<SEC-DOCUMENT>0001144204-18-025445.txt : 20180504
<SEC-HEADER>0001144204-18-025445.hdr.sgml : 20180504
<ACCEPTANCE-DATETIME>20180504171155
ACCESSION NUMBER:		0001144204-18-025445
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20180504
DATE AS OF CHANGE:		20180504

FILER:

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

	FILING VALUES:
		FORM TYPE:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224432
		FILM NUMBER:		18808901

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

	MAIL ADDRESS:	
		STREET 1:		210 - 1167 KENSINGTON CRES NW
		CITY:			CALGARY
		STATE:			A0
		ZIP:			T2N 1X7
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-10/A
<SEQUENCE>1
<FILENAME>tv492815_f10a.htm
<DESCRIPTION>F-10/A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> As filed with the Securities and Exchange
Commission on May 4, 2018 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> Registration Statement No. 333-224432 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED
STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<DIV STYLE="padding: 1pt 0in; border: black 1pt solid">

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>FORM F-10/A</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>(Amendment No. 1)</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

</DIV>

<DIV STYLE="padding: 0in 0in 1pt; border-bottom: black 1pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 77px; width: 355px"></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ONCOLYTICS BIOTECH INC.</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Alberta</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2834</B></FONT></TD>
    <TD STYLE="width: 3%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(Province or other jurisdiction of</FONT><BR>
<FONT STYLE="font-size: 10pt">incorporation or organization )</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(Primary Standard Industrial</FONT><BR>
<FONT STYLE="font-size: 10pt">Classification Code Number)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><BR>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite #210, 1167 Kensington Crescent N.W.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(403) 670-7377</B></P>

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address and Telephone number of Registrant&rsquo;s
Principal Executive Offices)</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DL Services Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Columbia Center, 701 Fifth Avenue, Suite
1600</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Seattle, Washington 98104</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(206) 903-5448</B></P>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Address (including zip code) and
Telephone Number (including Area Code) of Agent for Service in the United States)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Copies to:</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Kenneth G. Sam, Esq.</I></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Jason K. Brenkert, Esq.</I></B><I><BR>
        Dorsey &amp; Whitney LLP<BR>
        1400 Wewatta Street, Suite 400<BR>
        Denver, CO 80202-5549</I></P></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Kirk Look<BR>
        Suite #210, 1167 Kensington Crescent N.W.</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Calgary, Alberta</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Canada T2N 1X7</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>(403) 670-7377</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Approximate date of proposed sale to
the public</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">From time to time after the effective date
of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Province
of Alberta, Canada</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal jurisdiction regulating this
offering)</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is proposed that this filing shall become
effective (check appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">A.</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 94%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United States and Canada).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">B.</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">At some future date (check the appropriate box below):</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 84%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">pursuant to Rule 467(b) on __(date) at___(time) (designate a time not&nbsp;&nbsp;sooner than 7 calendar days after filing).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">pursuant to Rule 467(b) on __(date) at ___(time) (designate a time 7 calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on ___(date).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">3.</FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">pursuant to
    Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory
    authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto.</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">4.</FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-family: Wingdings">&#168;</FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">after the filing
    of the next amendment to this Form (if preliminary material is being filed).</FONT> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the securities being registered
on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction&rsquo;s shelf prospectus offering
procedures, check the following box. <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Explanatory Note: The Registrant hereby
amends its Registration Statement on Form F-10 (333-224432) filed with the Commission on April 25, 2018 (the &ldquo;Original Registration
Statement&rdquo;) to include the final short form base shelf prospectus filed with the Canadian securities commissions on the
date hereof, relating to the future offering of securities of the Registrant in Canada and the United States. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Registrant previously paid the
registration fee of U.S. $14,552.33, in relation to the registration of up to U.S. $116,886,153 aggregate maximum offering price
of securities with the Original Registration Statement </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the registration statement shall become effective
as provided in Rule 467 under the Securities Act, or on such date as the Commission, acting pursuant to Section 8(a) of the Securities
Act, may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED TO BE DELIVERED
TO OFFEREES OR PURCHASERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> <B>BASE SHELF PROSPECTUS</B> <B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> <B>May 4, 2018</B> <B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 105px; width: 240px"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Cdn.$150,000,000</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Shares</B><BR>
<B>Subscription Receipts</B><BR>
<B>Warrants</B><BR>
<B>Units</B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oncolytics Biotech Inc. (the &ldquo;<B>Corporation</B>&rdquo;,
&ldquo;<B>Oncolytics</B>&rdquo;, &ldquo;<B>we</B>&rdquo;, &ldquo;<B>our</B>&rdquo; or &ldquo;<B>us</B>&rdquo;) may from time to
time offer and issue the following securities: (i) common shares in the capital of the Corporation (&ldquo;<B>Common Shares</B>&rdquo;);
(ii) subscription receipts of the Corporation exchangeable for Common Shares and/or other securities of the Corporation (&ldquo;<B>Subscription
Receipts</B>&rdquo;); (iii) warrants exercisable to acquire Common Shares and/or other securities of the Corporation (&ldquo;<B>Warrants</B>&rdquo;);
and (iv) securities comprised of more than one of Common Shares, Subscription Receipts and/or Warrants offered together as a unit
(&ldquo;<B>Units</B>&rdquo;), or any combination thereof, up to an aggregate offering price of $150,000,000 (or the equivalent
thereof, at the date of issue, in any other currency or currencies, as the case may be) at any time during the 25-month period
that this short form base shelf prospectus (including any amendments hereto, the &ldquo;<B>Prospectus</B>&rdquo;) remains valid.
