<SEC-DOCUMENT>0001279569-16-002925.txt : 20160314
<SEC-HEADER>0001279569-16-002925.hdr.sgml : 20160314
<ACCEPTANCE-DATETIME>20160311173333
ACCESSION NUMBER:		0001279569-16-002925
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160311
FILED AS OF DATE:		20160314
DATE AS OF CHANGE:		20160311

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:		161501917

	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>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center">For the month of   March 2016</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>

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<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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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><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; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBIT</B></FONT></P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NUMBER</B></FONT></P></TD>
    <TD STYLE="width: 2%; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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, Times, Serif"><B>DESCRIPTION</B></FONT></TD></TR>
<TR>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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, Times, Serif">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">News
Release Dated March 11, 2016 - Oncolytics Biotech(R) Inc. Announces 2015 Year End Results</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

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    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>Oncolytics Biotech Inc.</B></P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">(Registrant)</P></TD></TR>
<TR>
    <TD STYLE="width: 50%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 5%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="width: 45%; line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%; font-family: Calibri,sans-serif"><FONT STYLE="font: 10pt Times New Roman,serif">&nbsp;Date:&nbsp;&nbsp;
       March 11, 2016</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>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED MARCH 11, 2016
<TEXT>
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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><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(R) Inc. Announces 2015 Year End Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CALGARY, March 11, 2016 /CNW/ - Oncolytics Biotech<SUP>&reg;</SUP>
Inc. (TSX: ONC) (OTCQX: ONCYF) (FRA: ONY) (&quot;Oncolytics&quot; or the &quot;Company&quot;) today announced its financial results
and operational highlights for the year ended December 31, 2015.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">&quot;In 2015 we continued to advance our clinical program,
reporting survival data from single arm Phase 2 studies in non-small cell lung and pancreatic cancers, as well as early data from
a pilot study in multiple myeloma,&quot; said Dr. Brad Thompson, President and CEO of Oncolytics. &quot;During the year we began
combination therapy studies with REOLYSIN<SUP>&reg;</SUP> and agents that modulate the immune system. Enrollment in a GM-CSF and
REOLYSIN<SUP>&reg;</SUP> combination therapy study in pediatric patients with gliomas began, and we recently announced our first
study looking at REOLYSIN<SUP>&reg;</SUP> in combination with an immunotherapeutic checkpoint inhibitor in pancreatic cancer.&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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Treatment of the first patients in a Phase Ib study
of pembrolizumab (KEYTRUDA<SUP>&reg;</SUP>) in combination with REOLYSIN<SUP>&reg;</SUP> and chemotherapy in patients with advanced
pancreatic adenocarcinoma, the Company's first trial examining REOLYSIN<SUP>&reg;</SUP> in combination with a checkpoint inhibitor;
</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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Start of enrollment in a Phase Ib study of REOLYSIN<SUP>&reg;
</SUP>combined with standard doses of bortezomib and dexamethasone in patients with relapsed or refractory multiple myeloma (REO
019); </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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A poster presentation at the 57<SUP>th</SUP> American
Society of Hematology titled &quot;REOLYSIN<SUP>&reg;</SUP> Combined with Carfilzomib for Treatment of Relapsed Multiple Myeloma
Patients,&quot; which disclosed updated findings (originally presented at the 15<SUP>th</SUP> International Myeloma Workshop) from
a pilot study (NCI-9603) in patients with relapsed or refractory multiple myeloma treated using the combination of carfilzomib
and REOLYSIN<SUP>&reg;</SUP>. These findings included that all seven patients treated at the full clinical dose had a clinical
response, as well as significant increases in the production of caspase-3 (p=0.005) and upregulation of PD-L1 (p=0.005); </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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An oral presentation at the International Association
for the Study of Lung Cancer (IASLC) 16<SUP>th</SUP> World Conference on Lung Cancer titled &quot;Oncolytic Reovirus in Combination
with Paclitaxel/Carboplatin in NSCLC Patients with Ras Activated Malignancies, Long Term Results,&quot; covering updated results,
including one- and two-year survival data (57% and 30%, respectively), from the Company's REO 016 Phase 2 study in Non-Small Cell
Lung Cancer (NSCLC); </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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Presentation of final 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), which showed an increase in median overall survival, as well as an approximate two-fold increase in one-year survival
rates, and a five-fold increase in two-year survival rates when compared to gemcitabine therapy alone as seen in historical data;
</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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Completion of enrollment in three randomized Phase
2 studies sponsored and conducted by the NCIC Clinical Trials Group; IND 211 is a study of REOLYSIN<SUP>&reg;</SUP> in combination
with chemotherapy in patients with previously treated advanced or metastatic non-small cell lung cancer; IND 210 is a study of
REOLYSIN<SUP>&reg; </SUP>in patients with advanced or metastatic colorectal cancer; and IND 209 is a study of REOLYSIN<SUP>&reg;</SUP>
in combination with chemotherapy in patients with recurrent or metastatic castration resistant prostate 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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An update on the planned registration program for
REOLYSIN<SUP>&reg;</SUP> including an initial focus on two indications: the neoadjuvant treatment of muscle-invasive bladder cancer
and the treatment of glioblastoma; </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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Activation of an Investigational New Drug Application
containing the protocol titled&nbsp;&quot;MC1472: Phase 1 Study of Replication Competent Reovirus (REOLYSIN<SUP>&reg;</SUP>) in
Combination with GM-CSF in Pediatric Patients with Relapsed or Refractory Brain Tumors&quot;; </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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Granting of Orphan Drug Designation from the U.S.
Food and Drug Administration (FDA) for REOLYSIN<SUP>&reg;</SUP> in the treatment of pancreatic, gastric, ovarian, primary peritoneal,
and fallopian tube cancers, as well as malignant gliomas; </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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Granting of Orphan Drug Designation by the European
Medicines Agency for REOLYSIN<SUP>&reg;</SUP> in the treatment of ovarian and pancreatic cancers; </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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Presentation of preclinical data at the 9<SUP>th</SUP>
International Conference on Oncolytic Virus Therapeutics in Boston, MA, including findings around REOLYSIN<SUP>&reg;</SUP>'s mechanism
of action and its potential in new indications including chronic lymphocytic leukemia; </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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A series of presentations made by the Company's research
collaborators at the American Association for Cancer Research 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>; </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-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At December 31, 2015 the Company reported $26.1 million
in cash, cash equivalents and short-term investments.&nbsp; At March 10, 2016, the Company had approximately $23.6 million in cash,
cash equivalents and short-term investments, which is expected to provide sufficient funds to support several small early-stage
immunotherapy combination studies as well as both a run-in and a registration study in muscle-invasive bladder cancer; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subsequent to year-end, entry into an &quot;at-the-market&quot;
equity distribution agreement with Canaccord Genuity Corp. permitting Oncolytics at its sole discretion, from time to time and
