINESS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>RECENT DEVELOPMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>CAPITALIZATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>PRIOR SALES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>DESCRIPTION OF SHARE CAPITAL</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>DESCRIPTION OF SUBSCRIPTION RECEIPTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>DESCRIPTION OF WARRANTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>DESCRIPTION OF DEBT SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>DESCRIPTION OF UNITS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>MARKET FOR SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>CERTAIN INCOME TAX CONSIDERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#122'>AUDITOR</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#123'>DOCUMENTS FILED AS PART&#160;OF THE REGISTRATION
    STATEMENT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#124'>PURCHASERS&#146; STATUTORY RIGHTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#125'>AUDITORS&#146; CONSENT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#126'>CERTIFICATE OF THE CORPORATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="o40925exv5w1.htm">Exhibit 5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="o40925exv5w2.htm">Exhibit 5.2</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left">
<!-- /TOC -->
</DIV>
<A name='101'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DEFINITIONS
    AND OTHER MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In this Prospectus and any Prospectus Supplement, unless
    otherwise indicated, references to &#147;we&#148;,
    &#147;us&#148;, &#147;our&#148;, &#147;Oncolytics&#148; or the
    &#147;Corporation&#148; are to Oncolytics Biotech Inc. All
    references to &#147;dollars&#148;, &#147;Cdn.$&#148; or
    &#147;$&#148; are to Canadian dollars and all references to
    &#147;U.S.$&#148; are to United States dollars. Unless otherwise
    indicated, all financial information included and incorporated
    by reference in this Prospectus and any Prospectus Supplement is
    determined using Canadian generally accepted accounting
    principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We prepare our financial statements in accordance with Canadian
    generally accepted accounting principles (<B>&#147;Canadian
    GAAP&#148;</B>), which differ from United States generally
    accepted accounting principles (<B>&#147;U.S. GAAP&#148;</B>).
    Therefore, our financial statements incorporated by reference in
    this Prospectus and any Prospectus Supplement and in the
    documents incorporated by reference in this Prospectus and in
    any applicable Prospectus Supplement may not be comparable to
    financial statements prepared in accordance with U.S. GAAP. You
    should refer to Note&#160;21 of our financial statements for the
    year ended December&#160;31, 2007 for a discussion of the
    principal differences between our financial results determined
    under Canadian GAAP and under U.S. GAAP. For our financial
    statements as at and for the three months ended March&#160;31,
    2008, you should refer to our reconciliation of our financial
    statements as at and for the three months ended March&#160;31,
    2008 to U.S. GAAP furnished to the SEC on the Company&#146;s
    Current Report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    dated June&#160;4, 2008 and incorporated into this Prospectus by
    reference. See &#147;Documents Incorporated by Reference&#148;.
</DIV>
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SPECIAL
    NOTICE REGARDING FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Some of the statements that we make contain forward-looking
    statements reflecting our current beliefs, plans, estimates and
    expectations. Readers are cautioned that these forward-looking
    statements involve risks and uncertainties, including, without
    limitation, clinical trial study delays, product development
    delays, our ability to attract and retain
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    business partners, future levels of government funding,
    competition from other biotechnology companies and our ability
    to obtain the capital required for research, product
    development, operations and marketing. These factors should be
    carefully considered and readers should not place undue reliance
    on our forward-looking statements. Actual events may differ
    materially from our current expectations due to risks and
    uncertainties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our statements of &#147;belief&#148;, &#147;estimates&#148;,
    &#147;expectations&#148; and other similar statements are based
    primarily upon our results derived to date from our research and
    development program with animals and early stage human results
    and upon which we believe we have a reasonable scientific basis
    to expect the particular results to occur. It is not possible to
    predict, based upon studies in animals or early stage human
    results, whether a new therapeutic will be proved to be safe and
    effective in humans. There can be no assurance that the
    particular result expected by us will occur. Except as required
    by applicable securities laws, we undertake no obligation to
    update publicly any forward-looking statements for any reason
    after the date of this Prospectus or to conform these statements
    to actual results or to changes in our expectations.
</DIV>
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DOCUMENTS
    INCORPORATED BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Information has been incorporated by reference in this
    Prospectus from documents filed with securities commissions or
    similar authorities in Canada.</B> Copies of the documents
    incorporated herein by reference may be obtained on request
    without charge from our Corporate Secretary at 210, 1167
    Kensington Crescent N.W., Calgary, Alberta T2N&#160;1X7
    telephone
    <FONT style="white-space: nowrap">(403)&#160;670-7377,</FONT>
    and are available electronically at www.sedar.com.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have filed the following documents with the securities
    commissions or similar regulatory authorities in certain of the
    provinces of Canada and such documents are specifically
    incorporated by reference in this Prospectus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our Renewal Annual Information Form dated March&#160;5, 2008,
    for the year ended December&#160;31, 2007 (the
    &#147;<B>AIF</B>&#148;);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our Management Proxy Circular dated March&#160;20, 2008 relating
    to the annual and special meeting of shareholders held on
    May&#160;7, 2008;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our audited financial statements, together with the notes
    thereto, for the years ended December&#160;31, 2007 and 2006 and
    the auditors&#146; report thereon addressed to our shareholders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our management&#146;s discussion and analysis of financial
    condition and results of operations dated March&#160;5, 2008,
    for the year ended December&#160;31, 2007;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our unaudited interim consolidated financial statements as at
    and for the three months ended March&#160;31, 2008, together
    with the notes thereto;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our management&#146;s discussion and analysis of financial
    condition and results of operations dated April&#160;30, 2008,
    for the three months ended March&#160;31, 2008; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the reconciliation of our consolidated financial statements as
    at and for the three months ended March&#160;31, 2008 to U.S.
    GAAP, filed on June&#160;3, 2008 under the heading
    &#147;Other&#148;.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any documents of the type required by National Instrument
    44-101&#160;&#151; Short Form&#160;Prospectus Distributions of
    the Canadian Securities Administrators to be incorporated by
    reference in a short form prospectus, including any annual
    information form, comparative annual financial statements and
    the auditors&#146; report thereon, comparative interim financial
    statements, management&#146;s discussion and analysis of
    financial condition and results of operations, material change
    report (except a confidential material change report), business
    acquisition report and information circular, if filed by us with
    the securities commissions or similar authorities in the
    provinces of Canada after the date of this Prospectus shall be
    deemed to be incorporated by reference in this Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any report filed by us with the SEC pursuant to section 13(a),
    13(c), 14 or 15(d) of the United States Securities Exchange Act
    of 1934 after the date of this Prospectus shall be deemed to be
    incorporated by reference into the registration statement of
    which this Prospectus forms a part, if and to the extent
    expressly provided in such report.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Any statement contained in this Prospectus or in a document
    incorporated or deemed to be incorporated by reference herein
    will be deemed to be modified or superseded for purposes of this
    Prospectus to the extent that a statement contained in this
    Prospectus or in any other subsequently filed document which
    also is, or is deemed to be, incorporated by reference into this
    Prospectus modifies or supersedes that statement. The modifying
    or superseding statement need not state that it has modified or
    superseded a prior statement or include any other information
    set forth in the document that it modifies or supersedes. The
    making of a modifying or superseding statement shall not be
    deemed an admission for any purposes that the modified or
    superseded statement when made, constituted a misrepresentation,
    an untrue statement of a material fact or an omission to state a
    material fact </B>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>that is required to be stated or that is necessary to make a
    statement not misleading in light of the circumstances in which
    it was made. Any statement so modified or superseded shall not
    be deemed, except as so modified or superseded, to constitute
    part of this Prospectus.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon a new annual information form and related audited annual
    financial statements and management&#146;s discussion and
    analysis being filed by us with, and where required, accepted
    by, the securities commission or similar regulatory authority in
    each of the provinces of British Columbia, Alberta, Manitoba and
    Ontario during the term of this Prospectus, the previous annual
    information form, the previous audited annual financial
    statements and related management&#146;s discussion and
    analysis, all unaudited interim financial statements and related
    management&#146;s discussion and analysis, material change
    reports and business acquisition reports filed prior to the
    commencement of our financial year in which the new annual
    information form and related audited annual financial statements
    and management&#146;s discussion and analysis are filed shall be
    deemed no longer to be incorporated into this Prospectus for
    purposes of future offers and sales of Securities under this
    Prospectus. Upon new interim financial statements and related
    management&#146;s discussion and analysis being filed by us with
    the securities commission or similar regulatory authority in
    each of the provinces of British Columbia, Alberta, Manitoba and
    Ontario during the term of this Prospectus, all interim
    financial statements and related management&#146;s discussion
    and analysis filed prior to the new interim consolidated
    financial statements and related management&#146;s discussion
    and analysis shall be deemed no longer to be incorporated into
    this Prospectus for purposes of future offers and sales of
    Securities under this Prospectus. Upon a new information
    circular relating to an annual meeting of holders of Common
    Shares being filed by us with the securities commission or
    similar regulatory authority in each of the provinces of British
    Columbia, Alberta, Manitoba and Ontario during the term of this
    Prospectus, the information circular for the preceding annual
    meeting of holders of Common Shares shall be deemed no longer to
    be incorporated into this Prospectus for purposes of future
    offers and sales of Securities under this Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    One or more Prospectus Supplements containing the specific
    variable terms for an issue of the Securities and other
    information in relation to such Securities will be delivered to
    purchasers of such Securities together with this Prospectus and
    will be deemed to be incorporated by reference into this
    Prospectus as of the date of the Prospectus Supplement solely
    for the purposes of the offering of the Securities covered by
    any such Prospectus Supplement.
</DIV>
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND ADDITIONAL INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have filed with the SEC a registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-10</FONT>
    relating to the Securities. This Prospectus, which constitutes a
    part of the registration statement, does not contain all of the
    information contained in the registration statement, certain
    items of which are contained in the exhibits to the registration
    statement as permitted by the rules and regulations of the SEC.
    Statements included or incorporated by reference in this
    Prospectus about the contents of any contract, agreement or
    other documents referred to are not necessarily complete, and in
    each instance, you should refer to the exhibits for a more
    complete description of the matter involved. Each such statement
    is qualified in its entirety by such reference.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual and quarterly financial information and material
    change reports and other material with the SEC and with the
    securities commissions or similar regulatory authorities in
    Canada. Under a multi-jurisdictional disclosure system adopted
    by the United States, documents and other information that we
    file with the SEC may be prepared in accordance with the
    disclosure requirements of Canada, which are different from
    those of the United States. You may read and copy any document
    that we have filed with the SEC at the SEC&#146;s public
    reference rooms in Washington, D.C. and Chicago, Illinois. You
    may also obtain copies of those documents from the public
    reference room of the SEC at 100 F Street, N.E., Washington,
    D.C. 20549 by paying a fee. You should call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    or access its website at www.sec.gov for further information
    about the public reference rooms. You may read and download some
    of the documents we have filed with the SEC&#146;s Electronic
    Data Gathering and Retrieval system at www.sec.gov. You may read
    and download any public document that we have filed with the
    securities commissions or similar regulatory authorities in
    Canada at www.sedar.com.