The Common Shares, Subscription Receipts, Warrants and Units (collectively, the &ldquo;<B>Securities</B>&rdquo;) offered hereby
may be offered separately or together, in separate series, in amounts, at prices and on terms to be set forth in one or more prospectus
supplements (collectively or individually, as the case may be, &ldquo;<B>Prospectus Supplements</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The specific terms of any offering of Securities
will be set forth in the applicable Prospectus Supplement and may include, without limitation, where applicable: (i) in the case
of Common Shares, the number of Common Shares being offered, the offering price (in the event the offering is a fixed price distribution),
the manner of determining the offering price(s) (in the event the offering is not a fixed price distribution) and any other specific
terms; (ii) in the case of Subscription Receipts, the number of Subscription Receipts being offered, the offering price, the terms,
conditions and procedures for the exchange of the Subscription Receipts into or for Common Shares and/or other securities of the
Corporation and any other specific terms; (iii) in the case of Warrants, the number of such Warrants offered, the offering price,
the terms, conditions and procedures for the exercise of such Warrants into or for Common Shares and/or other securities of the
Corporation and any other specific terms; and (iv) in the case of Units, the number of Units being offered, the offering price,
the terms of the Common Shares, Subscription Receipts and/or Warrants, as the case may be, underlying the Units, and any other
specific terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This offering is made by a Canadian issuer
that is permitted, under a multijurisdictional disclosure system adopted by the United States and Canada (&ldquo;<B>MJDS</B>&rdquo;),
to prepare this Prospectus in accordance with Canadian disclosure requirements. Prospective investors in the United States should
be aware that such requirements are different from those of the United States. Financial statements included or incorporated by
reference herein have been prepared in accordance with International Financial Reporting Standards (&ldquo;<B>IFRS</B>&rdquo;)
as issued by the International Accounting Standards Board (&ldquo;<B>IASB</B>&rdquo;) and may not be comparable to financial statements
of United States companies. Such financial statements are subject to Canadian generally accepted auditing standards and auditor
independence standards, in addition to the standards of the Public Company Accounting Oversight Board (United States) and the United
States Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) independence standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospective investors should be aware that
the acquisition of the securities described herein may have tax consequences both in the United States and in Canada. Such consequences
for investors who are resident in, or citizens of, the United States may not be described fully herein. Prospective investors should
read the tax discussion contained in the applicable Prospectus Supplement with respect to a particular offering of Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The enforcement by investors of civil
liabilities under the United States federal securities laws may be affected adversely by the fact that the Corporation is incorporated
under the laws of Alberta, Canada, that the majority of its officers and directors are residents of Canada, that many of the experts
named in the registration statement are not residents of the United States, and that a substantial portion of the assets of the
Corporation and said persons are located outside the United States. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEITHER THE SEC NOR ANY STATE OR CANADIAN
SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THE SECURITIES OFFERED HEREBY OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR
COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any investment in Securities involves
significant risks that should be carefully considered by prospective investors before purchasing Securities. The risks outlined
in this Prospectus and in the documents incorporated by reference herein, including the applicable Prospectus Supplement, should
be carefully reviewed and considered by prospective investors in connection with any investment in Securities. See &ldquo;<I>Risk
Factors</I>&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All shelf information permitted under applicable
securities legislation to be omitted from this Prospectus including, without limitation, the information disclosed in the specific
terms of any offering of Securities, as discussed above, will be contained in one or more Prospectus Supplements that will be delivered
to purchasers together with this Prospectus, except in cases where an exemption from such delivery requirements has been obtained.
Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of securities legislation as
of the date of such Prospectus Supplement and only for the purposes of the distribution of the Securities to which that Prospectus
Supplement pertains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell the Securities to or through
one or more underwriters or dealers purchasing as principals and may also sell the Securities to one or more purchasers directly,
through applicable statutory exemptions, or through one or more agents designated by us from time to time. The Securities may be
sold from time to time in one or more transactions at fixed prices or not at fixed prices, such as market prices prevailing at
the time of sale, prices related to such prevailing market prices or prices to be negotiated with purchasers, which prices may
vary as between purchasers and during the period of distribution of the Securities. The Prospectus Supplement relating to a particular
offering of Securities will identify each underwriter, dealer or agent engaged in connection with the offering and sale of such
Securities, as well as the method of distribution and the terms of the offering of such Securities, including the initial offering
price (in the event the offering is a fixed price distribution), the manner of determining the offering price(s) (in the event
the offering is not a fixed price distribution), the net proceeds to us and, to the extent applicable, any fees, discounts or any
other compensation payable to underwriters, dealers or agents and any other material terms. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with any offering of the
Securities other than an &ldquo;at-the-market distribution&rdquo; (as defined under applicable Canadian legislation) (unless otherwise
specified in the relevant Prospectus Supplement), the underwriters or agents may over-allot or effect transactions that stabilize
or maintain the market price of the offered Securities at a level above that which might otherwise prevail on the open market.
Such transactions, if commenced, may be interrupted or discontinued at any time. See &ldquo;<I>Plan of Distribution</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No underwriter or dealer involved in an
&ldquo;at-the-market distribution&rdquo; under this Prospectus, no affiliate of such an underwriter or dealer and no person or
company acting jointly or in concert with such underwriter or dealer will over-allot securities in connection with such distribution
or effect any other transactions that are intended to stabilize or maintain the market price of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Owning the Securities may subject you to
tax consequences. This Prospectus and any applicable Prospectus Supplement may not describe the tax consequences fully. You should
read the tax discussion in any applicable Prospectus Supplement and consult with your own tax advisor with respect to your own
particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Unless otherwise specified in the applicable
Prospectus Supplement, the Subscription Receipts, Warrants and Units will not be listed on any securities exchange. There is no
market through which these securities may be sold and purchasers may not be able to resell such securities purchased under this
Prospectus. This may affect the pricing of such securities in the secondary market, the transparency and availability of trading
prices, the liquidity of such securities, and the extent of issuer regulation. See &ldquo;<I>Forward-Looking Statements</I>&rdquo;
and &ldquo;<I>Risk Factors</I>&rdquo;.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Our outstanding securities are listed
for trading on the Toronto Stock Exchange (&ldquo;<B>TSX</B>&rdquo;) under the trading symbol &ldquo;<B>ONC</B>&rdquo; and are
quoted for trading on the OTCQX Best Market (&ldquo;<B>OTCQX</B>&rdquo;) under the trading symbol &ldquo;<B>ONCYF</B>&rdquo;.
