<SEC-DOCUMENT>0001279569-15-000484.txt : 20150317
<SEC-HEADER>0001279569-15-000484.hdr.sgml : 20150317
<ACCEPTANCE-DATETIME>20150317170936
ACCESSION NUMBER:		0001279569-15-000484
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150316
FILED AS OF DATE:		20150317
DATE AS OF CHANGE:		20150317

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31062
		FILM NUMBER:		15707740

	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>6-K
<SEQUENCE>1
<FILENAME>oncolyticsform6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 14pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt/normal Times New Roman,serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 18pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>Form 6-K</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>Report of Foreign Private Issuer</B></P>

<P STYLE="font: 12pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16</B></P>

<P STYLE="font: 12pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">For the month of March</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">Commission File Number 000-31062</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 24pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>Oncolytics Biotech Inc.</B></P>

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<P STYLE="font: 24pt/normal Times New Roman,serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><I>(Translation of registrant&rsquo;s name into
English)</I></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>Suite&nbsp;210, 1167 Kensington Crescent NW</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>Calgary, Alberta, Canada T2N 1X7</B></P>

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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B><I>(Address
of principal executive offices)</I></B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Indicate by check mark whether the registrant files or will file
annual reports under cover Form&nbsp;20-F or Form&nbsp;40-F.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 49%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&thorn;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;&#9744;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(1):&nbsp;&nbsp;&nbsp;&#9744;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>Note: </B>Regulation&nbsp;S-T Rule&nbsp;101(b)(1) only permits
the submission in paper of a Form&nbsp;6-K if submitted solely to provide an attached annual report to security holders.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(7):&nbsp;&nbsp;&nbsp;&#9744;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>Note: </B>Regulation&nbsp;S-T Rule&nbsp;101(b)(7) only permits
the submission in paper of a Form&nbsp;6-K if submitted to furnish a report or other document that the registrant foreign private
issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant&rsquo;s &ldquo;home country&rdquo;), or under the rules of the home country exchange on which the registrant&rsquo;s
securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed
to the registrant&rsquo;s security holders, and, if discussing a material event, has already been the subject of a Form&nbsp;6-K
submission or other Commission filing on EDGAR.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under
the Securities Exchange Act of 1934.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 60%; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 1%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 49%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Yes&nbsp;&nbsp;&nbsp;&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-family: Calibri,sans-serif"></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%; font-family: Wingdings"><FONT STYLE="font: 10pt Times New Roman,serif">No
<FONT STYLE="font-family: Wingdings">&thorn;</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">If &ldquo;Yes&rdquo; is marked, indicate below the file number assigned
to the registrant in connection with Rule&nbsp;12g3-2(b):&nbsp;&nbsp;&nbsp;82&nbsp;-&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>EXHIBIT</B></P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>NUMBER</B></P></TD>
    <TD STYLE="width: 2%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 90%; line-height: 115%; font-family: Calibri,sans-serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman,serif"><B>DESCRIPTION</B></FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; line-height: 115%; font-family: Calibri,sans-serif; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman,serif">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">News
Release Dated March 16, 2015 - Oncolytics Biotech&reg; Inc. Announces 2014 Year End Results</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"></P>