</DIV>
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ENFORCEABILITY
    OF CIVIL LIABILITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a corporation existing under the <I>Business Corporations
    Act</I> (Alberta). The majority of our officers and directors
    and some of the experts named in this Prospectus, are residents
    of Canada or otherwise reside outside the United States, and
    all, or a substantial portion of their assets and a substantial
    portion of our assets, are located outside the United States. We
    have appointed an agent for service of process in the United
    States, but it may be difficult for holders of Securities who
    reside in the United States to effect service within the United
    States upon those directors, officers and
</DIV>

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    <BR>
    3
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    experts who are not residents of the United States. It may also
    be difficult for holders of Securities who reside in the United
    States to realize in the United States upon judgments of courts
    of the United States predicated upon our civil liability and the
    civil liability of our directors, officers and experts under the
    United States federal securities laws. We have been advised by
    our Canadian counsel, Bennett Jones LLP, that a judgment of a
    United States court predicated solely upon civil liability under
    United States federal securities laws would probably be
    enforceable in Canada if the United States court in which the
    judgment was obtained has a basis for jurisdiction in the matter
    that would be recognized by a Canadian court for the same
    purposes. We have also been advised by Bennett Jones LLP,
    however, that there is substantial doubt whether an action could
    be brought in Canada in the first instance on the basis of
    liability predicated solely upon United States federal
    securities laws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We filed with the SEC, concurrently with our registration
    statement on
    <FONT style="white-space: nowrap">Form&#160;F-10,</FONT>
    an appointment of agent for service of process on
    <FONT style="white-space: nowrap">Form&#160;F-X.</FONT>
    Under the
    <FONT style="white-space: nowrap">Form&#160;F-X,</FONT>
    we appointed DL Services, Inc. at 1420, Fifth Avenue,
    Suite&#160;3400, Seattle, Washington 98101 as our agent for
    service of process in the United States in connection with any
    investigation or administrative proceeding conducted by the SEC,
    and any civil suit or action brought against or involving us in
    a United States court arising out of or related to or concerning
    the offering of the Securities under this Prospectus.
</DIV>
<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>A prospective purchaser of Securities should carefully
    consider the list of risk factors set forth below as well as the
    other information contained in and incorporated by reference in
    this Prospectus before purchasing our Securities.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">All of
    our potential products, including
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,
    are in the research and development stage and will require
    further development and testing before they can be marketed
    commercially.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prospects for companies in the biotechnology industry generally
    may be regarded as uncertain given the nature of the industry
    and, accordingly, investments in biotechnology companies should
    be regarded as speculative. We are currently in the research and
    development stage on one product,
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,
    for human application, the riskiest stage for a company in the
    biotechnology industry. It is not possible to predict, based
    upon studies in animals and early stage human clinical trials
    whether
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    will prove to be safe and effective in humans.
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    will require additional research and development, including
    extensive additional clinical testing, before we will be able to
    obtain the approvals of the relevant regulatory authorities in
    applicable countries to market
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    commercially. There can be no assurance that the research and
    development programs we conducted will result in
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    or any other products becoming commercially viable products, and
    in the event that any product or products result from the
    research and development program, it is unlikely they will be
    commercially available for a number of years.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To achieve profitable operations we, alone or with others, must
    successfully develop, introduce and market our products. To
    obtain regulatory approvals for products being developed for
    human use, and to achieve commercial success, human clinical
    trials must demonstrate that the product is safe for human use
    and that the product shows efficacy. Unsatisfactory results
    obtained from a particular study relating to a program may cause
    us to abandon our commitment to that program or the product
    being tested. No assurances can be provided that any current or
    future animal or human test, if undertaken, will yield
    favourable results. If we are unable to establish that
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    is a safe, effective treatment for cancer, we may be required to
    abandon further development of the product and develop a new
    business strategy.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">There are
    inherent risks in pharmaceutical research and
    development.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pharmaceutical research and development is highly speculative
    and involves a high and significant degree of risk. The
    marketability of any product we develop will be affected by
    numerous factors beyond our control, including but not limited
    to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the discovery of unexpected toxicities or lack of sufficient
    efficacy of products which make them unattractive or unsuitable
    for human use;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    preliminary results as seen in animal and/or limited human
    testing may not be substantiated in larger, controlled clinical
    trials;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    manufacturing costs or other production factors may make
    manufacturing of products ineffective, impractical and
    non-competitive;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    proprietary rights of third parties or competing products or
    technologies may preclude commercialization;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    requisite regulatory approvals for the commercial distribution
    of products may not be obtained; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other factors may become apparent during the course of research,
    up-scaling or manufacturing which may result in the
    discontinuation of research and other critical projects.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our products under development have never been manufactured on a
    commercial scale, and there can be no assurance that such
    products can be manufactured at a cost or in a quantity to
    render such products commercially viable. Production and
    utilization of our products may require the development of new
    manufacturing technologies and expertise. The impact on our
    business in the event that new manufacturing technologies and
    expertise are required to be developed is uncertain. There can
    be no assurance that we will successfully meet any of these
    technological challenges, or others that may arise in the course
    of development.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Pharmaceutical
    products are subject to intense regulatory approval
    processes.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The regulatory process for pharmaceuticals, which includes
    preclinical studies and clinical trials of each compound to
    establish its safety and efficacy, takes many years and requires
    the expenditure of substantial resources. Moreover, if
    regulatory approval of a drug is granted, such approval may
    entail limitations on the indicated uses for which it may be
    marketed. Failure to comply with applicable regulatory
    requirements can, among other things, result in suspension of
    regulatory approvals, product recalls, seizure of products,
    operating restrictions and criminal prosecution. Further,
    government policy may change, and additional government
    regulations may be established that could prevent or delay
    regulatory approvals for our products. In addition, a marketed
    drug and its manufacturer are subject to continual review. Later
    discovery of previously unknown problems with the product or
    manufacturer may result in restrictions on such product or
    manufacturer, including withdrawal of the product from the
    market and risk of litigation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S. Food and Drug Administration (the
    <B>&#147;FDA&#148;</B>) in the United States and similar
    regulatory authorities in other countries may deny approval of a
    new drug application if required regulatory criteria are not
    satisfied, or may require additional testing. Product approvals
    may be withdrawn if compliance with regulatory standards is not
    maintained or if problems occur after the product reaches the
    market. The FDA and similar regulatory authorities in other
    countries may require further testing and surveillance programs
    to monitor the pharmaceutical product that has been
    commercialized. Non-compliance with applicable requirements can
    result in fines and other judicially imposed sanctions,
    including product withdrawals, product seizures, injunction
    actions and criminal prosecutions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to our own pharmaceuticals, we may supply active
    pharmaceutical ingredients and advanced pharmaceutical
    intermediates for use in our customers&#146; drug products. The
    final drug products in which the pharmaceutical ingredients and
    advanced pharmaceutical intermediates are used, however, are
    subject to regulation for safety and efficacy by the FDA and
    other jurisdictions, as the case may be. Such products must be
    approved by such agencies before they can be commercially
    marketed. The process of obtaining regulatory clearance for
    marketing is uncertain, costly and time consuming. We cannot
    predict how long the necessary regulatory approvals will take or
    whether our customers will ever obtain such approval for their
    products. To the extent that our customers do not obtain the
    necessary regulatory approvals for marketing new products, our
    product sales could be adversely affected.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The FDA and other governmental regulators have increased
    requirements for drug purity and have increased environmental
    burdens upon the pharmaceutical industry. Because pharmaceutical
    drug manufacturing is a highly regulated industry, requiring
    significant documentation and validation of manufacturing
    processes and quality control assurance prior to approval of the
    facility to manufacture a specific drug, there can be
    considerable transition time between the initiation of a
    contract to manufacture a product and the actual initiation of
    manufacture of that product. Any lag time in the initiation of a
    contract to manufacture product and the actual initiation of
    manufacture could cause us to lose profits or incur liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The pharmaceutical regulatory regime in Europe and other
    countries is, by and large, generally similar to that of the
    United States. We could face similar risks in these other
    jurisdictions, as the risks described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our operations and products may be subject to other government
    manufacturing and testing regulations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Securing regulatory approval for the marketing of therapeutics
    by the FDA in the United States and similar regulatory agencies
    in other countries is a long and expensive process, which can
    delay or prevent product development and marketing. Approval to
    market products may be for limited applications or may not be
    received at all.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The products we anticipate manufacturing will have to comply
    with the FDA&#146;s current Good Manufacturing Practices
    (<B>&#147;GMP&#148;</B>) and other FDA, and local government
    guidelines and regulations, including other international
    regulatory requirements and guidelines. Additionally, certain of
    our customers may require the manufacturing facilities
</DIV>

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    <BR>
    5
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    contracted by us to adhere to additional manufacturing
    standards, even if not required by the FDA. Compliance with GMP
    regulations requires manufacturers to expend time, money and
    effort in production, and to maintain precise records and
    quality control to ensure that the product meets applicable
    specifications and other requirements. The FDA and other
    regulatory bodies periodically inspect drug-manufacturing
    facilities to ensure compliance with applicable GMP
    requirements. If the manufacturing facilities contracted by us
    fail to comply with the GMP requirements, the facilities may
    become subject to possible FDA or other regulatory action and
    manufacturing at the facility could consequently be suspended.
    We may not be able to contract suitable alternative or back-up
    manufacturing facilities on terms acceptable to us or at all.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The FDA or other regulatory agencies may also require the
    submission of any lot of a particular product for inspection. If
    the lot product fails to meet the FDA requirements, then the FDA
    could take any of the following actions: (i)&#160;restrict the
    release of the product; (ii)&#160;suspend manufacturing of the
    specific lot of the product; (iii)&#160;order a recall of the
    lot of the product; or (iv)&#160;order a seizure of the lot of
    the product.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to regulation by governments in many
    jurisdictions and, if we do not comply with healthcare, drug,
    manufacturing and environmental regulations, among others, our
    existing and future operations may be curtailed, and we could be
    subject to liability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the regulatory approval process, we may be
    subject to regulations under local, provincial, state, federal
    and foreign law, including requirements regarding occupational
    health, safety, laboratory practices, environmental protection
    and hazardous substance control, and may be subject to other
    present and future local, provincial, state, federal and foreign
    regulations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    biotechnology industry is extremely competitive and we must
    successfully compete with larger companies with substantially
    greater resources.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Technological competition in the pharmaceutical industry is
    intense and we expect competition to increase. Other companies
    are conducting research on therapeutics involving the Ras
    pathway as well as other novel treatments or therapeutics for
    the treatment of cancer which may compete with our product. Many
    of these competitors are more established, benefit from greater
    name recognition and have substantially greater financial,
    technical and marketing resources than us. In addition, many of
    these competitors have significantly greater experience in
    undertaking research, preclinical studies and human clinical
    trials of new pharmaceutical products, obtaining regulatory
    approvals and manufacturing and marketing such products. In
    addition, there are several other companies and products with
    which we may compete from time to time, and which may have
    significantly better and larger resources than us. Accordingly,
    our competitors may succeed in manufacturing and/or
    commercializing products more rapidly or effectively, which
    could have a material adverse effect on our business, financial
    condition or results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We anticipate that we will face increased competition in the
    future as new products enter the market and advanced
    technologies become available. There can be no assurance that
    existing products or new products developed by our competitors
    will not be more effective, or be more effectively manufactured,
    marketed and sold, than any that may be developed or sold by us.