On May 3, 2018, the closing price of our Common Shares on the TSX was $0.63 per Common Share. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Messrs. Wayne Pisano, William G. Rice and
Bernd R. Seizinger are directors of the Corporation who reside outside of Canada. Messrs. Pisano, Rice and Seizinger have appointed
the Corporation, at its principal place of business, as agent for service of process. Purchasers are advised that it may not be
possible for investors to enforce judgments obtained in Canada against any person that resides outside of Canada, even if the party
has appointed an agent for service of process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No underwriter, agent or dealer has
been involved in the preparation of this Prospectus or performed any review of the contents of this Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our head office and principal place of
business is located at 210, 1167 Kensington Crescent N.W., Calgary, Alberta, T2N&nbsp;1X7. Our registered office is located at
4000, 421&nbsp;-&nbsp;7<SUP>th</SUP>&nbsp;Avenue S.W., Calgary, Alberta, T2P&nbsp;4K9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>TABLE
OF CONTENTS</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Page</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_001">ABOUT THIS PROSPECTUS AND OTHER MATTERS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_001">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_002">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_002">4</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_003">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_003">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_004">DOCUMENTS INCORPORATED BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_004">6</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_005">DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_005">7</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_006">ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_006">8</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_007">THE CORPORATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_007">8</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_008">BUSINESS OF THE CORPORATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_008">8</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_009">CONSOLIDATED CAPITALIZATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_009">9</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_010">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_010">9</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_011">DESCRIPTION OF SHARE CAPITAL</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_011">9</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_012">DESCRIPTION OF SUBSCRIPTION RECEIPTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_012">10</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_013">DESCRIPTION OF WARRANTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_013">11</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_014">DESCRIPTION OF UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_014">12</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_015">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_015">12</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_016">PRIOR SALES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_016">13</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_017">TRADING PRICE AND VOLUME</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_017">13</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_018">CERTAIN INCOME TAX CONSIDERATIONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_018">14</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_019">LEGAL MATTERS AND INTEREST OF EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_019">14</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_020">AUDITORS, TRANSFER AGENT AND REGISTRAR</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_020">14</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_021">AGENT FOR SERVICE OF PROCESS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_021">14</A></TD></TR>
<TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_022">ENFORCEABILITY OF CIVIL LIABILITIES AGAINST NON-U.S. PERSONS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 6pt"><A HREF="#a_022">14</A></TD></TR>
</TABLE>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_001"></A>ABOUT THIS PROSPECTUS
AND OTHER MATTERS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Prospectus and any Prospectus Supplement,
unless otherwise indicated, references to &ldquo;<B>we</B>&rdquo;, &ldquo;<B>us</B>&rdquo;, &ldquo;<B>our</B>&rdquo;, &ldquo;<B>issuer</B>&rdquo;
&ldquo;<B>Oncolytics</B>&rdquo; or the &ldquo;<B>Corporation</B>&rdquo; are to Oncolytics Biotech Inc., including, where the context
requires, its subsidiaries and affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Prospectus and in any Prospectus
Supplement, unless otherwise specified or the context otherwise requires, all references to &ldquo;<B>dollars</B>&rdquo; or &ldquo;<B>$</B>&rdquo;
are to Canadian dollars and all references to &ldquo;<B>US$</B>&rdquo; are to United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Unless otherwise indicated, all financial
information included and incorporated by reference in this Prospectus and any Prospectus Supplement is determined using IFRS as
issued by IASB and adopted by the Accounting Standards Board of Canada. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus provides you with a general
description of the Securities that the Corporation may offer. Each time the Corporation sells Securities under this Prospectus,
the Corporation will file and deliver, except in cases where an exemption from such delivery requirement has been obtained, a Prospectus
Supplement that will contain specific information about the terms of that offering of Securities. The Prospectus Supplement also
may add, update or change information contained in this Prospectus. Before investing, investors should read both this Prospectus
and any applicable Prospectus Supplement together with additional information described under the heading &ldquo;<I>Documents Incorporated
by Reference</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You should rely only on the information
contained in or incorporated by reference in this Prospectus or any applicable Prospectus Supplement. The Corporation has not authorized
anyone to provide you with different or additional information. The Corporation is not making an offer of these Securities in any
jurisdiction where the offer is not permitted by law. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_002"></A>FORWARD-LOOKING STATEMENTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus and the documents incorporated
by reference herein contain certain statements relating to future events or the Corporation&rsquo;s future performance which constitute
forward-looking statements within the meaning of applicable Canadian securities laws and within the meaning of the United States
Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or achievements of the Corporation, or industry results, to be
materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Forward-looking statements are statements that are not historical facts, and include, but are not limited to, estimates and their
underlying assumptions; statements regarding plans, objectives and expectations with respect to the efficacy of our technologies;
the timing and results of clinical studies related to our technologies; future operations, products and services; the impact of
regulatory initiatives on our operations; the size of and opportunities related to the markets for our technologies; general industry
and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future
performance. Forward-looking statements generally, but not always, are identified by the words &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;believes,&rdquo; &ldquo;intends,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects&rdquo;, &ldquo;potential&rdquo;, &ldquo;possible&rdquo;
and similar expressions, or that events or conditions &ldquo;will,&rdquo; &ldquo;may,&rdquo; &ldquo;could&rdquo; or &ldquo;should&rdquo;
occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward-looking statements in this
Prospectus are subject to various risks and uncertainties, most of which are difficult to predict and generally beyond our control,
including without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to all of our products, including REOLYSIN&reg;, being in the research and development
stage and requiring further development and testing before they can be marketed commercially;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks inherent in pharmaceutical research and development;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to timing and possible delays in our clinical trials;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to some of our clinical trials being conducted in, and subject to the laws of foreign
countries;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our pharmaceutical products being subject to intense regulatory approval processes
in the United States and other foreign jurisdictions;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to being subject to government manufacturing and testing regulations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the extremely competitive biotechnology industry and our competition with larger
companies with greater resources;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our reliance on patents and proprietary rights to protect our technology;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to potential product liability claims;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our limited manufacturing experience and reliance on third parties to commercially
manufacture our products, if and when developed;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our new products not being accepted by the medical community or consumers;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our technologies becoming obsolete;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our dependence on third party relationships for research and clinical trials;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our license, development, supply and distribution agreement with Adlai Nortye
Biopharma Co. Ltd.;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our lack of operating revenues and history of losses;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertainty regarding our ability to obtain third-party reimbursement for the costs of our product;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to other third-party arrangements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our ability to obtain additional financing to fund future research and development
of our products and to meet ongoing capital requirements;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to potential increases in the cost of director and officer liability insurance;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our dependence on key employees and collaborators;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to Barbados law, including those relating to the enforcement of judgments obtained
in Canada or the United States;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the effect of changes in the law on our corporate structure;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to expenses in foreign currencies and our exposure to foreign currency exchange rate
fluctuations;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to fluctuations in interest rates;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to information technology systems; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to our Common Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This list is not exhaustive of the factors
that may affect any of the Corporation&rsquo;s forward-looking statements. Some of the important risks and uncertainties that could
affect forward-looking statements are described further under the heading &ldquo;<I>Risk Factors</I>&rdquo; in our Annual Report.