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    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>Oncolytics Biotech Inc.</B></P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">(Registrant)</P></TD></TR>
<TR>
    <TD STYLE="width: 50%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 5%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 45%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;Date:&nbsp;&nbsp;
    March 16, 2015</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">By:</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman,serif">/s/&nbsp;&nbsp;Kirk Look</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Kirk Look</FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">Chief Financial Officer</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED MARCH 16, 2015
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Oncolytics Biotech&reg; Inc. Announces 2014 Year End Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CALGARY, March 16, 2015 /CNW/ -&nbsp;Oncolytics Biotech<SUP>&reg;</SUP>
Inc. (TSX:ONC, NASDAQ:ONCY) (&quot;Oncolytics&quot; or the &quot;Company&quot;) today announced its financial results and operational
highlights for the year ended December 31, 2014.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">&quot;The activities of the Company in 2014 have laid the
groundwork enabling us to plan and execute our late stage clinical strategy,&quot; said Dr. Brad Thompson, President and CEO of
Oncolytics. &quot;We are looking forward to finalizing the plans for and initiating our registration studies for REOLYSIN<SUP>&reg;</SUP>.&quot;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B><U>Selected Highlights</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Since January 1, 2014, selected highlights announced by the
Company include:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Clinical Program</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Completion of patient enrollment in an ongoing, NCIC Clinical Trials
Group sponsored randomized Phase II study of REOLYSIN<SUP>&reg; </SUP>in patients with advanced or metastatic colorectal cancer
(IND 210). The Company awaits preliminary data from this study; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reporting completion of enrollment and interim overall and KRAS-mutated
patient data from an NCI-sponsored randomized Phase II study of REOLYSIN<SUP>&reg;</SUP> in combination with carboplatin and paclitaxel
in patients with recurrent or metastatic pancreatic cancer (NCI-8601). The Company awaits final data from this study, which will
be available once all remaining patients have progressed; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Completion of patient enrollment in an ongoing, NCI-sponsored randomized
Phase II study of REOLYSIN<SUP>&reg;</SUP> in combination with paclitaxel in patients with persistent or recurrent ovarian, fallopian
tube or primary peritoneal cancer (GOG-186H). The Company awaits preliminary data from this study; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reporting final data from the Company's randomized, double-blinded clinical
study examining REOLYSIN<SUP>&reg;</SUP> in combination with carboplatin and paclitaxel in patients with second-line, platinum-refractory,
taxane-na&iuml;ve head and neck cancers; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Presentation by the Company's collaborators of preliminary clinical data
demonstrating that intravenously delivered REOLYSIN<SUP>&reg;</SUP> can cross the blood brain barrier to access tumours in the
brains of humans;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Regulatory</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Application for Orphan Drug Designation from the U.S. Food and Drug Administration
(FDA) for REOLYSIN<SUP>&reg;</SUP> in the treatment of ovarian and pancreatic cancers. The Company was granted designations in
ovarian, fallopian tube, primary peritoneal and pancreatic cancer subsequent to year end; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Application to the European Medicines Agency for Orphan Designation for
REOLYSIN<SUP>&reg;</SUP> in the treatment of pancreatic and ovarian cancers; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Subsequent to year end, the Company applied to the U.S. FDA for a fifth
Orphan Drug Designation for high grade gliomas in paediatric patients; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Basic Research</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Presentation of a poster entitled &quot;Combination Therapy with Reovirus
and PD-1 Blockade Effectively Establishes Tumour Control Via Innate and Adaptive Immune Responses&quot; by the Company's research
collaborators, Vile et al., at the AACR Tumor Immunology and Immunotherapy Conference; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">A series of presentations made by the Company's research collaborators
at the 8<SUP>th</SUP> Annual International Conference on Oncolytic Virus Therapeutics held in Oxford, UK, covering: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Preclinical research examining the synergies associated with treatment
in animal models with GM-CSF prior to administering REOLYSIN<SUP>&reg;</SUP>; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Preclinical research focused on identifying biomarkers predictive of
sensitivity/resistance to reovirus in head and neck cancer cell lines; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Preclinical research into the treatment of hepatocellular carcinoma associated
with infection by Hepatitis B and Hepatitis C;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Governance</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">The nomination and election of Ms. Linda Hohol and Ms. Angela Holtham
to the Company's Board of Directors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Financial</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Entry into and subsequent amendments to a share purchase agreement with
Lincoln Park Capital Fund, LLC; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Entry into a $20 million &quot;At-the-Market&quot; equity distribution
agreement with Canaccord Genuity Inc.; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font: 10pt Symbol">&#183;</FONT></TD><TD><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">At December 31, 2014 the Company reported $16.2 million in cash, cash
equivalents and short-term investments.&nbsp; At March 13, 2015, the Company had approximately $27.5 million in cash, cash equivalents
and short-term investments. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="5" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>ONCOLYTICS BIOTECH INC.</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">As at December 31,</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>2014</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>$</b></P></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>2013</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>$</b></P></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Assets</i></b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Current assets</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="padding: 1.5pt">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Cash and cash equivalents</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>14,152,825</b></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">25,220,328</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Short-term investments</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>2,031,685</b></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">2,001,644</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Accounts receivable</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>191,751</b></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">105,853</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Prepaid expenses</font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>291,553</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">361,743</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total current assets</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>16,667,814</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">27,689,568</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Non-current assets</b></font></td>