    Competitive products may render our products obsolete and
    uncompetitive prior to recovering research, development or
    commercialization expenses incurred with respect to any such
    products.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">We rely
    on patents and proprietary rights to protect our
    technology.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our success will depend, in part, on our ability to obtain
    patents, maintain trade secret protection and operate without
    infringing the rights of third parties. We have patents in the
    United States, Canada and Europe and have filed applications for
    patents in the United States and under the PCT, allowing us to
    file in other jurisdictions. See &#147;Narrative
    Description&#160;&#151; Patent and Patent Application
    Summary&#148; in our AIF. Our success will depend, in part, on
    our ability to obtain, enforce and maintain patent protection
    for our technology in Canada, the United States and other
    countries. We cannot be assured that patents will issue from any
    pending applications or that claims now or in the future, if
    any, allowed under issued patents will be sufficiently broad to
    protect our technology. In addition, no assurance can be given
    that any patents issued to or licensed by us will not be
    challenged, invalidated, infringed or circumvented, or that the
    rights granted thereunder will provide continuing competitive
    advantages to us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The patent positions of pharmaceutical and biotechnology firms,
    including us, are generally uncertain and involve complex legal
    and factual questions. In addition, it is not known whether any
    of our current research endeavours will result in the issuance
    of patents in Canada, the United States, or elsewhere, or if any
    patents already issued will provide significant proprietary
    protection or will be circumvented or invalidated. Since patent
    applications in the United States
</DIV>

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    <BR>
    6
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and Canada may be maintained in secrecy until at least
    18&#160;months after filing of the original priority
    application, and since publication of discoveries in the
    scientific or patent literature tends to lag behind actual
    discoveries by several months, we cannot be certain that we or
    any licensor were the first to create inventions claimed by
    pending patent applications or that we or the licensor were the
    first to file patent applications for such inventions. Loss of
    patent protection could lead to generic competition for these
    products, and others in the future, which would materially and
    adversely affect our financial prospects for these products and
    which could have a material adverse effect on our business,
    financial condition or results of operations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Similarly, since patent applications filed before
    November&#160;29, 2000 in the United States may be maintained in
    secrecy until the patents issue or foreign counterparts, if any,
    publish, we cannot be certain that we or any licensor were the
    first creator of inventions covered by pending patent
    applications or that we or such licensor were the first to file
    patent applications for such inventions. There is no assurance
    that our patents, if issued, would be held valid or enforceable
    by a court or that a competitor&#146;s technology or product
    would be found to infringe such patents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Accordingly, we may not be able to obtain and enforce effective
    patents to protect our proprietary rights from use by
    competitors, and the patents of other parties could require us
    to stop using or pay to use certain intellectual property, and
    as such, our competitive position and profitability could suffer
    as a result.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we may be required to obtain licenses under patents
    or other proprietary rights of third parties. No assurance can
    be given that any licenses required under such patents or
    proprietary rights will be available on terms acceptable to us.
    If we do not obtain such licenses, we could encounter delays in
    introducing one or more of our products to the market while we
    attempt to design around such patents, or could find that the
    development, manufacture or sale of products requiring such
    licenses could be foreclosed. In addition, we could incur
    substantial costs in defending ourselves in suits brought
    against us on such patents or in suits in which our attempts to
    enforce our own patents against other parties.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    products may fail or cause harm, subjecting us to product
    liability claims.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Use of our product during current clinical trials may entail
    risk of product liability. We maintain clinical trial liability
    insurance; however, it is possible this coverage may not provide
    full protection against all risks. Given the scope and
    complexity of the clinical development process, the uncertainty
    of product liability litigation, and the shrinking capacity of
    insurance underwriters, it is not possible at this time to
    assess the adequacy of current clinical trial coverage, nor the
    ability to secure continuing coverage at the same level and at
    reasonable cost in the foreseeable future. While we carry, and
    intend to continue carrying amounts believed to be appropriate
    under the circumstances, it is not possible at this time to
    determine the adequacy of such coverage.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the sale and commercial use of our product entails
    risk of product liability. We currently do not carry any product
    liability insurance for this purpose. There can be no assurance
    that we will be able to obtain appropriate levels of product
    liability insurance prior to any sale of our pharmaceutical
    products. An inability to obtain insurance on economically
    feasible terms or to otherwise protect against potential product
    liability claims could inhibit or prevent the commercialization
    of products developed by us. The obligation to pay any product
    liability claim or a recall of a product could have a material
    adverse effect on our business, financial condition and future
    prospects.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">We have
    limited manufacturing experience and intend to rely on third
    parties to commercially manufacture our products, if and when
    developed.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To date, we have relied upon a contract manufacturer to
    manufacture small quantities of
    REOLYSIN<B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></B>.
    The manufacturer may encounter difficulties in scaling up
    production, including production yields, quality control and
    quality assurance. Only a limited number of manufacturers can
    supply therapeutic viruses and failure by the manufacturer to
    deliver the required quantities of
    REOLYSIN<B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></B>
    on a timely basis at a commercially reasonable price may have a
    material adverse effect on us. We have completed a program for
    the development of a commercial process for manufacturing
    REOLYSIN<B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></B>
    and have filed a number of patent applications related to the
    process. There can be no assurance that we will successfully
    obtain sufficient patent protection related to our manufacturing
    process.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">New
    products may not be accepted by the medical community or
    consumers.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our primary activity to date has been research and development
    and we have no experience in marketing or commercializing
    products. We will likely rely on third parties to market our
    products, assuming that they receive regulatory approvals. If we
    rely on third parties to market our products, the commercial
    success of such product may be outside of our control. Moreover,
    there can be no assurance that physicians, patients or the
    medical community will accept
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    our product even if it proves to be safe and effective and is
    approved for marketing by Health Canada, the FDA and other
    regulatory authorities. A failure to successfully market our
    product would have a material adverse effect on our revenue.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our
    technologies may become obsolete.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The pharmaceutical industry is characterized by rapidly changing
    markets, technology, emerging industry standards and frequent
    introduction of new products. The introduction of new products
    embodying new technologies, including new manufacturing
    processes, and the emergence of new industry standards may
    render our products obsolete, less competitive or less
    marketable. The process of developing our products is extremely
    complex and requires significant continuing development efforts
    and third party commitments. Our failure to develop new
    technologies and products and the obsolescence of existing
    technologies could adversely affect our business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may be unable to anticipate changes in our potential customer
    requirements that could make our existing technology obsolete.
    Our success will depend, in part, on our ability to continue to
    enhance our existing technologies, develop new technology that
    addresses the increasing sophistication and varied needs of the
    market, and respond to technological advances and emerging
    industry standards and practices on a timely and cost-effective
    basis. The development of our proprietary technology entails
    significant technical and business risks. We may not be
    successful in using our new technologies or exploiting our niche
    markets effectively or adapting our businesses to evolving
    customer or medical requirements or preferences or emerging
    industry standards.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">We are
    highly dependent on third party relationships for research and
    clinical trials.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We rely upon third party relationships for assistance in the
    conduct of research efforts, pre-clinical development and
    clinical trials, and manufacturing. In addition, we expect to
    rely on third parties to seek regulatory approvals for and to
    market our product. Although we believe that our collaborative
    partners will have an economic motivation to commercialize our
    product included in any collaborative agreement, the amount and
    timing of resources diverted to these activities generally is
    expected to be controlled by the third party. Furthermore, if we
    cannot maintain these relationships, our business may suffer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">We have
    no operating revenues and a history of losses.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To date, we have not generated sufficient revenues to offset our
    research and development costs and accordingly have not
    generated positive cash flow or made an operating profit. As of
    December&#160;31, 2007, we had an accumulated deficit of
    $80.5&#160;million and we incurred net losses of
    $15.6&#160;million, $14.3&#160;million, and $12.8&#160;million,
    for the years ended December&#160;31, 2007, 2006 and 2005,
    respectively. As at March&#160;31, 2008, we had an accumulated
    deficit of $83.3&#160;million and in the three month period then
    ended we incurred a net loss of $3.3&#160;million. We anticipate
    that we will continue to incur significant losses during 2008
    and in the foreseeable future. We do not expect to reach
    profitability at least until after successful and profitable
    commercialization of one or more of our products. Even if one or
    more of our products are profitably commercialized, the initial
    losses incurred by us may never be recovered.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to obtain third-party reimbursement for the cost of
    our product.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Uncertainty exists regarding the reimbursement status of
    newly-approved pharmaceutical products and reimbursement may not
    be available for
    REOLYSIN<B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></B>.
    Any reimbursements granted may not be maintained or limits on
    reimbursements available from third-party payors may reduce the
    demand for, or negatively affect the price of, these products.
    If
    REOLYSIN<B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></B>
    does not qualify for reimbursement, if reimbursement levels
    diminish, or if reimbursement is denied, our sales and
    profitability would be adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">We may
    need additional financing in the future to fund the research and
    development of our products and to meet our ongoing capital
    requirements.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As at December&#160;31, 2007, we had cash and cash equivalents
    (including short-term investments) of $25.2&#160;million and
    working capital of approximately $22.4&#160;million. As at
    March&#160;31, 2008, we had cash and cash equivalents (including
    short-term investments) of $22.0&#160;million and working
    capital of approximately $19.5&#160;million. We anticipate that
    we may need additional financing in the future to fund research
    and development and to meet our ongoing capital requirements.
    The amount of future capital requirements will depend on many
    factors, including continued scientific progress in our drug
    discovery and development programs, progress in our pre-clinical
    and clinical evaluation of drug candidates, time and expense
    associated with filing, prosecuting and enforcing our patent
    claims and costs associated with obtaining regulatory approvals.
    In order to meet such capital requirements, we will consider
    contract fees, collaborative research and development
    arrangements, and additional public or private financings
    (including the incurrence of debt and the issuance
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of additional equity securities) to fund all or a part of
    particular programs as well as potential partnering or licensing
    opportunities. There can be no assurance that additional funding
    will be available or, if available, that it will be available on
    acceptable terms. If adequate funds are not available on terms
    favorable to us, we may have to reduce substantially or
    eliminate expenditures for research and development, testing,
    production and marketing of our proposed product, or obtain
    funds through arrangements with corporate partners that require
    us to relinquish rights to certain of our technologies or
    product. There can be no assurance that we will be able to raise
    additional capital if our current capital resources are
    exhausted.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The cost
    of director and officer liability insurance may increase
    substantially and may affect our ability to retain quality
    directors and officers.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We carry liability insurance on behalf of our directors and
    officers. Given a number of large director and officer liability
    insurance claims in the U.S. equity markets, director and
    officer liability insurance has become increasingly more
    expensive with increased restrictions. Consequently, there is no
    assurance that we will continue to be offered this insurance or
    be able to obtain adequate coverage. The inability to acquire
    the appropriate insurance coverage may limit our ability to
    attract and maintain directors and officers as required to
    conduct our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">We are
    dependent on our key employees and collaborators.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our ability to develop the product will depend, to a great
    extent, on our ability to attract and retain highly qualified
    scientific personnel and to develop and maintain relationships
    with leading research institutions. Competition for such
    personnel and relationships is intense. We are highly dependent
    on the principal members of our management staff, as well as our
    advisors and collaborators, the loss of whose services might
    impede the achievement of development objectives. The persons
    working with us are affected by a number of influences outside
    of our control. The loss of key employees and/or key
    collaborators may affect the speed and success of product
    development.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We presently carry key man insurance in the amounts of
    $1,500,000, $1,000,000 and $500,000 for Dr.&#160;Thompson,
    Dr.&#160;Coffey and Mr.&#160;Ball, respectively.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Our share
    price may be highly volatile.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Market prices for securities of biotechnology companies
    generally are volatile. This increases the risk of securities
    litigation. Factors such as announcements (publicly made or at
    scientific conferences) of technological innovations, new
    commercial products, patents, the development of proprietary
    rights, results of clinical trials, regulatory actions,
    publications, quarterly financial results, our financial
    position, public concern over the safety of biotechnology,
    future sales of shares by us or our current shareholders and
    other factors could have a significant effect on the market
    price and volatility of the Common Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">We incur
    some of our expenses in foreign currencies and therefore we are
    exposed to foreign currency exchange rate
    fluctuations.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We incur some of our manufacturing, clinical, collaborative and
    consulting expenses in foreign currencies (primarily the U.S.
    dollar and the British Pound (<B>&#147;BP&#148;</B>). Over the
    past few years the Canadian dollar has appreciated relative to
    the U.S. dollar and the BP thereby decreasing the Canadian
    dollar equivalent. However, if this trend reverses, our Canadian
    dollar equivalent costs will increase.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Also, as we expand to other foreign jurisdictions there may be
    an increase in our foreign exchange exposure.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">We earn
    interest income on our excess cash reserves and are exposed to
    changes in interest rates.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We invest our excess cash reserves in investment vehicles that
    provide a rate of return with little risk to principal. As
    interest rates change the amount of interest income we earn will
    be directly impacted.