If one or more of these risks or uncertainties materializes, or if underlying assumptions prove incorrect, our actual results may
vary materially from those expected, estimated or projected. Forward-looking statements in this document are not a prediction of
future events or circumstances, and those future events or circumstances may not occur. Given these uncertainties, users of the
information included herein, including investors and prospective investors, are cautioned not to place undue reliance on such forward-looking
statements. Investors should consult our quarterly and annual filings with the Canadian and U.S. securities commissions for additional
information on risks and uncertainties relating to forward-looking statements. The Corporation does not undertake any obligation
to publicly update or revise any forward-looking statements other than as required under applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Prospective investors should carefully
consider the information contained under the heading &ldquo;<I>Risk Factors</I>&rdquo; in our Annual Report and all other information
included in or incorporated by reference in this Prospectus before making investment decisions with regard to the Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_003"></A>RISK FACTORS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>An investment in the Securities involves
a high degree of risk. Prospective investors should note that there is no market through which the Subscription Receipts, Warrants
or Units may be sold and purchasers may not be able to resell the Subscription Receipts, Warrants or Units purchased under this
Prospectus. This may affect the pricing of these securities in the secondary market, the transparency and availability of trading
prices, the liquidity of the securities, and the extent of issuer regulation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prospective investors should consider carefully
the risks described in the documents incorporated by reference in this Prospectus (including in subsequently filed documents incorporated
by reference) and those described in any Prospectus Supplement before purchasing the Securities offered hereby. Discussions of
certain risks affecting the Corporation in connection with its business are provided under the heading &ldquo;<I>Risk Factors</I>&rdquo;
in our Annual Report filed with the various securities regulatory authorities, which is incorporated by reference in this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_004"></A>DOCUMENTS INCORPORATED
BY REFERENCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <B>Information has been incorporated
by reference in this Prospectus from documents filed with securities commissions or similar authorities in Canada. </B>Copies
of the documents incorporated herein by reference may be obtained on request without charge from our Corporate Secretary at 210,
1167 Kensington Crescent N.W., Calgary, Alberta, T2N&nbsp;1X7 telephone (403)&nbsp;670-7377, and are available electronically
under the Corporation&rsquo;s profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov/edgar.shtml). </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed the following documents with
the securities commissions or similar regulatory authorities in certain of the provinces of Canada and such documents are specifically
incorporated by reference in, and form an integral part of, this Prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(a)</FONT></TD><TD STYLE="text-align: justify">our annual report on Form 20-F (&ldquo;<B>Annual Report</B>&rdquo;) dated March 19, 2018, for the
year ended December 31, 2017 (filed in Canada with the Canadian securities regulatory authorities in lieu of an annual information
form);</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(b)</FONT></TD><TD STYLE="text-align: justify">our management information circular dated March 27, 2018 relating to the annual general meeting
of shareholders to be held on May 3, 2018;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(c)</FONT></TD><TD STYLE="text-align: justify">our audited consolidated financial statements, together with the notes thereto, as at December&nbsp;31,
2017 and 2016, which comprise the consolidated statements of financial position as at December&nbsp;31, 2017 and 2016, and the
consolidated statements of loss and comprehensive loss, changes in equity, and cash flows for the years ended December&nbsp;31,
2017 and 2016, together with the independent auditors&rsquo; report thereon; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="color: #010000">(d)</FONT></TD><TD STYLE="text-align: justify">our management&rsquo;s discussion and analysis of financial condition and results of operations
dated March&nbsp;8, 2018, for the year ended December&nbsp;31, 2017.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any documents of the type required by National
Instrument 44-101 - <I>Short Form Prospectus Distributions</I> to be incorporated by reference in a short form prospectus, including
any annual information form, annual report on Form 20-F, comparative annual consolidated financial statements and the auditors&rsquo;
report thereon, comparative interim consolidated financial statements, management&rsquo;s discussion and analysis of financial
condition and results of operations, material change report (except a confidential material change report), business acquisition
report and information circular, if filed by us with the securities commissions or similar authorities in Canada after the date
of this Prospectus and prior to the date which is 25 months from the date of this Prospectus, shall be deemed to be incorporated
by reference in this Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, to the extent that any document
or information incorporated by reference into this Prospectus is included in any report filed with or furnished to the SEC pursuant
to the United States Securities Exchange Act of 1934, as amended (the &ldquo;<B>U.S. Exchange Act</B>&rdquo;), after the date of
this Prospectus, such document or information shall be deemed to be incorporated by reference as an exhibit to the registration
statement of which this Prospectus forms a part (in the case of documents or information deemed furnished on Form 6-K or Form 8-K,
only to the extent specifically stated therein)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Any statement contained in this Prospectus
or in a document incorporated or deemed to be incorporated by reference herein will be deemed to be modified or superseded for
the purposes of this Prospectus to the extent that a statement contained in this Prospectus or in any other subsequently filed
document which also is, or is deemed to be, incorporated by reference into this Prospectus modifies or supersedes that statement.
The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other
information set forth in the document that it modifies or supersedes. The making of a modifying or superseding statement shall
not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation,
an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary
to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute part of this Prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon a new annual information form and
the related audited annual financial statements and management&rsquo;s discussion and analysis being filed by us with the applicable
securities regulatory authorities during the term of this Prospectus, the previous annual information form, the previous audited
annual financial statements and related management&rsquo;s discussion and analysis, all unaudited interim financial statements
and related management&rsquo;s discussion and analysis, material change reports and business acquisition reports filed prior to
the commencement of our financial year in which the new annual information form and the related audited annual financial statements
and management&rsquo;s discussion and analysis are filed shall be deemed no longer to be incorporated into this Prospectus for
purposes of future offers and sales of Securities hereunder. Upon new interim financial statements and related management&rsquo;s
discussion and analysis being filed by us with the applicable securities regulatory authorities during the term of this Prospectus,
all interim financial statements and related management&rsquo;s discussion and analysis filed prior to the new interim consolidated
financial statements and related management&rsquo;s discussion and analysis shall be deemed no longer to be incorporated into this
Prospectus for purposes of future offers and sales of Securities hereunder. Upon a new information circular relating to an annual
general meeting of holders of Common Shares being filed by us with the applicable securities regulatory authorities during the
term of this Prospectus, the information circular for the preceding annual general meeting of holders of Common Shares shall be
deemed no longer to be incorporated into this Prospectus for purposes of future offers and sales of Securities hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Any &ldquo;template version&rdquo;
of any &ldquo;marketing materials&rdquo; (as such terms are defined in National Instrument 41-101) pertaining to a distribution
of Securities will be filed under the Corporation&rsquo;s profile on SEDAR (www.sedar.com). In the event that such marketing materials
are filed subsequent to the date of filing of the applicable prospectus supplement pertaining to the distribution of the Securities
to which such marketing materials relates and prior to the termination of such distribution, such filed versions of the marketing
materials will be deemed to be incorporated by reference into the Prospectus for purposes of future offers and sales of Securities
hereunder. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One or more Prospectus Supplements containing