until March 16, 2018, to sell common shares having an aggregate offering value of up to $4.6 million. </FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="6" STYLE="padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ONCOLYTICS BIOTECH INC.</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</B></P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As at December 31, </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2015 </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2014 </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Assets</I></B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current assets</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24,016,275</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,152,825 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-term investments </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,060,977</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,031,685 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts receivable </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>340,059</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">191,751 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Prepaid expenses </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>506,669</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">291,553 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current assets</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>26,923,980</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16,667,814 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <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: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-current assets</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Property and equipment </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>459,818</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">525,376 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total non-current assets</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>459,818</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">525,376 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Total assets</I></B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>27,383,798</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,193,190 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Liabilities And Shareholders' Equity</I></B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Current Liabilities</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounts payable and accrued liabilities </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,709,492</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,373,997 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total current liabilities</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2,709,492</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,373,997 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Shareholders' equity</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Authorized: unlimited &nbsp;&nbsp;</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issued: &nbsp;</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December 31, 2015 - 118,151,622 &nbsp;</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December 31, 2014 -&nbsp;&nbsp; 93,512,494 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>261,324,692</B> </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">237,657,056 </FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Contributed surplus </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>26,277,966</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,848,429 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated other comprehensive income </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>760,978</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">280,043 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accumulated deficit </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(263,689,330)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(249,966,335) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Total shareholders' equity</I></B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24,674,306</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,819,193 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Total liabilities and equity</I></B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>27,383,798</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17,193,190 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <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></TR>
<TR>
    <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: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="8" STYLE="padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ONCOLYTICS BIOTECH INC.</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE
        LOSS</B></P></TD></TR>
<TR>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding: 0.75pt">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the years ending December 31, </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2015 </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2014 </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2013 </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD></TR>
<TR>
    <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: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Expenses</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Research and development </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8,601,864</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,824,252 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18,506,064 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operating </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5,315,837</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,998,694 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,392,660 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Loss before the following</I></B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(13,917,701)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,822,946) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,898,724) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>197,859</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210,390 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371,485 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Loss before income taxes</I></B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(13,719,842)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,612,556) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,527,239) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax (expense) recovery </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(3,153)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6,779) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,408) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Net loss</I></B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(13,722,995)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,619,335) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,532,647) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Other comprehensive income items that may be &nbsp; </I></B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>reclassified to net loss</I></B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Translation adjustment </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>480,935</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200,345 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136,813 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <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>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Net comprehensive loss</I></B> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(13,242,060)</B> </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,418,990) </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,395,834) </FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Basic and diluted loss per common share</I></B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.12)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.21) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(0.28) </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <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: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Weighted average number of shares (basic and diluted)</I></B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>112,613,845</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87,869,149 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">83,530,981 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <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>
    <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: 0.75pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
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        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ONCOLYTICS BIOTECH INC.</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
        </B></P></TD></TR>
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    <TD STYLE="padding: 0.75pt">&nbsp;</TD>
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<TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Share Capital</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Warrants</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Contributed </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Surplus</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Accumulated </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Comprehensive </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Income</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Accumulated </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Deficit</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As at December 31, 2012</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198,155,091 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376,892 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,126,265 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(57,115) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(207,814,353) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,786,780 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net loss and other comprehensive income </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136,813 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,532,647) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,395,834) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issued, pursuant to a bought deal financing </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,218,796 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,218,796 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Exercise of stock options </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">238,677 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(59,437) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">179,240 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share based compensation </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">424,384 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">424,384 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As at December 31, 2013</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228,612,564 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376,892 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,491,212 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">79,698 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(231,347,000) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,213,366 