</DIV>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ONCOLYTICS
    BIOTECH INC.</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Oncolytics Biotech Inc. was incorporated pursuant to the
    provisions of the <I>Business Corporations Act</I> (Alberta) on
    April&#160;2, 1998 as 779738 Alberta Ltd. On April&#160;8, 1998,
    we amended our articles and changed our name to Oncolytics
    Biotech Inc. On July&#160;29, 1999, we further amended our
    articles by removing the private company restrictions and
    subdividing our 2,222,222 Common Shares issued and outstanding
    into 6,750,000 Common Shares. On February&#160;9, 2007, we
    further amended our articles to permit for our shareholder
    meetings to be held at any place in Alberta or at any other
    location as determined by our directors.
</DIV>

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    <BR>
    9
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our head office and principal place of business is located at
    210, 1167 Kensington Crescent N.W., Calgary, Alberta T2N 1X7.
    Our registered office is located at 4500 Bankers Hall East,
    855&#160;&#151; 2nd Street S.W., Calgary, Alberta T2P 4K7.
</DIV>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">OUR
    BUSINESS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We focus on the discovery and development of oncolytic viruses
    for the treatment of cancers that have not been successfully
    treated with conventional therapeutics. Recent scientific
    advances in oncology, virology, and molecular biology have
    created opportunities for new approaches to the treatment of
    cancer. The product we are presently developing may represent a
    novel treatment for Ras-mediated cancers which can be used as an
    alternative to existing cytotoxic or cytostatic therapies or as
    an adjuvant therapy to conventional chemotherapy, radiation
    therapy, or surgical resections. It could also potentially be
    used to treat certain cellular proliferative disorders for which
    no current therapy exists.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our technologies are based primarily on discoveries in the
    Department of Microbiology and Infectious Diseases at the
    University of Calgary in the 1990&#146;s. Oncolytics was formed
    in 1998 to explore the natural oncolytic capability of the
    reovirus, a virus that preferentially replicates in cells with
    an activated Ras pathway.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The lead product being developed by us may represent a novel
    treatment for certain tumour types and some cellular
    proliferative disorders. Our lead product is a virus that is
    able to replicate specifically in, and hence kill, certain
    tumour cells both in tissue culture as well as in a number of
    animal models without damaging normal cells.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our potential product for human use,
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,
    is developed from the reovirus. This virus has been demonstrated
    to replicate specifically in tumour cells bearing an activated
    Ras pathway. Activating mutations of Ras occur in approximately
    thirty per cent of all human tumours directly, but considering
    its central role in signal transduction, activation of the Ras
    pathway has been shown to play a role in approximately
    two-thirds of all tumours.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The functionality of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    is based upon the finding that tumours bearing an activated Ras
    pathway are deficient in their ability to activate the
    anti-viral response mediated by the host cellular protein,
    Protein Kinase&#160;R <B>(&#147;PKR&#148;)</B>. Since PKR is
    responsible for preventing reovirus replication, tumour cells
    lacking the activity of PKR are susceptible to reovirus
    infections. As normal cells do not possess Ras activations,
    these cells are able to thwart reovirus infections by the
    activity of PKR. In a tumour cell with an activated Ras pathway,
    reovirus is able to freely replicate and hence kill the host
    tumour cell. The result of this replication is progeny viruses
    that are then free to infect surrounding cancer cells. This
    cycle of infection, replication and cell death is believed to be
    repeated until there are no longer any tumour cells carrying an
    activated Ras pathway available.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following schematic illustrates the molecular basis of how
    the reovirus kills cancer cells.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="o40925o4092501.gif" alt="(GRAPH)">
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For both non-cancer cells and cancer cells with an activated Ras
    pathway, virus binding, entry, and production of viral genes all
    proceed normally. In the case of normal cells however, the viral
    genes cause the activation of the anti-viral response that is
    mediated by the host cell&#146;s PKR, thus blocking the
    replication of the reovirus. In cells with an activated Ras
    pathway, the activation of PKR is prevented or reversed by an
    element of the Ras signal transduction pathway, thereby allowing
    the replication of the reovirus in these cancer cells. The end
    result of this replication is the death of the cancer
</DIV>

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    <BR>
    10
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    cell. The action of the Ras pathway in allowing reovirus
    replication to ensue can be mimicked in non-cancerous cells by
    treating these cells with the chemical
    <FONT style="white-space: nowrap">2-aminopurine</FONT>
    which prevents the activation of PKR.
</DIV>
<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RECENT
    DEVELOPMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    Development since the First Quarter of 2008</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Clinical
    Trial Program</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Clinical
    Trials&#160;&#151;&#160;Results</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2008, we announced that interim results of our Phase II
    study of intravenous
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in patients with sarcomas metastatic to the lung were presented
    at the American Society of Clinical Oncology annual meeting. The
    presentation, entitled &#147;A Phase II Study of Intravenous
    REOLYSIN (Wild-type Reovirus) in the Treatment of Patients with
    Bone and Soft Tissue Sarcomas Metastatic to the Lung&#148; was
    delivered by Dr.&#160;Monica Mita, the study principal
    investigator and her team at the Institute of Drug Development,
    the Cancer Therapy and Research Center at the University of
    Texas Health Science Center, San Antonio, Texas.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The interim results demonstrated that the treatment has been
    well tolerated to date, with 8 of 16 evaluable patients
    experiencing stable disease for periods ranging from two to more
    than ten,
    <FONT style="white-space: nowrap">28-day</FONT>
    cycles. As previously announced by Oncolytics, the third patient
    treated in the study was demonstrated to have stable disease by
    RECIST criteria for more than six months as measured by
    CT&#160;scan. A PET scan taken at the same time showed that any
    residual mass was metabolically inert.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2008, we completed patient enrolment in the dose
    escalation portion and reported positive interim results from
    our U.K. clinical trial to evaluate the anti-tumour effects of
    systemic administration of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in combination with paclitaxel and carboplatin in patients with
    advanced cancers including head and neck, melanoma, lung and
    ovarian.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Four of the first eight patients treated in the study to date
    have a diagnosis of carcinoma of the head and neck. All three
    head and neck patients evaluated to date have had excellent
    clinical and radiological responses without appreciable
    toxicity. Preliminary assessment after recruitment of the first
    two cohorts has suggested that patients with head and neck
    carcinomas may represent a group of patients in whom the
    combination of carboplatin/paclitaxel and
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    is active.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the first cohort, the patient with head and neck cancer
    received 8 cycles of treatment (the maximum allowed) and
    achieved a clinical complete response. In the second cohort, the
    two patients with head and neck cancers with widespread
    disseminated disease have each received six cycles of treatment
    to date and both have achieved significant partial responses.
    Two of the three patients, including the patient with the
    clinical complete response, had previously received
    cisplatin/5-FU treatment and all three had previously received
    radiotherapy.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trial has two components. The first is an open-label,
    dose-escalating, non-randomized study of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    given intravenously with paclitaxel and carboplatin every three
    weeks. Standard dosages of paclitaxel and carboplatin were
    delivered to patients with escalating dosages of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    intravenously. The second component of the trial includes the
    enrolment of a further 12 patients at the maximum dosage of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in combination with a standard dosage of paclitaxel and
    carboplatin.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eligible patients include those who have been diagnosed with
    advanced or metastatic solid tumours such as head and neck,
    melanoma, lung and ovarian cancers that are refractory (have not
    responded) to standard therapy or for which no curative standard
    therapy exists. The primary objective of the trial is to
    determine the Maximum Tolerated Dose, Dose-Limiting Toxicity,
    recommended dose and dosing schedule and safety profile of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    when administered in combination with paclitaxel and
    carboplatin. Secondary objectives include the evaluation of
    immune response to the drug combination, the body&#146;s
    response to the drug combination compared to chemotherapy alone
    and any evidence of anti-tumour activity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Clinical
    Trials&#160;&#151;&#160;Approved to Commence</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2008, we announced that we received a letter of approval
    from the U.K. Medicines and Healthcare Products Regulatory
    Agency for our Clinical Trial Application to begin a Phase II
    clinical trial using intravenous administration of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in combination with paclitaxel and carboplatin in patients with
    advanced head and neck cancers. The principal investigator is
    Dr.&#160;Kevin Harrington of The Institute of Cancer Research
    and The Royal Marsden NHS Foundation Trust.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This trial is a 14&#160;patient, single arm, open-label,
    dose-targeted, non-randomized, multi-centre trial of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    given intravenously in combination with a standard dosage of
    paclitaxel and carboplatin. Patients with a variety of advanced
    cancers, including head and neck cancers, will continue to be
    treated in the ongoing U.K.&#160;combination paclitaxel and
    carboplatin trial.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eligible patients include those with advanced or metastatic head
    and neck cancer that are refractory to standard therapy or for
    which no curative standard therapy exists. The primary objective
    of the Phase II trial is to measure tumour responses and
    duration of response, and to describe any evidence of antitumour
    activity. The secondary objective is to determine the safety and
    tolerability of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    when administered in combination with paclitaxel and carboplatin
    to patients with advanced or metastatic head and neck cancer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Clinical
    Trials&#160;&#151;&#160;Actively Enrolling</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2008, we announced that we commenced patient enrolment
    in the Phase&#160;II clinical trial described above under
    &#147;Clinical Trials&#160;&#151;&#160;Approved to
    Commence&#148; using intravenous administration of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in combination with paclitaxel and carboplatin in patients with
    advanced head and neck cancers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2008, we announced that we had begun patient enrolment in
    a clinical trial using intravenous administration of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    in combination with cyclophosphamide, a chemotherapeutic agent
    as well as immune modulator, in patients with advanced cancers.
