<SEC-DOCUMENT>0001279569-16-004061.txt : 20160804
<SEC-HEADER>0001279569-16-004061.hdr.sgml : 20160804
<ACCEPTANCE-DATETIME>20160804105016
ACCESSION NUMBER:		0001279569-16-004061
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160804
FILED AS OF DATE:		20160804
DATE AS OF CHANGE:		20160804

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:		161806241

	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      August 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>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 70%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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    <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">&nbsp;</P>

<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 August 4, 2016 - Oncolytics Biotech&reg; Inc. Announces 2016 Second Quarter 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;
         August 4, 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>


<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"></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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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED AUGUST 4, 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: right"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Oncolytics Biotech&reg; Inc. Announces 2016 Second Quarter Results</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">CALGARY, Aug. 4, 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 second quarter ended June 30, 2016.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">&quot;The key highlights for the quarter were preliminary
data from randomized Phase 2 studies in colorectal and non-small cell lung cancer, which together suggested a possible linkage
between gender, genetic status and survival outcomes in these common cancers,&quot; said Dr. Brad Thompson, President and CEO of
Oncolytics. &quot;Our ongoing randomized Phase 2 program continues to provide important data as to indications, patient populations
and pre-screening methodologies that we can use to advance our later-stage clinical program.&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 April 1, 2016, 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">Preliminary data from a randomized, sponsored Phase
2 clinical study of REOLYSIN<SUP>&reg;</SUP> in non-small cell lung cancer (IND 211), presented following an abstract for the American
Society of Clinical Oncology annual meeting, which correlated both patient gender (female) and genetic status to improved progression
free and overall survival; </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">Preliminary data from a randomized, sponsored Phase
2 clinical study of REOLYSIN<SUP>&reg;</SUP> in advanced or metastatic colorectal cancer (IND 210), following an abstract for the
American Society of Clinical Oncology annual meeting, which showed a statistically significant improvement in objective response
rates in female patients (female patients in the test arm had an objective response rate of 63.2% (n=19) versus 23.8% (n=21) in
the control arm (p=0.0054)) and those patients of either gender with liver metastases (those treated with REOLYSIN<SUP>&reg;</SUP>
had objective tumour response rates of 55% (n=40), versus 28.6% (n=42) for those who did not receive REOLYSIN<SUP>&reg; </SUP>(p=0.0077));
</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">Submission to the U.S. Food and Drug Administration
of an Investigational New Drug Application containing the protocol titled &quot;Phase 2 study of REOLYSIN<SUP>&reg;</SUP> (pelareorep)
in combination with FOLFOX6, bevacizumab and pembrolizumab in female patients with KRAS-mutant colorectal cancer metastatic to
the liver&quot;, which is now active; </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">Updated results from a randomized Phase 2 clinical
trial of its lead product, REOLYSIN<SUP>&reg;</SUP>, in combination with carboplatin and paclitaxel in patients with pancreatic
cancer (NCI-8601), where an intent-to-treat analysis of overall survival on patients with confirmed treatment regimes, as assessed
by the percentage of patients surviving for two years, showed a statistically significantly higher percentage of patients surviving
two years in the test arm versus the control arm (p = 0.001), the crossover arm versus the control arm (p = 0.03) and the test
plus crossover arms versus the control arm (p = 0.0004);</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">A poster presentation covering preclinical work in
squamous cell carcinoma of the head and neck being made at the 2016 American Society of Gene and Cell Therapy annual meeting; </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">Two poster presentations covering preclinical work
in multiple myeloma and colorectal cancer being made by the Company's research collaborators at the 2016 American Association of
Cancer Research annual meeting; </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0"><B>Corporate</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">Formation of a Science and Technology Committee charged
with supporting REOLYSIN<SUP>&reg;</SUP>'s further development in the context of the broader oncology space with an ultimate focus
on reaching a commercial endpoint; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At June 30, 2016 the Company reported $20.4 million
in cash, cash equivalents and short-term investments. At August 3, 2016, the Company had approximately $19.5 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 and other clinical studies.</FONT></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ONCOLYTICS BIOTECH INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INTERM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>(unaudited)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>June 30,</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2016</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>December 31,</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>2015</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Assets</I></B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18,320,981</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,016,275</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,088,800</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,060,977</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>54,633</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">340,059</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Prepaid expenses</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>530,470</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">506,669</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total current assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20,994,884</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,923,980</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Property and equipment</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>372,854</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">459,818</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total non-current assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>372,854</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">459,818</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Total assets</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>21,367,738</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,383,798</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Liabilities And Shareholders' Equity</I></B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Current Liabilities</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,780,705</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,709,492</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total current liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,780,705</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,709,492</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Shareholders' equity</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Share capital&nbsp;</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Authorized: unlimited </FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Issued:</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">June 30, 2016 &ndash; 118,900,812</FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">December 31, 2015 - 118,151,622</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>261,975,522</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">261,324,692</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Contributed surplus</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26,438,232</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,277,966</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated other comprehensive loss</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>460,092</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">760,978</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Accumulated deficit</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(270,286,813)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(263,689,330)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Total