the specific variable terms for an issue of the Securities and other information in relation to such Securities will be delivered
to purchasers of such Securities together with this Prospectus, except in cases where an exemption from such delivery requirement
has been obtained, and will be deemed to be incorporated by reference into this Prospectus as of the date of the Prospectus Supplement
solely for the purposes of the offering of the Securities covered by any such Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_005"></A>DOCUMENTS FILED AS
PART OF THE REGISTRATION STATEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The following documents have been or
will be filed with the SEC as part of the registration statement of which this Prospectus forms a part: (i)&nbsp;the documents
set out under the heading &ldquo;<I>Documents Incorporated by Reference</I>&rdquo;; (ii)&nbsp;the consents of the Corporation&rsquo;s
auditor and legal counsel; and (iii)&nbsp;the powers of attorney from the directors and certain officers of the Corporation. A
copy of the form of warrant indenture, unit indenture or subscription receipt agreement, as applicable, will be filed by post-effective
amendment or by incorporation by reference to documents filed or furnished with the SEC under the U.S.&nbsp;Exchange Act. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_006"></A>ADDITIONAL INFORMATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Corporation has filed with the
SEC a registration statement on Form F-10 relating to the Securities. This Prospectus, which constitutes a part of the registration
statement, does not contain all of the information contained in the registration statement, certain items of which are contained
in the exhibits to the registration statement as permitted by the rules and regulations of the SEC. See &ldquo;<I>Documents Filed
as Part of the Registration Statement</I>&rdquo;. Statements included or incorporated by reference in this Prospectus about the
contents of any contract, agreement or other documents referred to are not necessarily complete, and in each instance you should
refer to the exhibits to the registration statement for a more complete description of the matter involved. The registration statement,
and the items of information omitted from this Prospectus but contained in the registration statement, will be available on EDGAR
(www.sec.gov/edgar.shtml). Each time we sell Securities under the registration statement, we will provide a Prospectus Supplement
that will contain specific information about the terms of that offering. The Prospectus Supplement may also add to, update or
change information contained in this Prospectus. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Corporation is subject to the information
requirements of the U.S.&nbsp;Exchange Act and applicable Canadian securities legislation and, in accordance therewith, files
and furnishes annual and quarterly financial information and material change reports, business acquisition reports and other material
with the securities commission or similar regulatory authority in each of the provinces of Canada and with the SEC. Under MJDS
adopted by the United States and Canada, documents and other information that the Corporation files with the SEC may be prepared
in accordance with the disclosure requirements of Canada, which are different from those of the United States. As a foreign private
issuer within the meaning of rules made under the U.S.&nbsp;Exchange Act, the Corporation is exempt from the rules under the U.S.&nbsp;Exchange
Act prescribing the furnishing and content of proxy statements, and the Corporation&rsquo;s officers, directors and principal
shareholders are exempt from the reporting and shortswing profit recovery provisions contained in Section&nbsp;16 of the U.S.&nbsp;Exchange
Act. In addition, the Corporation is not required to publish financial statements as promptly as United States companies. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"> You may read any
document that the Corporation has filed with the SEC on EDGAR at www.sec.gov/edgar.shtml and such information can also be inspected
and copies ordered at the SEC&rsquo;s public reference room in Washington, D.C. You may also obtain copies of those documents
from the public reference room of the SEC at 100&nbsp;F&nbsp;Street,&nbsp;N.E., Washington, D.C.&nbsp;20549 by paying a fee. You
should call the SEC at 1-800-SEC-0330 or access its website at www.sec.gov for further information about the public reference
rooms. You may read and download any public document that the Corporation has filed with the Canadian securities regulatory authorities
under the Corporation&rsquo;s profile on SEDAR (www.sedar.com). </P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_007"></A>THE CORPORATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oncolytics Biotech Inc. was incorporated
pursuant to the ABCA on April&nbsp;2, 1998 as 779738 Alberta Ltd. On April&nbsp;8, 1998, we amended our articles of incorporation
(the &ldquo;<B>Articles</B>&rdquo;) and changed our name to Oncolytics Biotech Inc. On July&nbsp;29, 1999, we further amended our
Articles by removing the private company restrictions included therein and subdivided the 2,222,222 Common Shares issued and outstanding
into 6,750,000 Common Shares. On February&nbsp;9, 2007, we further amended our Articles to permit shareholder meetings to be held
at any place in Alberta or at any other location as determined by our board of directors (the &ldquo;<B>Board</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have two material operating subsidiaries:
Oncolytics Biotech (Barbados) Inc. and Oncolytics Biotech (US) Inc., a Delaware corporation. Oncolytics Biotech (Barbados) Inc.
is incorporated pursuant to the laws of Barbados and is a wholly-owned direct subsidiary of the Corporation. Oncolytics Biotech
(U.S.) Inc. is incorporated pursuant to the laws of Delaware and is a wholly-owned direct subsidiary or Oncolytics Biotech (Barbados)
Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our head office and principal place of
business is located at 210, 1167 Kensington Crescent N.W., Calgary, Alberta, T2N&nbsp;1X7. Our registered office is located at
4000, 421&nbsp;-&nbsp;7<SUP>th</SUP>&nbsp;Avenue S.W., Calgary, Alberta, T2P&nbsp;4K9.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_008"></A>BUSINESS OF THE CORPORATION</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since our inception in April of 1998, Oncolytics
Biotech Inc. has been a development stage company and we have focused our research and development efforts on the development of
REOLYSIN (pelareorep), a systemically administered immuno-oncology (&ldquo;<B>I-O</B>&rdquo;) viral agent with the potential to
treat a variety of cancers. We have not been profitable since our inception and expect to continue to incur substantial losses
as we continue research and development efforts. We do not expect to generate significant revenues until, if and when, pelareorep
becomes commercially viable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our potential product for human use, pelareorep,
an unmodified reovirus, is a first in class systemically administered I-O viral agent for the treatment of solid tumors and hematological
malignancies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Further information regarding the business
of the Corporation is contained in the Annual Report under the heading &ldquo;<I>Item 4 &ndash; Information on the Company</I>&rdquo;,
which document is incorporated by reference in this Prospectus. See &ldquo;Documents Incorporated by Reference.&rdquo; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Recent Developments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 23, 2018, the Corporation received
approval from the holders of Common Shares to amend the Articles to effect the consolidation of the issued and outstanding Common
Shares on the basis of a consolidation ratio to be selected by the Board, in its sole discretion, provided that the ratio may be
not less than two (2), and not more than fifteen (15), pre-consolidation Common Shares for each one post-consolidation Common Share,
such amendment to become effective at a date in the future to be determined by the Board when the Board considers it to be in the
best interests of the Corporation, but in any event no later than February 22, 2019, subject to approval of the Toronto Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_009"></A>CONSOLIDATED CAPITALIZATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There has been no material change in the
share and loan capital of the Corporation on a consolidated basis since December 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_010"></A>USE OF PROCEEDS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The use of proceeds from the issue and
sale of specific Securities pursuant to this Prospectus will be described in the Prospectus Supplement relating to the issuance
and sale of such Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_011"></A>DESCRIPTION OF SHARE
CAPITAL</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Authorized Capital</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our authorized capital consists of an unlimited
number of Common Shares. The following is a summary of the provisions attached to our Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Common Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of our Common Shares are entitled
to one vote per share at meetings of shareholders, to receive such dividends as declared by the Board and to receive our remaining
property and assets upon dissolution or wind up. Our Common Shares are not subject to any future call or assessment and there are
no pre-emptive, conversion or redemption rights attached to such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at the date hereof, we have 142,325,222