    The Principal Investigators are Dr.&#160;James Spicer of
    King&#146;s College in London, Dr.&#160;Johann de Bono and
    Dr.&#160;Kevin Harrington of The Royal Marsden NHS Foundation
    Trust and The Institute of Cancer Research, London, and
    Professor Hardev Pandha of the Royal Surrey County Hospital NHS
    Trust, Surrey and Mount Alvernia Hospitals.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trial is an open-label, dose-escalating, non-randomized
    trial of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    given intravenously with escalating doses of cyclophosphamide. A
    standard dose of
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    is administered intravenously over five consecutive days, while
    an intravenous dose of cyclophosphamide is administered three
    days before
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    treatment and continues through the course of the treatment
    cycle. The total number of patients studied will depend on the
    number of dose levels tested, but it is anticipated to be
    approximately 30&#160;patients.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Eligible patients include those who have been diagnosed with
    advanced or metastatic solid tumours including pancreatic, lung
    and ovarian cancers that are refractory (have not responded) to
    standard therapy or for which no curative standard therapy
    exists. The primary objectives of the trial include determining
    the Minimum Effective Immunomodulatory Dose of cyclophosphamide
    to obtain successful immune modulation. Secondary objectives
    include determining the safety profile of the combination and
    gathering any evidence of anti-tumour activity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Manufacturing
    Program</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In May 2008, we announced that we had successfully transferred
    GMP production for
    REOLYSIN<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
    at the 40-litre batch size to SAFC
    Pharma<SUP style="font-size: 85%; vertical-align: text-top"><FONT style="font-variant: SMALL-CAPS">tm</FONT></SUP>,
    a Division of Sigma-Aldrich Corporation. This follows the
    successful scale-up from 20 litres to 40 litres announced by us
    last year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yields at the 40-litre scale should provide sufficient doses to
    support future development plans leading to registration and
    also anticipated early stage commercial requirements.
    Development work to support further scale-up to the 100-litre
    level is currently underway.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Collaborations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2008, we announced that Prof. Alan Melcher and his
    research group at St. James&#146;s University Hospital in Leeds,
    U.K. published the results of their work with reovirus in the
    May&#160;1, 2008 online issue of The Journal of Immunology. The
    paper is entitled &#147;Reovirus Activates Human Dendritic Cells
    to Promote Innate Antitumor Immunity.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The researchers studied the ability of reovirus to activate
    human dendritic cells <B>(&#147;DC&#148;)</B>, key regulators of
    both innate and adaptive immune responses. The data demonstrated
    that reovirus directly activates human DC, which in turn
    stimulate innate killing of cancer cells by natural killer and T
    cells, suggesting a novel potential role for T&#160;cells in
    oncolytic virus-induced local tumor cell death. Combined with
    the virus&#146;s ability to directly kill cancer cells, the
    researchers concluded that reovirus recognition by DC may
    enhance the efficacy of reovirus as a therapeutic agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2008, we announced that Prof. Alan Melcher and his
    research group at St.&#160;James&#146;s University Hospital in
    Leeds, U.K. published the results of their work in the April 10
    online issue of Gene Therapy. The paper is entitled
    &#147;Inflammatory Tumour Cell Killing by Oncolytic Reovirus for
    the Treatment of Melanoma.&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    12
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The investigators showed that reovirus effectively kills and
    replicates in both human melanoma cell lines and freshly
    resected tumours. They demonstrated that reovirus melanoma
    killing is more potent than, and distinct from, chemotherapy or
    radiotherapy-induced cell death. They concluded that reovirus is
    suitable for clinical testing in melanoma.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2008, we announced that an oral presentation by
    Dr.&#160;Chandini Thirukkumaran of the Tom Baker Cancer Centre,
    Calgary, entitled &#147;Targeting Multiple Myeloma with
    Oncolytic Viral Therapy&#148; was presented at the American
    Association for Cancer Research (&#147;<B>AACR</B>&#148;) Annual
    Meeting in April.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The presentation covered preclinical work using reovirus as a
    purging agent during autologous (harvested from the patient
    themselves) hematopoietic stem cell transplants for multiple
    myeloma. The results demonstrated that up to 70% of multiple
    myeloma cell lines tested showed reovirus sensitivity and
    reovirus induced cell death mediated through apoptosis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The investigators concluded that this preclinical data supports
    initiating a Phase I purging trial using reovirus against
    multiple myeloma.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In April 2008, we announced that a poster presentation by
    Dr.&#160;Anders Kolb of the Nemours Center for Childhood Cancer
    Research entitled &#147;Radiation in Combination with Reolysin
    for Pediatric Sarcomas&#148; was presented at AACR.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The poster covers preclinical work using reovirus in combination
    with radiation in mice implanted with pediatric rhabdomyosarcoma
    and Ewing&#146;s sarcoma tumours. The results demonstrated that
    the combination of reovirus and radiation significantly enhanced
    efficacy compared to either treatment alone in terms of tumour
    regression and event-free survival.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='110'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise indicated in an applicable Prospectus
    Supplement relating to an offering of Securities, we will use
    the net proceeds we receive from the sale of Securities for
    general corporate purposes, which may include our clinical trial
    program and our manufacturing activities in support of such
    program. The amount of net proceeds to be used for any purpose
    will be described in the applicable Prospectus Supplement.
</DIV>
<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;31, 2008, we had 41,180,748 Common Shares issued
    and outstanding. Since March&#160;31, 2008, we have issued no
    Common Shares pursuant to the exercise of stock options and no
    warrants have expired. As at June&#160;6, 2008, we have
    41,180,748 Common Shares issued and outstanding. After giving
    effect to the exercise of all our Common Share purchase warrants
    and options, we would have 49,271,241 Common Shares issued and
    outstanding as at June&#160;6, 2008.
</DIV>
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRIOR
    SALES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;29, 2007, we issued 60,000 Common Shares on the
    exercise of 60,000 options at an exercise price of $0.85 per
    Common Share. We granted options to acquire an aggregate of
    1,050&#160;Common Shares at an exercise price of $2.35 per
    Common Share and options to acquire an aggregate of
    431,493&#160;Common Shares at an exercise price of $2.22 per
    Common Share on October&#160;30, 2007 and December&#160;12,
    2007, respectively. No other Common Shares or securities
    exchangeable or convertible into Common Shares have been issued
    during the twelve month period preceding the date of this
    Prospectus.
</DIV>
<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF SHARE CAPITAL</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Authorized
    Capital</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our authorized capital consists of an unlimited number of Common
    Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Common
    Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holders of our Common Shares are entitled to one vote per
    share at meetings of shareholders, to receive such dividends as
    declared by us and to receive our remaining property and assets
    upon dissolution or wind up. Our Common Shares are not subject
    to any future call or assessment and there are no pre-emptive,
    conversion or redemption rights attached to such shares.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF SUBSCRIPTION RECEIPTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description of the terms of Subscription Receipts
    sets forth certain general terms and provisions of Subscription
    Receipts in respect of which a Prospectus Supplement may be
    filed. The particular terms and provisions of Subscription
    Receipts offered by any Prospectus Supplement, and the extent to
    which the general terms and provisions described below may apply
    thereto, will be described in the Prospectus Supplement filed in
    respect of such Subscription Receipts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subscription Receipts may be offered separately or in
    combination with one or more other Securities. The Subscription
    Receipts will be issued under a subscription receipt agreement.
    A copy of the subscription receipt agreement will be filed by us
    with the applicable securities commission or similar regulatory
    authorities after it has been entered into by us and will be
    available electronically at www.sedar.com.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the subscription receipt agreement, original
    purchasers of Subscription Receipts will have a contractual
    right of rescission against Oncolytics, following the issuance
    of the underlying Common Share or other securities to such
    purchasers upon the surrender or deemed surrender of the
    Subscription Receipts, to receive the amount paid for the
    Subscription Receipts in the event that this Prospectus and any
    amendment thereto contains a misrepresentation or is not
    delivered to such purchaser, provided such remedy for rescission
    is exercised within 180&#160;days from the closing date of the
    offering of Subscription Receipts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The description of general terms and provisions of Subscription
    Receipts described in any Prospectus Supplement will include,
    where applicable:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of Subscription Receipts offered;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price at which the Subscription Receipts will be offered;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than Canadian dollars, the currency or currency unit in
    which the Subscription Receipts are denominated;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the procedures for the exchange of the Subscription Receipts
    into Common Shares or other securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of Common Shares or other securities that may be
    obtained upon exercise of each Subscription Receipt;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of any other Securities with which the
    Subscription Receipts will be offered, if any, and the number of
    Subscription Receipts that will be offered with each Security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms applicable to the gross proceeds from the sale of the
    Subscription Receipts plus any interest earned thereon;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the material tax consequences of owning the Subscription
    Receipts; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other material terms, conditions and rights (or limitations
    on such rights) of the Subscription Receipts.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right to set forth in a Prospectus Supplement
    specific terms of the Subscription Receipts that are not within
    the options and parameters set forth in this Prospectus. In
    addition, to the extent that any particular terms of the
    Subscription Receipts described in a Prospectus Supplement
    differ from any of the terms described in this Prospectus, the
    description of such terms set forth in this Prospectus shall be
    deemed to have been superseded by the description of such
    differing terms set forth in such Prospectus Supplement with
    respect to such Subscription Receipts.
</DIV>
<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF WARRANTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description of the terms of Warrants sets forth
    certain general terms and provisions of Warrants in respect of
    which a Prospectus Supplement may be filed. The particular terms
    and provisions of Warrants offered by any Prospectus Supplement,
    and the extent to which the general terms and provisions
    described below may apply thereto, will be described in the
    Prospectus Supplement filed in respect of such Warrants.
    Warrants may be offered separately or in combination with one or
    more other Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The description of general terms and provisions of Warrants
    described in any Prospectus Supplement will include, where
    applicable:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and aggregate number of Warrants offered;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price at which the Warrants will be offered;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than Canadian dollars, the currency or currency unit in
    which the Warrants are denominated;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of the Common Shares that may be
    acquired upon exercise of the Warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise the Warrants will
    commence and the date on which the right will expire;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of Common Shares that may be purchased upon exercise
    of each Warrant and the price at which and currency or
    currencies in which that amount of securities may be purchased
    upon exercise of each Warrant;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and terms of any Securities with which the
    Warrants will be offered, if any, and the number of the Warrants
    that will be offered with each Security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates, if any, on or after which the Warrants and
    the related Securities will be transferable separately;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the minimum or maximum amount, if any, of Warrants that may be
    exercised at any one time;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether the Warrants will be subject to redemption or call, and,
    if so, the terms of such redemption or call provisions; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other material terms, conditions and rights (or limitations
    on such rights) of the Warrants.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right to set forth in a Prospectus Supplement
    specific terms of the Warrants that are not within the options
    and parameters set forth in this Prospectus. In addition, to the
    extent that any particular terms of the Warrants described in a
    Prospectus Supplement differ from any of the terms described in
    this Prospectus, the description of such terms set forth in this
    Prospectus shall be deemed to have been superseded by the
    description of such differing terms set forth in such Prospectus
    Supplement with respect to such Warrants.