shareholders' equity</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18,587,033</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,674,306</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Total liabilities and equity</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>21,367,738</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,383,798</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ONCOLYTICS BIOTECH INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>(unaudited)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Three </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Month </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Period </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ending </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2016</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Three </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Month </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Period </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ending </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2015</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Six Month </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Period </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ending </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2016</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Six Month </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Period </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ending </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2015</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Expenses</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Research and development</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,490,956</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,471,554</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,217,085</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,897,093</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Operating</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,125,458</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,422,055</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,485,870</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,604,789</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Operating (loss)</I></B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,616,414)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,893,609)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(6,702,955)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,501,882)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Interest income</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>35,537</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,122</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>105,158</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100,557</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Loss before income taxes</I></B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,580,877)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,849,487)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(6,597,797)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,401,325)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Income tax</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>169</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(771)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>314</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(771)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Net (loss)</I></B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,580,708)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,850,258)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(6,597,483)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,402,096)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font: bold 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>&nbsp;Other comprehensive income items that may be&nbsp;reclassified to net loss</I></B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(130,827)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(41,117)</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(300,886)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">184,474</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Net comprehensive (loss)</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,711,535)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,891,375)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(6,898,369)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,217,622)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Basic and diluted (loss) per common share</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.02)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.03)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(0.06)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(0.07)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Weighted average number of shares (basic and diluted)</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>119,601,638</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114,549,532</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: bold 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>118,900,812</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; font: 8pt Arial, Helvetica, Sans-Serif; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">107,095,007</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ONCOLYTICS BIOTECH INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>(unaudited)</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Share Capital</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Contributed
        </B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Surplus</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Accumulated
        </B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Other </FONT><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Comprehensive </FONT><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Loss</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Accumulated
        </B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Deficit</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Total</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As at December 31, 2014</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">237,657,056</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,848,429</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">280,043</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(249,966,335)</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,819,193</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss and comprehensive loss</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">184,474</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,402,096)</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,217,622)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt">4,305,396</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,305,396</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt">19,053,525</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,053,525</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt">&mdash;</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: 8pt">170,645</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: 8pt">&mdash;</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: 8pt">&mdash;</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: 8pt">170,645</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>As at June 30, 2015</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">261,015,977</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,019,074</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">464,517</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(257,368,431)</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,131,137</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Share Capital</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Contributed
        </B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Surplus</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Accumulated
        </B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Other </FONT><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Comprehensive </FONT><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Loss</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black"><B>Accumulated
        </B></FONT><B><BR>
        <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: black">Deficit</FONT></B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt">
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Total</B></P>
