<SEC-DOCUMENT>0001279569-15-001001.txt : 20150512
<SEC-HEADER>0001279569-15-001001.hdr.sgml : 20150512
<ACCEPTANCE-DATETIME>20150511174430
ACCESSION NUMBER:		0001279569-15-001001
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150507
FILED AS OF DATE:		20150512
DATE AS OF CHANGE:		20150511

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:		15852120

	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 May, 2015</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"></P>

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

<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-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="width: 8%; border-bottom: Black 1pt solid">
        <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 May 7, 2015 - Oncolytics Biotech&reg; Inc. Announces 2015 First Quarter 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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<TR>
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    <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;
    May 7, 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 MAY 7, 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">&nbsp;</P>

<P STYLE="margin: 0; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; text-align: left"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Oncolytics Biotech&reg; Inc. Announces 2015 First Quarter Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CALGARY, May 7, 2015 /CNW/ - 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 quarter ended March &nbsp;31, 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">&quot;In the first quarter, we obtained Orphan Drug Designation
from the U.S. FDA and the EMA in Europe for a number of different indications, which will support future development of REOLYSIN<SUP>&reg;</SUP>,&quot;
said Dr. Brad Thompson, President and CEO of Oncolytics. &quot;We also reported a range of clinical and preclinical data that furthered
our understanding of how REOLYSIN<SUP>&reg;</SUP> works and the specific benefits it can confer in combination with other approved
therapies.&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, 2015, 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">Presentation of data from a single arm clinical study examining the use
of REOLYSIN<SUP>&reg;</SUP> in combination with gemcitabine in patients with advanced pancreatic cancer (REO 017); </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 of data showing up regulation of PD-1 and PD-L1 from a single
arm clinical study examining the use of REOLYSIN<SUP>&reg;</SUP> in patients with primary glioblastomas or brain metastases (REO
013b) at the Royal Society of Medicine's Immuno-oncology: Using the Body's Own Weapons conference, held in London, UK;</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 gastric cancer. The Company was granted designations by the FDA in ovarian,
fallopian tube, primary peritoneal and pancreatic cancers as well as malignant glioma; </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">Granting of Orphan Drug Designation by the European Medicines Agency
for REOLYSIN<SUP>&reg;</SUP> in the treatment of ovarian cancer, and subsequent to quarter end, for pancreatic cancer; </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">Subsequently, on May 5, 2015, the Company was granted Orphan Drug Designation
from the FDA for the treatment of gastric cancer;</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 clinical and preclinical data at the 2015 Immune Checkpoint
Inhibitors meeting in Boston, MA, including content showing the combination of REOLYSIN<SUP>&reg;</SUP>, GM-CSF, anti-PD-1 and
anti-CTLA-4 improved survival in immune competent mice versus REOLYSIN<SUP>&reg;</SUP> and GM-CSF alone and REOLYSIN<SUP>&reg;</SUP>
and GM-CSF plus either one of the checkpoint inhibitors alone; </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 AACR Annual Meeting held in Philadelphia, PA covering preclinical research in a range of indications, with a variety of
treatment combinations including REOLYSIN<SUP>&reg;</SUP>; and</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">At March 31, 2015 the Company reported $30.6 million in cash, cash equivalents
and short-term investments.&nbsp; At May 6, 2015, the Company had approximately $31.5 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"><B>The Year Ahead</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">The Company continues to actively focus on developing its
go-forward clinical path, which could include one or more registration studies. In addition to actively speaking with key-opinion
leaders, regulatory consultants and regulators themselves, Oncolytics expects to evaluate its growing library of clinical trial
data in an effort to identify the most expeditious route to the commercial endpoint.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ONCOLYTICS BIOTECH INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>INTERM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>(unaudited)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">As at</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>March 31,</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;2015</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&nbsp;2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt 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 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 COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt 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 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 COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>28,578,023</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14,152,825</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Short-term investments</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,060,977</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">2,031,685</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Accounts receivable</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>45,706</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">191,751</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Prepaid expenses</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>264,708</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">291,553</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total current assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>30,949,414</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">16,667,814</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Non-current assets</B></FONT></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 COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Property and equipment</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>495,531</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">525,376</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>495,531</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">525,376</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Total assets</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>31,444,945</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17,193,190</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt 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 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 COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt 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 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 COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,274,515</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,373,997</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>4,274,515</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">3,373,997</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt 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 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 COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Share capital</FONT></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">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Authorized: unlimited </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Issued: </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">March 31, 2015 - 109,708,373 </FONT><BR>
<FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">December 31, 2014 - 93,512,494</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>254,219,570</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">237,657,056</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Contributed surplus</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>25,963,399</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25,848,429</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Accumulated other comprehensive income</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>505,634</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">280,043</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Accumulated deficit</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(253,518,173)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(249,966,335)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Total shareholders' equity</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>27,170,430</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,819,193</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Total liabilities and equity</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>31,444,945</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">17,193,190</FONT></TD></TR>
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</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="7" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ONCOLYTICS BIOTECH INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="7" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>(unaudited)</I></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">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">For the three month period ending March 31</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt 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>
    <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: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Research and development</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2,425,539</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">4,178,334</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Operating</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,182,734</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,391,254</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Operating loss</I></B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3,608,273)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,569,588)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Interest</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>56,435</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">87,987</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Loss before income taxes</I></B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3,551,838)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,481,601)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Income tax expense</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(3,850)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>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; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3,551,838)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,485,451)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Other comprehensive income items that may be</I></B></FONT><BR>
<FONT STYLE="font: 8pt 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>