</DIV>
<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF DEBT SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description of the terms of Debt Securities sets
    forth certain general terms and provisions of Debt Securities in
    respect of which a Prospectus Supplement may be filed. The
    particular terms and provisions of Debt Securities offered by
    any Prospectus Supplement, and the extent to which the general
    terms and provisions described below may apply thereto, will be
    described in the Prospectus Supplement filed in respect of such
    Debt Securities. Debt Securities may be offered separately or in
    combination with one or more other Securities. We may, from time
    to time, issue debt securities and incur additional indebtedness
    other than through the issuance of Debt Securities pursuant to
    this Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Debt Securities will be issued under one or more indentures
    (each, a <B>&#147;Trust&#160;Indenture&#148;</B>), in each case
    between ourselves and a financial institution authorized to
    carry on business as a trustee (each, a
    <B>&#147;Trustee&#148;</B>).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following description sets forth certain general terms and
    provisions of the Debt Securities and is not intended to be
    complete. The particular terms and provisions of the Debt
    Securities and a description of how the general terms and
    provisions described below may apply to the Debt Securities will
    be included in the applicable Prospectus Supplement. The
    following description is subject to the detailed provisions of
    the applicable Trust&#160;Indenture. Accordingly, reference
    should also be made to the applicable Trust&#160;Indenture, a
    copy of which will be filed by us with the securities commission
    or similar regulatory authority in each of the provinces of
    Canada in which we are a reporting issuer after it has been
    entered into by us and will be available electronically at
    www.sedar.com.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Debt Securities may be issued from time to time in one or
    more series. We may specify a maximum aggregate principal amount
    for the Debt Securities of any series and, unless otherwise
    provided in the applicable Prospectus Supplement, a series of
    Debt Securities may be reopened for issuance of additional Debt
    Securities of such series.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Prospectus Supplement for Debt Securities supplementing this
    Prospectus will contain the specific terms and other information
    with respect to the Debt Securities being offered thereby,
    including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation, aggregate principal amount and authorized
    denominations of such Debt Securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any limit upon the aggregate principal amount of such Debt
    Securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the currency or currency units for which such Debt Securities
    may be purchased and the currency or currency units in which the
    principal and any interest is payable (in either case, if other
    than Canadian dollars);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the issue price (at par, at a discount or at a premium) of such
    Debt Securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which such Debt Securities will be issued
    and delivered;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates on which such Debt Securities will mature,
    including any provision for the extension of a maturity date, or
    the method of determination of such date(s);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the rate or rates per annum (either fixed or floating) at which
    such Debt Securities will bear interest (if any) and, if
    floating, the method of determination of such rate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date or dates from which any such interest will accrue and
    on which such interest will be payable and the record date or
    dates for the payment of such interest, or the method of
    determination of such date(s);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the provisions for subordination of such Debt
    Securities to other indebtedness of the Corporation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the Trustee under the Trust&#160;Indenture pursuant to which
    such Debt Securities are to be issued;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any redemption term or terms under which such Debt Securities
    may be defeased whether at or prior to maturity;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any repayment or sinking fund provisions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any events of default applicable to such Debt Securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether such Debt Securities are to be issued in registered form
    or in the form of temporary or permanent global securities and
    the basis of exchange, transfer and ownership thereof;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any exchange or conversion terms and any provisions for the
    adjustment thereof;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, our ability to satisfy all or a portion of any
    redemption of such Debt Securities, any payment of any interest
    on such Debt Securities or any repayment of the principal owing
    upon the maturity of such Debt Securities through the issuance
    of securities by us or of any other entity, and any
    restriction(s) on the persons to whom such securities may be
    issued;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the provisions applicable to the modification of the terms of
    the Trust&#160;Indenture; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other specific material terms or covenants applicable to
    such Debt Securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right to include in a Prospectus Supplement
    specific terms pertaining to the Debt Securities which are not
    within the options and parameters set forth in this Prospectus.
    In addition, to the extent that any particular terms of the Debt
    Securities described in a Prospectus Supplement differ from any
    of the terms described in this Prospectus, the description of
    such terms set forth in this Prospectus shall be deemed to have
    been superseded by the description of such differing terms set
    forth in such Prospectus Supplement with respect to such Debt
    Securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Ranking</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Debt Securities will be direct unsecured obligations of
    Oncolytics. The Debt Securities will be senior or subordinated
    indebtedness of Oncolytics as described in the applicable
    Prospectus Supplement. If the Debt Securities are senior
    indebtedness, they will rank equally and rateably with all other
    unsecured indebtedness of Oncolytics from time to time issued
    and outstanding which is not subordinated. If the Debt
    Securities are subordinated indebtedness, they will be
    subordinated to senior indebtedness of Oncolytics as described
    in the applicable Prospectus Supplement, and they will rank
    equally and rateably with other subordinated indebtedness of
    Oncolytics from time to time issued and outstanding as described
    in the applicable Prospectus Supplement. We reserve the right to
    specify in a Prospectus Supplement whether a particular series
    of subordinated Debt Securities is subordinated to any other
    series of subordinated Debt Securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Registration
    of Debt Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Debt
    Securities in Book Entry Form</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Debt Securities of any series may be issued in whole or in part
    in the form of one or more global securities (each a
    &#147;<B>Global Security</B>&#148; and together &#147;<B>Global
    Securities</B>&#148;) registered in the name of a designated
    clearing agency (a &#147;<B>Depositary</B>&#148;) or its nominee
    and held by or on behalf of the Depositary in accordance with
    the terms of the applicable Trust&#160;Indenture. The specific
    terms of the depositary arrangement with respect to any portion
    of a series of Debt Securities to be represented by a Global
    Security will, to the extent not described herein, be described
    in the Prospectus Supplement relating to such series.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Global Security may not be transferred, except as a whole
    between the Depositary and a nominee of the Depositary or as
    between nominees of the Depositary, or to a successor Depositary
    or nominee thereof, until it is wholly exchanged for Debt
    Securities in certificated non-book-entry form in accordance
    with the terms of the applicable Trust&#160;Indenture. So long
    as the Depositary for a Global Security, or its nominee, is the
    registered owner of such Global Security, such Depositary or
    such nominee, as the case may be, will be considered the sole
    owner or holder of the Debt Securities
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    represented by such Global Security for all purposes under the
    applicable Trust&#160;Indenture and payments of principal of and
    interest, if any, on the Debt Securities represented by a Global
    Security will be made by us to the Depositary or its nominee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to such exceptions, if any, as may be provided for in
    the Trust&#160;Indenture and described in the applicable
    Prospectus Supplement, owners of beneficial interests in a
    Global Security will not be entitled to have the Debt Securities
    represented by such Global Security registered in their names,
    will not receive or be entitled to receive physical delivery of
    such Debt Securities in certificated non-book-entry form, will
    not be considered the owners or holders thereof under the
    applicable Trust&#160;Indenture and will be unable to pledge
    Debt Securities as security. The laws of some states in the
    United States may require that certain purchasers of Debt
    Securities take physical delivery of such Debt Securities in
    definitive form.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Principal and interest payments, if any, on the Debt Securities
    represented by a Global Security registered in the name of a
    Depositary or its nominee will be made to such Depositary or its
    nominee, as the case may be, as the registered owner of such
    Global Security. Neither Oncolytics, the Trustee nor any paying
    agent for such Debt Securities will have any responsibility or
    liability for any aspect of the records relating to or payments
    made on account of beneficial ownership interests in such Global
    Security or for maintaining, supervising or reviewing any
    records relating to such beneficial ownership interests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Oncolytics, any underwriters, dealers or agents and any Trustee
    identified in an accompanying Prospectus Supplement, as
    applicable, will not have any liability or responsibility for:
    (i)&#160;records maintained by the Depositary relating to
    beneficial ownership interests in the Debt Securities held by
    the Depositary or the book-entry accounts maintained by the
    Depositary; (ii)&#160;maintaining, supervising or reviewing any
    records relating to any such beneficial ownership interests; or
    (iii)&#160;any advice or representation made by or with respect
    to the Depositary and contained in this Prospectus or in any
    Prospectus Supplement or Trust&#160;Indenture with respect to
    the rules and regulations of the Depositary or at the direction
    of Depositary participants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable Prospectus Supplement will identify the
    applicable Depositary for any Debt Securities represented by a
    Global Security.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Debt
    Securities in Registered Form</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Debt Securities of any series may be issued in whole or in part
    in registered form as provided in the applicable
    Trust&#160;Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that the Debt Securities are issued in certificated
    non-book-entry form, principal and interest, if any, will be
    payable, the transfer of such Debt Securities will be
    registerable and such Debt Securities will be exchangeable for
    Debt Securities in other denominations of a like aggregate
    principal amount at the office or agency maintained by us.
    Payment of principal and interest, if any, on Debt Securities in
    certificated non-book-entry form may be made by check mailed to
    the address of the holders entitled thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the foregoing limitations, Debt Securities of any
    authorized form or denomination issued under the applicable
    Trust&#160;Indenture may be transferred or exchanged for Debt
    Securities of any other authorized form or denomination or
    denominations, any such transfer or exchange to be for an
    equivalent aggregate principal amount of Debt Securities of the
    same series, carrying the same rate of interest and same
    redemption and other provisions as the Debt Securities so
    transferred or exchanged. Exchanges of Debt Securities of any
    series may be made at the offices of the applicable Trustee and
    at such other places as we may from time to time designate with
    the approval of the applicable Trustee and may be specified in
    the applicable Prospectus Supplement. Unless otherwise specified
    in the applicable Prospectus Supplement, the applicable Trustee
    will be the registrar and transfer agent for any Debt Securities
    issued in certificated non-book-entry form under the applicable
    Trust&#160;Indenture.
</DIV>
<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF UNITS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may issue Units comprised of one or more of the other
    Securities described in this Prospectus in any combination. Each
    Unit will be issued so that the holder of the Unit is also the
    holder of each Security included in the Unit. Thus, the holder
    of a Unit will have the rights and obligations of a holder of
    each included Security. The unit agreement, if any, under which
    a Unit is issued may provide that the Securities included in the
    Unit may not be held or transferred separately, at any time or
    at any time before a specified date.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The particular terms and provisions of Units offered by any
    Prospectus Supplement, and the extent to which the general terms
    and provisions described below may apply thereto, will be
    described in the Prospectus Supplement filed in respect of such
    Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The particular terms of each issue of Units will be described in
    the related Prospectus Supplement. This description will
    include, where applicable:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation and aggregate number of Units offered;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price at which the Units will be offered;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if other than Canadian dollars, the currency or currency unit in
    which the Units are denominated;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms of the Units and of the Securities comprising the
    Units, including whether and under what circumstances those
    securities may be held or transferred separately;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of Securities that may be purchased upon exercise of
    each Unit and the price at which and currency or currency unit
    in which that amount of Securities may be purchased upon
    exercise of each Unit;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any provisions for the issuance, payment, settlement, transfer
    or exchange of the Units or of the Securities comprising the
    Units; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other material terms, conditions and rights (or limitations
    on such rights) of the Units.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right to set forth in a Prospectus Supplement
    specific terms of the Units that are not within the options and
    parameters set forth in this Prospectus. In addition, to the
    extent that any particular terms of the Units described in a
    Prospectus Supplement differ from any of the terms described in
    this Prospectus, the description of such terms set forth in this
    Prospectus shall be deemed to have been superseded by the
    description of such differing terms set forth in such Prospectus
    Supplement with respect to such Units.