Common Shares issued and outstanding. After giving effect to the exercise of all outstanding options to acquire Common Shares and
all outstanding share awards granted under the Corporation&rsquo;s Incentive Share Award Plan, we would have 154,164,330 Common
Shares issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Common Share Purchase
Warrants</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, we have 16,445,000
Common Share purchase warrants (the &ldquo;<B>2017 Warrants</B>&rdquo;) issued and outstanding. Each 2017 Warrant entitles the
holder to purchase one Common Share until June 1, 2022, at an exercise price of $0.95. The 2017 Warrants are subject to acceleration
if the volume weighted average price of the Common Shares equals or exceeds $2.50 for a period of 15 consecutive trading dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, as of the date hereof, the
Corporation has outstanding Common Share purchase warrants as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a Common Share purchase warrant (the &ldquo;<B>First Adlai Warrant</B>&rdquo;) exercisable by the
holder thereof until May 14, 2018 to purchase such number of Common Shares as is calculated by dividing US$2,000,000 by the Exercise
Price (as defined below); and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a Common Share purchase warrant (the &ldquo;<B>Second Adlai Warrant</B>&rdquo;) exercisable by
the holder thereof until November 14, 2020 to purchase such number of Common Shares as is calculated by dividing US$6,000,000 by
the Exercise Price.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of the First Adlai Warrant
and the Second Adlai Warrant, the term &ldquo;<B>Exercise Price</B>&rdquo; means an amount equal to 120% of the volume weighted
average trading price of the Common Shares on the TSX (or, if the Common Shares begin trading on The NASDAQ Capital Market, on
The NASDAQ Capital Market as of the date such trading commences) for the five trading days immediately preceding the exercise date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The First Adlai Warrant is subject to a
right to call by the Corporation upon the later of: (i) May 14, 2018; and (ii) the date of the enrollment of the first patient
in a Phase III Study related to pelareorep. The Second Adlai Warrant is subject to a right to call by the Corporation upon the
date of the enrollment of the fiftieth (50<SUP>th</SUP>) patient in a Phase III Study related to pelareorep.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_012"></A>DESCRIPTION OF SUBSCRIPTION
RECEIPTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description of the terms
of Subscription Receipts sets forth certain general terms and provisions of Subscription Receipts in respect of which a Prospectus
Supplement may be filed. The particular terms and provisions of Subscription Receipts offered by any Prospectus Supplement, and
the extent to which the general terms and provisions described below may apply thereto, will be described in the Prospectus Supplement
filed in respect of such Subscription Receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Subscription Receipts may be offered
separately or in combination with one or more other Securities. The Subscription Receipts will be issued under a subscription
receipt agreement (the&nbsp;&rdquo;<B>Subscription Receipt Agreement</B>&rdquo;). A copy of the Subscription Receipt Agreement
will be filed by us with the applicable securities regulatory authorities after it has been entered into by us and will be available
electronically under the Corporation&rsquo;s profile on SEDAR (www.sedar.com) and, if applicable, we will file with the SEC via
EDGAR (www.sec.gov/edgar.shtml) as exhibits to the registration statement of which this Prospectus is a part, or will incorporate
by reference from a Report of Foreign Private Issuer on Form 6-K that we file with the SEC, any Subscription Agreement describing
the terms and conditions of such Subscription Receipts that we are offering before the issuance of such Subscription Receipts. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Subscription Receipt Agreement,
original purchasers of Subscription Receipts will have a contractual right of rescission against the Corporation, following the
issuance of the underlying Common Share or other securities to such purchasers upon the surrender or deemed surrender of the Subscription
Receipts, to receive the amount paid for the Subscription Receipts in the event that this Prospectus or a Prospectus Supplement,
and any amendment thereto, contains a misrepresentation or is not delivered to such purchaser, provided such remedy for rescission
is exercised within 180&nbsp;days from the closing date of the offering of Subscription Receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The description of general terms and provisions
of Subscription Receipts described in any Prospectus Supplement will include, where applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of Subscription Receipts offered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the Subscription Receipts will be offered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if other than Canadian dollars, the currency or currency unit in which the Subscription Receipts
are denominated;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the procedures for the exchange of the Subscription Receipts into Common Shares or other securities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of Common Shares or other securities that may be obtained upon exercise of each Subscription
Receipt;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of any other Securities with which the Subscription Receipts will be
offered, if any, and the number of Subscription Receipts that will be offered with each Security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms applicable to the gross proceeds from the sale of the Subscription Receipts plus any
interest earned thereon;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the material Canadian tax consequences of owning such Subscription Receipts; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other material terms, conditions and rights (or limitations on such rights) of the Subscription
Receipts.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We reserve the right to set forth in a
Prospectus Supplement specific terms of the Subscription Receipts that are not within the options and parameters set forth in this
Prospectus. In addition, to the extent that any particular terms of the Subscription Receipts described in a Prospectus Supplement
differ from any of the terms described in this Prospectus, the description of such terms set forth in this Prospectus shall be
deemed to have been superseded by the description of such differing terms set forth in such Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_013"></A>DESCRIPTION OF WARRANTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description of the terms
of Warrants sets forth certain general terms and provisions of Warrants in respect of which a Prospectus Supplement may be filed.
The particular terms and provisions of Warrants offered by any Prospectus Supplement, and the extent to which the general terms
and provisions described below may apply thereto, will be described in the Prospectus Supplement filed in respect of such Warrants.
Warrants may be offered separately or in combination with one or more other Securities. If applicable, we will file with the SEC
as exhibits to the registration statement of which this Prospectus is a part, or will incorporate by reference from a current report
on Form 6-K that we file with the SEC, any warrant indenture or form of warrant describing the terms and conditions of such Warrants
that we are offering before the issuance of such Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The description of general terms and provisions
of Warrants described in any Prospectus Supplement will include, where applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of Warrants offered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the Warrants will be offered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if other than Canadian dollars, the currency or currency unit in which the Warrants are denominated;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of the Common Shares that may be acquired upon exercise of the Warrants;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date on which the right to exercise the Warrants will commence and the date on which the right
will expire;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of Common Shares that may be purchased upon exercise of each Warrant and the price at
which and currency or currencies in which that amount of securities may be purchased upon exercise of each Warrant;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of any Securities with which the Warrants will be offered, if any, and
the number of the Warrants that will be offered with each Security;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date or dates, if any, on or after which the Warrants and the related Securities will be transferable
separately;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the minimum or maximum amount, if any, of Warrants that may be exercised at any one time;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the Warrants will be subject to redemption or call, and, if so, the terms of such redemption
or call provisions; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other material terms, conditions and rights (or limitations on such rights) of the Warrants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We reserve the right to set forth in a
Prospectus Supplement specific terms of the Warrants that are not within the options and parameters set forth in this Prospectus.