    <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; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>225,591</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(18,694)</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="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Net comprehensive loss</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3,326,247)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,504,145)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt 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; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(0.04)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(0.06)</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="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt 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; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>99,557,654</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">85,148,242</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in"><I>&nbsp;&nbsp; </I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ONCOLYTICS BIOTECH INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="13" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>(unaudited)</I></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>
    <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">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Share Capital</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Contributed</B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Surplus</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Warrants</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Accumulated</B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Other </FONT><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Comprehensive</FONT><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Income</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Accumulated</B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Deficit</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Total</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</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>
    <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>
    <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: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">As at December 31, 2013</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">228,612,564</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">24,491,212</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">376,892</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">79,698</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(231,347,000)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">22,213,366</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>
    <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: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net loss and comprehensive loss</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(18,694)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,485,451)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,504,145)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Issued, pursuant to Share Purchase Agreement</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,188,442</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,188,442</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Exercise of stock options</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">376,892</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(376,892)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</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>
    <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="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Share based compensation</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">304,597</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">304,597</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">As at March 31, 2014</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">229,801,006</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25,172,701</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">61,004</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(236,832,451)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">18,202,260</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>
    <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">&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>
    <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">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Share Capital</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Contributed</B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Surplus</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Warrants</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Accumulated</B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Other </FONT><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Comprehensive</FONT><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Income</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Accumulated</B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Deficit</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Total</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</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>
    <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>
    <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: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">As at December 31, 2014</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">237,657,056</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25,848,429</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">280,043</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(249,966,335)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">13,819,193</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>
    <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: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net loss and comprehensive income</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">225,591</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(3,551,838)</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(3,326,247)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Issued, pursuant to Share Purchase Agreement</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,925,596</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,925,596</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>
    <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: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Issued, pursuant to &quot;At the Market&quot; Agreement</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14,636,918</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">14,636,918</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Share based compensation</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">114,970</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">114,970</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>As at March 31, 2015</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>254,219,570</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>25,963,399</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>&mdash;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>505,634</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(253,518,173)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>27,170,430</B></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="8" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>ONCOLYTICS BIOTECH INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><I>(<B>unaudited)</B></I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" 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; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">For the three month period ending March 31</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt 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>
    <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: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net loss for the period</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(3,551,838)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,485,451)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Amortization - property and equipment</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>45,130</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">39,657</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Share based compensation</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>114,970</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">304,597</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Impact of unrealized foreign exchange (gains) losses</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(305,156)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">24,070</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Net change in non-cash working capital</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>949,705</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(1,046,951)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash used in operating activities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(2,747,189)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(6,164,078)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Investing 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>
    <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: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Acquisition of property and equipment</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(11,940)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(15,980)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Purchase of short-term investments</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(29,292)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(30,041)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash used in investing activities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>(41,232)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(46,021)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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 COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Financing 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>
    <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: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proceeds from Share Purchase Agreement</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>1,925,596</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,188,442</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Proceeds from &quot;At the Market&quot; equity distribution agreement</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>14,636,918</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Cash provided by financing activities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>16,562,514</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">1,188,442</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Increase in cash</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>13,774,093</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(5,021,657)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">Cash and cash equivalents, beginning of period</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>14,152,825</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">25,220,328</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt 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">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>651,105</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">(42,764)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B><I>Cash and cash equivalents, end of period</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>28,578,023</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">20,155,907</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 2015 First Quarter 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 www.sedar.com 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><BR>
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: www.oncolyticsbiotech.com.</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: 0">&nbsp;</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 06:30e 07-MAY-15</P>



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