</DIV>
<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MARKET
    FOR SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our outstanding Common Shares are listed and posted for trading
    on the Toronto Stock Exchange under the trading symbol
    &#147;ONC&#148; and on the NASDAQ Capital Market under the
    trading symbol &#147;ONCY&#148;. The following table sets forth
    the market price ranges and the aggregate volume of trading of
    the Common Shares on the Toronto Stock Exchange and NASDAQ
    Capital Market for the periods indicated:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Toronto Stock Exchange</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>NASDAQ Capital Market</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>High<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Low<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Close<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Volume<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>High<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Low<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Close<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Volume<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Period</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Shares)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(U.S.$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(U.S.$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(U.S.$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Shares)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2007</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    880,135
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.17
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.98
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,026,481
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.05
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    755,603
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.47
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.92
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,746,620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    July
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.68
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.91
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,512,581
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.59
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,296,480
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    August
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    514,617
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    592,767
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.42
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,046,083
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.89
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,172,901
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    October
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,614,255
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.75
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.44
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,470,044
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.10
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    600,779
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.77
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.08
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,038,246
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    355,628
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.67
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.72
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    795,031
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>2008</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.66
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    538,887
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.04
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.93
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    622,530
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    564,976
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.27
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    588,210
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.01
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.83
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    376,635
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.70
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.84
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    618,300
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,159,535
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.76
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,138,020
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,683,183
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    897,410
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June (1-5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    292,033
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    414,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We may sell Securities to or through underwriters, dealers,
    placement agents or other intermediaries and also may sell
    Securities directly to purchasers or through agents, subject to
    obtaining any applicable exemption from registration
    requirements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The distribution of Securities may be effected from time to time
    in one or more transactions at a fixed price or prices, which
    may be changed, at market prices prevailing at the time of sale,
    or at prices related to such prevailing market prices to be
    negotiated with purchasers and as set forth in an accompanying
    Prospectus Supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the sale of Securities, underwriters may
    receive compensation from us or from purchasers of Securities
    for whom they may act as agents in the form of discounts,
    concessions or commissions. Underwriters, dealers, placement
    agents or other intermediaries that participate in the
    distribution of Securities may be deemed to be underwriters and
    any discounts or commissions received by them from us and any
    profit on the resale of Securities by them may be deemed to be
    underwriting discounts and commissions under applicable
    securities legislation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If so indicated in the applicable Prospectus Supplement, we may
    authorize dealers or other persons acting as our agents to
    solicit offers by certain institutions to purchase the
    Securities directly from us pursuant to contracts providing for
    payment and delivery on a future date. These contracts will be
    subject only to the conditions set forth in the applicable
    Prospectus Supplement or supplements, which will also set forth
    the commission payable for solicitation of these contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Prospectus Supplement relating to any offering of Securities
    will also set forth the terms of the offering of the Securities,
    including, to the extent applicable, the initial offering price,
    the proceeds to us, the underwriting discounts or commissions,
    and any other discounts or concessions to be allowed or
    reallowed to dealers. Underwriters with respect to any offering
    of Securities sold to or through underwriters will be named in
    the Prospectus Supplement relating to such offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Warrants resident in the United States who acquire
    Common Shares pursuant to the exercise of Warrants in accordance
    with their terms and under this Prospectus and any applicable
    Prospectus Supplement may have a right of action against the
    Corporation for any misrepresentation in this Prospectus or any
    applicable Prospectus Supplement. However, the existence and
    enforceability of such a right of action is not without doubt.
    By contrast, holders of Warrants resident in Canada who may
    acquire Common Shares pursuant to the exercise of Warrants in
    accordance with their terms and who will be deemed to acquire
    such Common Shares under applicable Canadian prospectus
    exemptions, will not have any such right of action.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under agreements which may be entered into by us, underwriters,
    dealers, placement agents and other intermediaries who
    participate in the distribution of Securities may be entitled to
    indemnification by us against certain liabilities, including
    liabilities under applicable securities legislation. The
    underwriters, dealers, placement agents and other intermediaries
    with whom we enter into agreements may be customers of, engage
    in transactions with or perform services for us in the ordinary
    course of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any offering of Subscription Receipts, Debt Securities, Warrants
    or Units will be a new issue of securities with no established
    trading market. Unless otherwise specified in the applicable
    Prospectus Supplement, the Subscription Receipts, Debt
    Securities, Warrants or Units will not be listed on any
    securities exchange. <B>Unless otherwise specified in the
    applicable Prospectus Supplement, there is no market through
    which the Subscription Receipts, Debt Securities, Warrants or
    Units may be sold and purchasers may not be able to resell
    Subscription Receipts, Debt Securities, Warrants or Units
    purchased under this Prospectus or any Prospectus Supplement.
    This may affect the pricing of the Subscription Receipts, Debt
    Securities, Warrants or Units in the secondary market, the
    transparency and availability of trading prices, the liquidity
    of the securities, and the extent of issuer regulation.</B>
    Certain dealers may make a market in the Subscription Receipts,
    Debt Securities, Warrants or Units, as applicable, but will not
    be obligated to do so and may discontinue any market making at
    any time without notice. No assurance can be given that any
    dealer will make a market in the Subscription Receipts, Debt
    Securities, Warrants or Units or as to the liquidity of the
    trading market, if any, for the Subscription Receipts, Debt
    Securities, Warrants or Units.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to applicable securities legislation, in connection with
    any offering of Securities under this Prospectus, the
    underwriters, if any, may over-allot or effect transactions
    which stabilize or maintain the market price of the Securities
    offered at a level above that which might otherwise prevail in
    the open market. These transactions, if commenced, may be
    discontinued at any time.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the filing of this Prospectus, our short form
    base shelf prospectus dated February&#160;15, 2007 and the
    related prospectus supplement dated February&#160;16, 2007
    (collectively, the <B>&#147;2007 Base Shelf
    Prospectus&#148;</B>) will remain in full force and effect and
    continue to qualify the Common Shares issuable to U.S. residents
    on exercise of the Common Share purchase warrants issued in
    connection with our Unit offering under a short form prospectus
    dated February&#160;14, 2007 (the <B>&#147;2007 Unit
    Offering&#148;</B>) until such time as the 2007 Base Shelf
    Prospectus expires in accordance with applicable securities
    laws. In the event that the 2007 Base Shelf Prospectus expires
    prior to the exercise of all the Common Shares purchase warrants
    issued to U.S. residents in connection with the 2007 Unit
    Offering, we may use this Prospectus to qualify the remaining
    Common Shares issuable to U.S. residents on the exercise of
    Common Share purchase warrants issued in connection with the
    2007 Unit Offering. If such a determination is made, the
    applicable prospectus supplement will set out the relevant facts
    to qualify such Common Shares. We may also use this Prospectus
    to qualify Common Shares issuable to U.S. residents on the
    exercise of future Common Share purchase warrants issued by us.
</DIV>
<A name='120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement may describe certain
    Canadian federal income tax consequences which may be applicable
    to a purchaser of Securities offered thereunder, and may also
    include a discussion of certain United States federal income tax
    consequences to the extent applicable.
</DIV>
<A name='121'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise specified in the Prospectus Supplement, certain
    legal matters relating to the offering of the securities will be
    passed upon for us by Bennett Jones LLP and Dorsey&#160;&#038;
    Whitney LLP. In addition, certain legal matters in connection
    with any offering of securities will be passed upon for any
    underwriters, dealers or agents by counsel to be designated at
    the time of the offering by such underwriters, dealers or agents
    with respect to matters of Canadian and United States law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The partners and associates of Bennett Jones LLP, as a group,
    and the partners and associates of Dorsey&#160;&#038; Whitney
    LLP, as a group, each beneficially own, directly or indirectly,
    less than 1% of our securities.
</DIV>
<A name='122'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AUDITOR</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our financial statements as at December&#160;31, 2007 and 2006
    incorporated by reference into this Prospectus have been audited
    by Ernst&#160;&#038; Young LLP, independent auditors, as
    indicated in their report dated February&#160;15, 2008 and are
    incorporated herein in reliance upon the authority of said firm
    as experts in accounting and auditing in giving said report.
    Ernst&#160;&#038; Young LLP has been our auditor since inception
    in 1998.
</DIV>
<A name='123'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DOCUMENTS
    FILED AS PART&#160;OF THE REGISTRATION STATEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following documents have been filed with the SEC as part of
    the registration statement of which this Prospectus is a part
    insofar as required by the SEC&#146;s
    <FONT style="white-space: nowrap">Form&#160;F-10:</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the documents listed under &#147;Documents Incorporated by
    Reference&#148; in this Prospectus;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the consent of our auditors Ernst&#160;&#038; Young LLP;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the consent of our Canadian counsel Bennett Jones LLP;
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    powers of attorney from our directors and officers; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    <FONT style="white-space: nowrap">Form&#160;F-X&#160;&#151;</FONT>
    Appointment of Agent for Service of Proceeds and Undertaking.
</TD>
</TR>

</TABLE>
<A name='124'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PURCHASERS&#146;
    STATUTORY RIGHTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Securities legislation in certain of the provinces of Canada
    provides purchasers with the right to withdraw from an agreement
    to purchase securities. This right may be exercised within two
    business days after receipt or deemed receipt of a prospectus,
    the accompanying prospectus supplement relating to securities
    purchased by a purchaser and any amendment thereto. The
    legislation further provides a purchaser with remedies for
    rescission or damages if the prospectus, the accompanying
    prospectus supplement relating to securities purchased by a
    purchaser or any amendment contains a misrepresentation or are
    not delivered to the purchaser, provided that the remedies for
    rescission or damages are exercised by the purchaser within the
    time limit prescribed by the securities legislation in the
    purchaser&#146;s province. The purchaser should refer to any
    applicable provisions of the securities legislation of the
    purchaser&#146;s province for the particulars of these rights or
    consult with a legal advisor.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<A name='125'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AUDITORS&#146;
    CONSENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have read the short form base shelf prospectus of Oncolytics
    Biotech Inc. (the <B>&#147;Corporation&#148;</B>) dated
    June&#160;6, 2008 relating to the qualification for distribution
    of up to $150,000,000 aggregate initial offering price of common
    shares, subscription receipts, warrants, debt securities and/or
    units of the Corporation (the <B>&#147;Prospectus&#148;</B>). We
    have complied with Canadian generally accepted standards for an
    auditor&#146;s involvement with offering documents.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We consent to the incorporation by reference in the Prospectus
    of our report to the shareholders of the Corporation on the
    balance sheets of the Corporation as at December&#160;31, 2007
    and 2006 and the statements of loss and comprehensive loss and
    cash flows for each of the years in the three year period ended
    December&#160;31, 2007 and for the cumulative period from
    inception on April&#160;2, 1998. Our report is dated
    February&#160;15, 2008.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="14%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="61%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="25%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="left" valign="top">
    Calgary, Canada<BR>
    June&#160;6, 2008
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    (Signed) Ernst&#160;&#038; Young LLP<BR>
    Chartered Accountants
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<A name='126'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTIFICATE
    OF THE CORPORATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Dated:
    June&#160;6, 2008</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This short form prospectus, together with the documents
    incorporated in this prospectus by reference, will, as of the
    date of the last supplement to this prospectus relating to the
    securities offered by this prospectus and the supplement(s),
    constitute full, true and plain disclosure of all material facts
    relating to the securities offered by this prospectus and the
    supplement(s) as required by the securities legislation in the
    provinces of British Columbia, Alberta, Manitoba and Ontario.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="38%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="33%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="center" valign="top">
    <FONT style="font-variant: SMALL-CAPS">(Signed)
    </FONT><B>Bradley G. Thompson<BR>
    </B>Chief Executive Officer
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-variant: SMALL-CAPS">(Signed)
    </FONT><B>Douglas A. Ball<BR>
    </B>Chief Financial Officer
</TD>
</TR>
<TR valign="bottom" style="line-height: 18pt">
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    On behalf of the Board of Directors of<BR>
    Oncolytics
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-variant: SMALL-CAPS">(Signed) </FONT><B>Jim
    Dinning<BR>
    </B>Director
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-variant: SMALL-CAPS">(Signed) </FONT><B>Fred
    A. Stewart<BR>
    </B>Director
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    C-1
</DIV><!-- END PAGE WIDTH -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Under the <I>Business Corporations Act </I>(Alberta), Oncolytics Biotech Inc. (the &#147;Corporation&#148;) may
indemnify a director or officer, a former director or officer, or a person who acts or acted at the
Corporation&#146;s request as a director or officer or a body corporate of which the Corporation is or
was a shareholder or creditor, and the director&#146;s or officer&#146;s heirs and legal representatives,
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by the individual in respect of any civil, criminal or administrative
action or proceeding to which the individual is involved because of that association with the
Corporation or other entity, and the Corporation may advance moneys to such an individual for the
costs, charges and expenses of such a proceeding. The Corporation may not indemnify such an
individual unless the individual acted honestly and in good faith with a view to the best interests
of the Corporation, or, as the case may be, to the best interests of the other entity for which the
individual acted as a director or officer or in a similar capacity at the Corporation&#146;s request,
and, in the case of a criminal or administrative action or proceeding that is enforced by a
monetary penalty, the individual had reasonable grounds for believing that the individual&#146;s conduct
was lawful. In addition, the individual must repay any moneys advanced by the Corporation if the
individual has not fulfilled the conditions set out in the preceding sentence. Such indemnification
or advance of moneys may be made in connection with a derivative action only with court approval.