        <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>$</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As at December 31, 2015</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">261,324,692</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,277,966</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">760,978</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(263,689,330)</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,674,306</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss and comprehensive loss</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(300,886)</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,597,483)</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(6,898,369)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt">609,830</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">609,830</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Issued, pursuant to incentive share award plan</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,000</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(41,000)</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt">&mdash;</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: 8pt">201,266</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: 8pt">&mdash;</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: 8pt">&mdash;</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: 8pt">201,266</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>As at June 30, 2016</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>261,975,522</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>26,438,232</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>460,092</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(270,286,813)</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18,587,033</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>ONCOLYTICS BIOTECH INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding: 1.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><I>(<B>unaudited)</B></I></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Three Month</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Period Ending&nbsp;</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30,&nbsp; </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2016 </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Three Month</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Period Ending</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30,&nbsp; </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2015&nbsp; </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Six Month </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Period Ending </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30,</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;2016 </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 1.5pt; font-weight: bold; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Six Month </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Period Ending </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30,</B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2015 </B></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating Activities</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Net loss for the period</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,580,708)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3,850,258)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(6,597,483)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(7,402,096)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt"><B>44,675</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,852</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>90,617</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">89,982</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt"><B>119,626</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55,675</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>201,266</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">170,645</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Unrealized foreign exchange loss (gain)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(243,914)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,634</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(102,619)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(303,522)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt"><B>37,581</B></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: 8pt">(1,370,187)</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: 8pt"><B>762,236</B></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: 8pt">(420,482)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt"><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: 8pt"><B>(2,622,740)</B></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: 8pt">(5,118,284)</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: 8pt"><B>(5,645,983)</B></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: 8pt">(7,865,473)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Investing Activities</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt"><B>(5,702)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(17,657)</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(5,702)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(29,597)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchase of 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: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(27,823)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(29,292)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt"><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: 8pt"><B>(5,702)</B></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: 8pt">(17,657)</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: 8pt"><B>(33,525)</B></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: 8pt">(58,889)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Financing Activities</B></FONT></TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,379,800</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&mdash;</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,305,396</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proceeds from &quot;At the Market&quot; equity&nbsp;distribution agreement</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: 8pt"><B>710,374</B></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: 8pt">4,416,607</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: 8pt"><B>609,830</B></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: 8pt">19,053,525</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <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: 8pt"><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: 8pt"><B>710,374</B></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: 8pt">6,796,407</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: 8pt"><B>609,830</B></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: 8pt">23,358,921</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Increase (decrease) 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: 8pt"><B>(1,918,068)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,660,466</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(5,069,678)</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,434,559</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash and cash equivalents, beginning of period</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20,233,408</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,578,023</FONT></TD>
    <TD STYLE="padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>24,016,275</B></FONT></TD>
    <TD STYLE="padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,152,825</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding: 1.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt"><B>5,641</B></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: 8pt">(220,272)</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: 8pt"><B>(625,616)</B></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: 8pt">430,833</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B><I>Cash and cash equivalents, end of period</I></B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18,320,981</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,018,217</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; font-weight: bold; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18,320,981</B></FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; padding: 1.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,018,217</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 9.75pt 0">To view the Company's Fiscal 2016 Second Quarter Consolidated
Financial Statements, related Notes to the Consolidated Financial Statements, and Management's Discussion and Analysis, please
see the Company's quarterly filings, which will be available under the Company's profile at www.sedar.com 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">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> NATIONAL Equicom, Nick Hurst, 320
Front Street W, Suite 1600, Toronto, Ontario, M5V 3B6, Tel: 416.586.1942, nhurst@national.ca; NATIONAL Equicom, Michael Moore,
San Diego, CA, Tel: 858.886.7813, mmoore@national.ca; Dian Griesel, Inc., Susan Forman, 335 West 38th Street, 3rd Floor, New York,
NY 10018, Tel: 212.825.3210, 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 04-AUG-16</P>



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