    <td colspan="2" style="padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="padding: 1.5pt">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Property and equipment</font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>525,376</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">532,459</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total non-current assets</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>525,376</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">532,459</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Total assets</i></b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>17,193,190</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">28,222,027</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Liabilities And Shareholders' Equity</i></b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Current Liabilities</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="padding: 1.5pt">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Accounts payable and accrued liabilities</font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>3,373,997</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">6,008,661</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total current liabilities</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>3,373,997</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">6,008,661</font></td>
    <td>&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Shareholders' equity</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="padding: 1.5pt">&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Share capital</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Authorized: unlimited </font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">Issued: </font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">December 31, 2014 &ndash; 93,512,494 </font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif">December 31, 2013 &ndash; 84,803,818</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>237,657,056</b></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">228,612,564</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Warrants</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&mdash;</b></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">376,892</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Contributed surplus</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>25,848,429</b></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">24,491,212</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Accumulated other comprehensive income</font></td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>280,043</b></font></td>
    <td style="vertical-align: bottom; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">79,698</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Accumulated deficit</font></td>
    <td nowrap style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(249,966,335)</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(231,347,000)</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Total shareholders' equity</i></b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>13,819,193</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">22,213,366</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Total liabilities and equity</i></b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>17,193,190</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</td>
    <td style="vertical-align: bottom; border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">28,222,027</font></td>
    <td>&nbsp;</td></tr>
<tr>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 59%">&nbsp;</td>
    <td style="width: 19%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 19%">&nbsp;</td>
    <td style="width: 1%">&nbsp;</td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: bottom">
    <td colspan="5" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>ONCOLYTICS BIOTECH INC.</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">For the years ending December 31,</font></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>2014</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>$</b></P></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>2013</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>$</b></P></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>2012</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>$</b></P></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Expenses</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Research and development</font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>13,824,252</b></font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">18,506,064</font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">31,402,625</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Operating</font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>4,998,694</b></font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">5,392,660</font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">5,285,425</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Loss before the following</i></b></font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(18,822,946)</b></font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(23,898,724)</font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(36,688,050)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Interest</font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>210,390</b></font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">371,485</font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">345,003</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Loss before income taxes</i></b></font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(18,612,556)</b></font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(23,527,239)</font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(36,343,047)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Income tax expense</font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(6,779)</b></font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(5,408)</font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(30,474)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Net loss</i></b></font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(18,619,335)</b></font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(23,532,647)</font></td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(36,373,521)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Other comprehensive income items that may be</i></b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>reclassified to net loss</i></b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Translation adjustment</font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>200,345</b></font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">136,813</font></td>
    <td style="border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">60,386</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Net comprehensive loss</i></b></font></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(18,418,990)</b></font></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(23,395,834)</font></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(36,313,135)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Basic and diluted loss per common share</i></b></font></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(0.21)</b></font></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(0.28)</font></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(0.48)</font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="2" style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Weighted average number of shares (basic and diluted)</i></b></font></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>87,869,149</b></font></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">83,530,981</font></td>
    <td style="border-bottom: black 2.25pt double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">76,102,062</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td colspan="7" style="padding: 1.5pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>ONCOLYTICS BIOTECH INC.</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="7" style="padding: 1.5pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="7" style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>Share</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: black"><b>&nbsp;Capital</b></font><br>