Such an individual is entitled to indemnification from the Corporation as a matter of right if the
individual was not judged by the court or other competent authority to have committed any fault or
omitted to do anything that the individual ought to have done, and the individual fulfilled the
conditions set forth above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with and subject to the <I>Business Corporations Act </I>(Alberta), the by-laws of the
Corporation provide that the Corporation shall indemnify a director or officer, a former director
or officer, or a person who acts or acted at the Corporation&#146;s request as a director or officer, or
a body corporate of which the Corporation is or was a shareholder or creditor, and the director&#146;s
or officer&#146;s heirs and legal representatives, against all costs, charges and expenses, including an
amount paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any
civil, criminal or administrative action or proceeding to which he is made a party by reason of
being or having been a director or officer of the Corporation or other entity if he acted honestly
and in good faith with a view to the best interests of the Corporation or, as the case may be, to
the best interests of the other entity for which he acted as a director or officer at the
Corporation&#146;s request, and, in the case of a criminal or administrative action or proceeding that
is enforced by monetary penalty, he had reasonable grounds for believing that his conduct was
lawful. The Corporation shall also indemnify such person in such other circumstances as the
<I>Business Corporations Act </I>(Alberta) permits or requires.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation maintains a directors&#146; &#038; officers&#146; insurance policy for the benefit of the
directors and officers of the Corporation and its subsidiaries against liability incurred by them
in their official capacities for which they become obligated to pay to the extent permitted by
applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Insofar as indemnification for liabilities arising under the U.S. Securities Act of 1933, as
amended, may be permitted to directors, officers or persons controlling the Corporation pursuant to
the foregoing provisions, the Corporation has been informed that, in the opinion of the U.S.
Securities and Exchange Commission, such indemnification is against public policy as expressed in
the Securities Act and is therefore unenforceable.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBITS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>4.1</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Renewal Annual Information Form dated March&nbsp;5, 2008, for the year ended December
31, 2007, incorporated by reference to the Corporation&#146;s Current Report on Form
6-K, furnished to the Commission on April&nbsp;7, 2008.</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>4.2</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Audited financial statements, together with the accompanying notes to the
financial statements, for the fiscal years ended December&nbsp;31, 2007 and 2006 and
the auditors&#146; report thereon addressed to the Corporation&#146;s shareholders,
incorporated by reference to the Corporation&#146;s Annual Report on Form&nbsp;20-F, filed
with the Commission on May&nbsp;23, 2008</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>4.3</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Proxy Circular dated March&nbsp;20, 2008 relating to the annual and special
meeting of shareholders held on May&nbsp;7, 2008, excluding those portions which are
not prescribed by Canadian securities law to be included in the Canadian
Prospectus, incorporated by reference to the Corporation&#146;s Current Report on Form
6-K, furnished to the Commission on April&nbsp;8, 2008.</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>4.4</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management&#146;s discussion and analysis of financial condition and results of
operations dated March&nbsp;5, 2008, for the year ended December&nbsp;31, 2007, included as
part of the Corporation&#146;s Annual Report to Shareholders, incorporated by reference
to the Corporation&#146;s Current Report on Form&nbsp;6-K, furnished to the Commission on
April&nbsp;8, 2008.</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>4.5</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Unaudited interim financial statements as at and for the three months ended March
31, 2008, together with the notes thereto, incorporated by reference to the
Corporation&#146;s Current Report on Form&nbsp;6-K, furnished to the Commission on May&nbsp;1,
2008.</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>4.6</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management&#146;s discussion and analysis of financial condition and results of
operations dated April&nbsp;30, 2008, for the three months ended March&nbsp;31, 2008,
incorporated by reference to the Corporation&#146;s Current Report on Form&nbsp;6-K,
furnished to the Commission on May&nbsp;1, 2008</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>4.7</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reconciliation of financial statements as at and for the three months ended March
31, 2008, incorporated by reference to the Corporation&#146;s Current Report on Form
6-K, furnished to the Commission on June&nbsp;4, 2008</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>5.1</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP dated June&nbsp;6, 2008</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>5.2</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Bennett Jones LLP dated June&nbsp;6, 2008</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>6.1</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on the signature pages of this Registration Statement)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->II-2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART III</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertaking</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Registrant undertakes to make available, in person or by telephone, representatives to respond
to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the
Commission staff, information relating to the securities registered pursuant to this Form F-10 or
to transactions in said securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent to Service of Process</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Concurrently with the filing of this Registration Statement on Form F-10, the Registrant is filing
with the Commission a written irrevocable consent and power of attorney on Form F-X.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any change to the name and address of the agent for service of the Registrant will be communicated
promptly to the Commission by amendment to Form F-X referencing the file number of this
Registration Statement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->III-1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Signatures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly
caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Calgary, Province of Alberta, Canada, on June&nbsp;6, 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B><BR>ONCOLYTICS BIOTECH INC.<BR></B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Bradley G. Thompson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Bradley G. Thompson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each person whose signature appears below constitutes and appoints Bradley G. Thompson and Douglas
A. Ball, and each of them, either of whom may act without the joinder of the other, as his true and
lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and
in his name, place and stead, in any and all capacities, to sign any or all amendments (including
post-effective amendments) to this Registration Statement and registration statements filed
pursuant to Rule&nbsp;429 under the Securities Act, and to file the same, with all exhibits thereto and
other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and
perform each and every act and thing requisite and necessary to be done, as fully to all intents
and purposes as he might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, each acting alone, or their substitute or substitutes may lawfully do
or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by
or on behalf of the following persons in the capacities indicated on June&nbsp;6, 2008:
</DIV>
<DIV align="center" style="margin-top: 6pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp; Bradley G. Thompson
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Bradley G. Thompson</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
President, Chief Executive Officer and
Chairman of the Board
(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp; Douglas A. Ball
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Douglas A. Ball</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Chief Financial Officer and Director<BR>
(Principal Financial and Accounting Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp; William A. Cochrane
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
William A. Cochrane</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ger J. van Amersfoort</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp; Robert B. Schultz
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Robert B. Schultz</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp; Fred A. Stewart
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Fred A. Stewart</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ed Levy</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp; J. Mark Lievonen
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
J. Mark Lievonen</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/&nbsp; Jim Dinning
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Jim Dinning</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Authorized representative</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, the Authorized
Representative has signed this Registration Statement, solely in his capacity as the duly
authorized representative of Oncolytics Biotech Inc. in the United States, in the State of
California, on June&nbsp;6, 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;<BR>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;  Karl Mettinger
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Karl Mettinger&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Medical Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>o40925exv5w1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 24pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">We consent to the reference to our firm under the caption &#147;Auditor&#148; and to the incorporation by
reference in the Registration Statement on Form F-10 and related base shelf prospectus of
Oncolytics Biotech Inc. (&#147;Oncolytics&#148;), relating to the registration of Common Shares, Subscription
Receipts, Warrants, Debt Securities and Units, up to an aggregate initial offering price of
US$149,238,881 filed with the United States Securities and Exchange
Commission on June&nbsp;6, 2008 of
our reports dated April&nbsp;18, 2008 with respect to the financial statements of Oncolytics and the
effectiveness of internal control over financial reporting of Oncolytics included in the
Corporation&#146;s Annual Report to Shareholders (Form 20-F) for the year ended December&nbsp;31, 2007, filed
with the United States Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Calgary, Alberta</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>signed &#147;Ernst &#038; Young LLP&#148;</I></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June&nbsp;6, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chartered Accountants</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>o40925exv5w2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.2</B>
</DIV>

<DIV align="center" style="margin-top: 12pt">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o40925o4092504.gif" alt="(BENNETT JONES)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">4500 Bankers Hall East, 855 2nd Street SW<BR>
Calgary, Alberta, Canada T2P 4K7<BR>
Tel: 403.298.3100&nbsp;&nbsp;Fax: 403.265.7219<BR>
www.bennettjones.ca</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 72pt">June&nbsp;6, 2008
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Oncolytics Biotech Inc.<BR>
210, 1167 Kensington Crescent N.W.<BR>
Calgary, AB T2N 1X7

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">United States Securities and Exchange Commission
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement on Form&nbsp;F-10</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">We hereby consent to the reference to us in the registration statement on Form F-10 (the
"<B>Registration Statement</B>&#148;) and the related preliminary short form base shelf prospectus (the
"<B>Prospectus</B>&#148;) of Oncolytics Biotech Inc. (the &#147;<B>Corporation</B>&#148;) relating to the registration of
Cdn.$150,000,000 of common shares, subscription receipts, warrants, debt securities and units of
the Corporation. We also consent to the use of our firm name in the Prospectus under the headings
&#147;Enforceability of Civil Liabilities&#148; and &#147;Legal Matters&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In giving this consent, we do not thereby admit that we come within the category of persons whose
consent is required by the Securities Act of 1933 or the rules and regulations promulgated
thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 21pt">Yours truly,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BENNETT JONES LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">(Signed) &#147;<I>Bennett Jones LLP</I>&#148;
</DIV>


<DIV align="center" style="font-size: 6.5pt; margin-top: 78pt"><FONT face="Helvetica,Arial,sans-serif">C
A L G A R Y&nbsp;&nbsp;&#149;&nbsp;&nbsp;T O R O N T
O&nbsp;&nbsp;&#149;&nbsp;&nbsp;E D M O N T O N</FONT>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