In addition, to the extent that any particular terms of the Warrants described in a Prospectus Supplement differ from any of the
terms described in this Prospectus, the description of such terms set forth in this Prospectus shall be deemed to have been superseded
by the description of such differing terms set forth in such Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_014"></A>DESCRIPTION OF UNITS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue Units comprised of one or
more of the other Securities described in this Prospectus in any combination. Each Unit will be issued so that the holder of the
Unit is also the holder of each Security included in the Unit. Thus, the holder of a Unit will have the rights and obligations
of a holder of each included Security. The unit agreement, if any, under which a Unit is issued may provide that the Securities
comprising the Unit may not be held or transferred separately, at any time or at any time before a specified date. If applicable,
we will file with the SEC as exhibits to the registration statement of which this Prospectus is a part, or will incorporate by
reference from a current report on Form 6-K that we file with the SEC, any unit agreement describing the terms and conditions of
such Units that we are offering before the issuance of such Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The particular terms and provisions of
Units offered by any Prospectus Supplement, and the extent to which the general terms and provisions described below may apply
to them, will be described in the Prospectus Supplement filed in respect of such Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The particular terms of each issue of Units
will be described in the related Prospectus Supplement. This description will include, where applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and aggregate number of Units offered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the price at which the Units will be offered;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if other than Canadian dollars, the currency or currency unit in which the Units are denominated;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms of the Units and of the Securities comprising the Units, including whether and under
what circumstances those securities may be held or transferred separately;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any provisions for the issuance, payment, settlement, transfer or exchange of the Units or of the
Securities comprising the Units; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other material terms, conditions and rights (or limitations on such rights) of the Units.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We reserve the right to set forth in a
Prospectus Supplement specific terms of the Units that are not within the options and parameters set forth in this Prospectus.
In addition, to the extent that any particular terms of the Units described in a Prospectus Supplement differ from any of the terms
described in this Prospectus, the description of such terms set forth in this Prospectus shall be deemed to have been superseded
by the description of such differing terms set forth in such Prospectus Supplement with respect to such Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_015"></A>PLAN OF DISTRIBUTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell the Securities to or through
one or more underwriters or dealers purchasing as principals and we may also sell the Securities to one or more purchasers directly,
through applicable statutory exemptions, or through one or more agents designated from time to time. The Securities may be sold
from time to time in one or more transactions at fixed prices or not at fixed prices, such as market prices prevailing at the time
of sale, prices related to such prevailing market prices or prices to be negotiated with purchasers, which prices may vary as between
purchasers and during the period of distribution of the Securities. The Prospectus Supplement relating to a particular offering
and sale of Securities will identify each underwriter, dealer or agent engaged in connection with the offering and sale of such
Securities, as well as the method of distribution and the terms of the offering and sale of such Securities, including the initial
offering price (in the event the offering is a fixed price distribution), the manner of determining the offering price(s) (in the
event the offering is not a fixed price distribution), the net proceeds to us and, to the extent applicable, any fees, discounts
or any other compensation payable to underwriters, dealers or agents and any other material terms. Only underwriters so named in
the Prospectus Supplement are deemed to be underwriters in connection with the Securities offered and sold thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the underwriters purchase Securities
from us as principal, the Securities will be acquired by the underwriters for their own account and may be resold from time to
time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined
at the time of sale, at market prices prevailing at the time of sale or at prices related to such prevailing market prices. The
obligations of the underwriters to purchase such Securities as principal will be subject to certain conditions precedent, and the
underwriters will be obligated to purchase all the Securities offered and sold by the Prospectus Supplement if any of such Securities
are purchased. Any public offering price and any discounts or concessions allowed or re-allowed or paid to underwriters, dealers
or agents may be changed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Securities may be sold from time to
time in one or more transactions at a fixed price or prices which may be changed or at market prices prevailing at the time of
sale, at prices related to such prevailing market prices or at negotiated prices, including sales in transactions that are deemed
to be &ldquo;at-the-market distributions&rdquo; as defined in National Instrument 44-102 &ndash; <I>Shelf Distributions</I>, including
sales made directly on the TSX or other existing trading markets for the Common Shares. In the event that we elect to pursue an
&ldquo;at-the-market distribution&rdquo; in Canada, we will apply for the required exemptive relief from the applicable securities
commissions or similar regulatory authorities in Canada. The prices at which the Securities may be offered may vary as between
purchasers and during the period of distribution. If, in connection with the offering of Securities at a fixed price or prices,
the underwriters have made a bona fide effort to sell all of the Securities at the initial offering price fixed in the applicable
Prospectus Supplement, the public offering price may be decreased and thereafter further changed, from time to time, to an amount
not greater than the initial public offering price fixed in such Prospectus Supplement, in which case the compensation realized
by the underwriters will be decreased by the amount that the aggregate price paid by purchasers for the Securities is less than
the gross proceeds paid to us by the underwriters. Any such reduction to the public offering price will not affect the net proceeds
received by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Securities may also be sold directly
by us, pursuant to applicable statutory exemptions, at such prices and upon such terms as agreed to by us and the purchaser or
through one or more agents designated by us from time to time. Any agent involved in the offering and sale of the Securities in
respect of which this Prospectus is delivered will be named, and any commissions payable by us to such agent will be set forth,
in the Prospectus Supplement. Unless otherwise indicated in the Prospectus Supplement, any agent would be acting on a best efforts
basis for the period of its appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may agree to pay the underwriters a
commission for various services relating to the issue and sale of any Securities offered hereby. Any such commission will be paid
out of our general funds. Underwriters, dealers and agents who participate in the distribution of the Securities may be entitled
under agreements to be entered into with us to indemnification by us against certain liabilities under securities legislation,
or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any offering of Subscription Receipts,
Warrants or Units will be a new issue of securities with no established trading market. Unless otherwise specified in the applicable
Prospectus Supplement, the Subscription Receipts, Warrants or Units will not be listed on any securities exchange. Certain dealers
may make a market in these Securities, but will not be obligated to do so and may discontinue any market making at any time without
notice. No assurance can be given that any dealer will make a market in these Securities or as to the liquidity of the trading
market, if any, for these Securities. See &ldquo;<I>Risk Factors</I>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in a Prospectus
Supplement, in connection with any offering of the Securities, the underwriters or agents may over-allot or effect transactions