        <font style="font-family: Arial, Helvetica, Sans-Serif; color: black"><b>$</b></font></P></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Warrants</b></font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif"><b>$</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>Contributed</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: black"><b>&nbsp;Surplus</b></font><br>
        <font style="font-family: Arial, Helvetica, Sans-Serif; color: black"><b>$</b></font></P></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>Accumulated</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><b>&nbsp;Other </b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>Comprehensive</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: black"><b>&nbsp;Income</b></font><br>
        <font style="font-family: Arial, Helvetica, Sans-Serif; color: black"><b>$</b></font></P></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>Accumulated</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: black"><b>&nbsp;Deficit</b></font><br>
        <font style="font-family: Arial, Helvetica, Sans-Serif; color: black"><b>$</b></font></P></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Total</b></font><br>
<font style="font-family: Arial, Helvetica, Sans-Serif"><b>$</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">As at December 31, 2011</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">177,282,566</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">2,653,627</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">21,142,519</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(117,501)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(171,440,832)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">29,520,379</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Net loss and other comprehensive income</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">60,386</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(36,373,521)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(36,313,135)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Issued, pursuant to a bought deal financing</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">19,386,903</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">376,892</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">19,763,795</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Expiry of warrants</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(2,653,627)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">2,653,627</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Exercise of stock options</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">1,485,622</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(400,632)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">1,084,990</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Share based compensation</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">730,751</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">730,751</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">As at December 31, 2012</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">198,155,091</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">376,892</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">24,126,265</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(57,115)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(207,814,353)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">14,786,780</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Net loss and other comprehensive income</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">136,813</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(23,532,647)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(23,395,834)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Issued, pursuant to a bought deal financing</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">30,218,796</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">30,218,796</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Expiry of warrants</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Exercise of stock options</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">238,677</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(59,437)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">179,240</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Share based compensation</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">424,384</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">424,384</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">As at December 31, 2013</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>228,612,564</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>376,892</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>24,491,212</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>79,698</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(231,347,000)</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>22,213,366</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Net loss and other comprehensive income</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">200,345</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(18,619,335)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(18,418,990)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Issued, pursuant to Share Purchase Agreement</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">7,830,409</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">7,830,409</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Issued, pursuant to &quot;At the Market&quot; Agreement</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">1,214,083</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">1,214,083</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Expired warrants</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(376,892)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">376,892</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Share based compensation</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">980,325</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">980,325</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>As at December 31, 2014</b></font></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>237,657,056</b></font></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&mdash;</b></font></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>25,848,429</b></font></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>280,043</b></font></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(249,966,335)</b></font></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>13,819,193</b></font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in"><B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding: 1.5pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>ONCOLYTICS BIOTECH INC.</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding: 1.5pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="4" style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">For the years ending December 31,</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>2014</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>$</b></P></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>2013</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>$</b></P></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>2012</b></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><b>$</b></P></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Operating Activities</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Net loss for the year</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(18,619,335)</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(23,532,647)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(36,373,521)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Amortization - property and equipment</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>163,501</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">131,623</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">109,275</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Share based compensation</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>980,325</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">424,384</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">730,751</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Unrealized