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net loss and other comprehensive income </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200,345 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,619,335) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,418,990) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issued, pursuant to Share Purchase Agreement </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,830,409 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,830,409 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issued, pursuant to &quot;At the Market&quot; Agreement </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,214,083 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,214,083 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expired warrants </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(376,892) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376,892 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share based compensation </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">980,325 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">980,325 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As at December 31, 2014</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>237,657,056</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&mdash;</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>25,848,429</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>280,043</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(249,966,335)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>13,819,193</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net loss and other comprehensive income </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">480,935 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,722,995) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(13,242,060) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issued, pursuant to Share Purchase Agreement </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,305,396 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,305,396 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Issued, pursuant to &quot;At the Market&quot; Agreement </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,362,240 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,362,240 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share based compensation </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">429,537 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">429,537 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As at December 31, 2015</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>261,324,692</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&mdash;</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>26,277,966</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>760,978</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(263,689,330)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24,674,306</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <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>
    <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>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD COLSPAN="7" STYLE="padding: 1.5pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>ONCOLYTICS BIOTECH INC.</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B></P></TD></TR>
<TR>
    <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>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the years ending December 31, </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2015 </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2014 </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="vertical-align: top; border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2013 </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$</B> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Operating Activities</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net loss for the year </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(13,722,995)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(18,619,335) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(23,532,647) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amortization - property and equipment </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>180,411</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">163,501 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131,623 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Share based compensation </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>429,537</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">980,325 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">424,384 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unrealized foreign exchange (gain) loss </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(816,319)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">242,542 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(89,721) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net change in non-cash working capital </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(1,105,464)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2,443,988) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,374,172) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash used in operating activities</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(15,034,830)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(19,676,955) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(24,440,533) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Investing Activities</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition of property and equipment </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(108,268)</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(152,750) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(254,834) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Redemption (purchase) of short-term investments </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(29,292)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(30,041) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(32,416) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash used in investing activities</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(137,560)</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(182,791) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(287,250) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <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: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Financing Activities</B> </FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from exercise of stock options and warrants </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&mdash;</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">179,240 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from Share Purchase Agreement </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4,305,396</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7,830,409</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from &quot;At the Market&quot; equity distribution&nbsp; agreement </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19,362,240</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,214,083</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Proceeds from public offering </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>&mdash;</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash; </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,218,796 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Cash provided by financing activities</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>23,667,636</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,044,492 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,398,036 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(Decrease) increase in cash</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8,495,246</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(10,815,254) </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,670,253 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cash and cash equivalents, beginning of year </FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>14,152,825</B> </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,220,328 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19,323,541 </FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Impact of foreign exchange on cash and cash equivalents </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1,368,204</B> </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(252,249) </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">226,534 </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Cash and cash equivalents, end of year</I></B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>24,016,275</B> </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,152,825 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,220,328 </FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt solid; padding: 1.5pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <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>
    <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>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">To view the Company's Fiscal 2015 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 under the Company's profile at <U>www.sedar.com</U> and on Oncolytics' website at http://www.oncolyticsbiotech.com/investor-centre/financials/.</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 2016 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; text-indent: 0.5in">&nbsp;&nbsp;</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></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">NATIONAL Equicom<BR>
Nick Hurst<BR>
800 6<SUP>th</SUP> Ave. SW, Suite 1600<BR>
Calgary, Alberta&nbsp; T2P 3G3<BR>
Tel: 403.218.2835<BR>
Fax: 403.218.2830<BR>
nhurst@national.ca &nbsp;&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><BR>
NATIONAL Equicom<BR>
Michael Moore<BR>
San Diego, CA<BR>
Tel: 858.886.7813<BR>
mmoore@national.ca&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0 12pt"><BR>
Dian Griesel, Inc.<BR>
Susan Forman<BR>
335 West 38<SUP>th</SUP> Street, 3<SUP>rd</SUP> Floor<BR>
New York, NY&nbsp; 10018<BR>
Tel:&nbsp; 212.825.3210<BR>
Fax:&nbsp; 212.825.3229<BR>
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 11-MAR-16</P>



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