foreign exchange loss</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>242,542</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(89,721)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">89,890</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Net change in non-cash working capital</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(2,443,988)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(1,374,172)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">1,187,967</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Cash used in operating activities</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(19,676,955)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(24,440,533)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(34,255,638)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Investing Activities</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Acquisition of property and equipment</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(152,750)</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(254,834)</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(126,412)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Redemption (purchase) of short-term investments</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(30,041)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(32,416)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(32,441)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Cash used in investing activities</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(182,791)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(287,250)</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(158,853)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Financing Activities</b></font></td>
    <td style="padding: 1.5pt">&nbsp;</td>
    <td colspan="2" style="padding: 1.5pt">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Proceeds from exercise of stock options and warrants</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&mdash;</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">179,240</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">1,084,990</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Proceeds from Share Purchase Agreement</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>7,830,409</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&mdash;</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Proceeds from &quot;At the Market&quot; equity distribution agreement</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>1,214,083</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&mdash;</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&mdash;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Proceeds from public offering</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&mdash;</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">30,218,796</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">19,763,795</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Cash provided by financing activities</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>9,044,492</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">30,398,036</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">20,848,785</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(Decrease) increase in cash</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(10,815,254)</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">5,670,253</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(13,565,706)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Cash and cash equivalents, beginning of year</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>25,220,328</b></font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">19,323,541</font></td>
    <td style="padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">32,918,751</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Impact of foreign exchange on cash and cash equivalents</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(252,249)</b></font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">226,534</font></td>
    <td style="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">(29,504)</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>Cash and cash equivalents, end of year</i></b></font></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>14,152,825</b></font></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">25,220,328</font></td>
    <td style="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">19,323,541</font></td></tr>
</table>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">To view the Company's Fiscal 2014 Consolidated Financial Statements,
related Notes to the Consolidated Financial Statements, and Management's Discussion and Analysis, please see the Company's annual
filings, which will be available on <U>www.sedar.com</U>&nbsp;and on <U>www.oncolyticsbiotech.com/for-investors/financials</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>About Oncolytics Biotech Inc.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">Oncolytics is a Calgary-based biotechnology company focused
on the development of oncolytic viruses as potential cancer therapeutics.&nbsp; Oncolytics' clinical program includes a variety
of later-stage, randomized human trials in various indications using REOLYSIN<SUP>&reg;</SUP>, its proprietary formulation of the
human reovirus. For further information about Oncolytics, please visit: <U>www.oncolyticsbiotech.com</U>.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><I>This press release contains forward-looking statements,
within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements, including the
Company's belief as to the potential of REOLYSIN<SUP>&reg;</SUP> as a cancer therapeutic; the Company's expectations as to the
success of its research and development programs in 2015 and beyond, the Company's planned operations, the value of the additional
patents and intellectual property; the Company's expectations related to the applications of the patented technology; the Company's
expectations as to adequacy of its existing capital resources; the design, timing, success of planned clinical trial programs;
and other statements related to anticipated developments in the Company's business and technologies involve known and unknown risks
and uncertainties, which could cause the Company's actual results to differ materially from those in the forward-looking statements.
Such risks and uncertainties include, among others, the availability of funds and resources to pursue research and development
projects, the efficacy of REOLYSIN<SUP>&reg;</SUP> as a cancer treatment, the success and timely completion of clinical studies
and trials, the Company's ability to successfully commercialize REOLYSIN<SUP>&reg;</SUP>, uncertainties related to the research
and development of pharmaceuticals, uncertainties related to the regulatory process and general changes to the economic environment.
Investors should consult the Company's quarterly and annual filings with the Canadian and U.S. securities commissions for additional
information on risks and uncertainties relating to the forward-looking statements. Investors are cautioned against placing undue
reliance on forward-looking statements. The Company does not undertake to update these forward-looking statements, except as required
by applicable laws.</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">SOURCE Oncolytics Biotech Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">%CIK: 0001129928</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information:</B> TMX Equicom, Nick Hurst, 300 5th
Ave. SW, 10th Floor, Calgary, Alberta T2P 3C4, Tel: 403.218.2835, Fax: 403.218.2830, nhurst@tmxequicom.com ;TMX Equicom, Michael
Moore, San Diego, CA, Tel: 858.886.7813, mmoore@tmxequicom.com; Dian Griesel, Inc., Susan Forman, 335 West 38th Street, 3rd Floor,
New York, NY 10018, Tel: 212.825.3210, Fax: 212.825.3229, sforman@dgicomm.com</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CO: Oncolytics Biotech Inc.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CNW 18:08e 16-MAR-15</P>



<P STYLE="margin: 0; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;</B></FONT></P>

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