which stabilize or maintain the market price of the Securities offered at a higher level than that which might exist in the open
market. Such transactions, if commenced, may be interrupted or discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_016"></A>PRIOR SALES</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information regarding prior sales of Securities
will be provided as required in a Prospectus Supplement with respect to the issuance of Securities pursuant to such Prospectus
Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_017"></A>TRADING PRICE AND
VOLUME</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information regarding trading price and
volume of the Securities will be provided as required for all of the Corporation&rsquo;s issued and outstanding Securities that
are listed on any securities exchange, as applicable, in each Prospectus Supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_018"></A>CERTAIN INCOME TAX
CONSIDERATIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable Prospectus Supplement may
describe certain Canadian federal income tax consequences which may be applicable to a purchaser of Securities offered thereunder,
and may also include a discussion of certain United States federal income tax consequences to the extent applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_019"></A>LEGAL MATTERS AND
INTEREST OF EXPERTS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in the Prospectus
Supplement relating to an offering and sale of Securities, certain legal matters relating to such offering and sale of Securities
will be passed upon on behalf of the Corporation by McCarthy T&eacute;trault LLP with respect to matters of Canadian law and Dorsey
&amp; Whitney LLP, with respect to matters of U.S. law. In addition, certain legal matters in connection with an offering and sale
of Securities will be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of such offering
and sale by such underwriters, dealers or agents with respect to matters of Canadian and, if applicable, United States or other
foreign law. As at the date hereof, the partners and associates of McCarthy T&eacute;trault LLP, as a group, own less than 1% of
the outstanding securities of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_020"></A>AUDITORS, TRANSFER
AGENT AND REGISTRAR</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The auditor of the Corporation is Ernst
&amp; Young LLP, Chartered Professional Accountants, Calgary, Alberta. Ernst &amp; Young LLP has confirmed that it is independent
of the Corporation within the meaning of the relevant rules and related interpretations prescribed by the relevant professional
bodies in Canada and applicable legislation or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for the
Common Shares is Computershare Trust Company of Canada at its principal offices located in Calgary, Alberta and Toronto, Ontario.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_021"></A>AGENT FOR SERVICE
OF PROCESS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Messrs. Wayne Pisano, William G. Rice and
Bernd R. Seizinger are directors of the Corporation who reside outside of Canada. Messrs. Pisano, Rice and Seizinger have appointed
the Corporation, at its principal place of business, as agent for service of process. Purchasers are advised that it may not be
possible for investors to enforce judgments obtained in Canada against any person that resides outside of Canada, even if the party
has appointed an agent for service of process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_022"></A>ENFORCEABILITY OF
CIVIL LIABILITIES AGAINST NON-U.S. PERSONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Corporation is a corporation existing
under the <I>Business Corporations Act</I> (Alberta). Most of the Corporation&rsquo;s directors and officers, and some or all
of the experts named in this Prospectus, are residents of Canada or otherwise reside outside the United States, and all or a substantial
portion of their assets, and substantially all of the Corporation&rsquo;s assets, are located outside the United States. The Corporation
has appointed an agent for service of process in the United States, but it may be difficult for holders of Securities who reside
in the United States to effect service within the United States upon those directors, officers and experts who are not residents
of the United States. It may also be difficult for holders of Securities who reside in the United States to realize in the United
States upon judgments of courts of the United States predicated upon the Corporation&rsquo;s civil liability and the civil liability
of its directors, officers and experts under the United States federal securities laws. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The Corporation filed with the SEC,
concurrently with its registration statement on Form&nbsp;F-10 of which this Prospectus is a part, an appointment of agent for
service of process on Form&nbsp;F-X. Under the Form&nbsp;F-X, the Corporation appointed DL&nbsp;Services Inc. as its agent for
service of process in the United States in connection with any investigation or administrative proceeding conducted by the SEC,
and any civil suit or action brought against or involving the Corporation in a United States court arising out of or related to
or concerning the offering of the Securities under this Prospectus. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED TO BE DELIVERED
TO OFFEREES OR PURCHASERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the <I>Business Corporations Act</I>
(Alberta), Oncolytics Biotech Inc. (the &ldquo;Corporation&rdquo;) may indemnify a director or officer, a former director or officer,
or a person who acts or acted at the Corporation&rsquo;s request as a director or officer or a body corporate of which the Corporation
is or was a shareholder or creditor, and the director&rsquo;s or officer&rsquo;s heirs and legal representatives, against all costs,
charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual
in respect of any civil, criminal or administrative action or proceeding to which the individual is involved because of that association
with the Corporation or other entity, and the Corporation may advance moneys to such an individual for the costs, charges and expenses
of such a proceeding. The Corporation may not indemnify such an individual unless the individual acted honestly and in good faith
with a view to the best interests of the Corporation, or, as the case may be, to the best interests of the other entity for which
the individual acted as a director or officer or in a similar capacity at the Corporation&rsquo;s request, and, in the case of
a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds
for believing that the individual&rsquo;s conduct was lawful. In addition, the individual must repay any moneys advanced by the
Corporation if the individual has not fulfilled the conditions set out in the preceding sentence. Such indemnification or advance
of moneys may be made in connection with a derivative action only with court approval. Such an individual is entitled to indemnification
from the Corporation as a matter of right if the individual was not judged by the court or other competent authority to have committed
any fault or omitted to do anything that the individual ought to have done, and the individual fulfilled the conditions set forth
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with and subject to the <I>Business
Corporations Act</I> (Alberta), the by-laws of the Corporation provide that the Corporation shall indemnify a director or officer,
a former director or officer, or a person who acts or acted at the Corporation&rsquo;s request as a director or officer, or a body
corporate of which the Corporation is or was a shareholder or creditor, and the director&rsquo;s or officer&rsquo;s heirs and legal
representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably
incurred by him in respect of any civil, criminal or administrative action or proceeding to which he is made a party by reason
of being or having been a director or officer of the Corporation or other entity if he acted honestly and in good faith with a
view to the best interests of the Corporation or, as the case may be, to the best interests of the other entity for which he acted
as a director or officer at the Corporation&rsquo;s request, and, in the case of a criminal or administrative action or proceeding
that is enforced by monetary penalty, he had reasonable grounds for believing that his conduct was lawful. The Corporation shall
also indemnify such person in such other circumstances as the <I>Business Corporations Act</I> (Alberta) permits or requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Corporation maintains a directors&rsquo;
&amp; officers&rsquo; insurance policy for the benefit of the directors and officers of the Corporation and its subsidiaries against
liability incurred by them in their official capacities for which they become obligated to pay to the extent permitted by applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Insofar as indemnification for liabilities
arising under the U.S. Securities Act of 1933, as amended, may be permitted to directors, officers or persons controlling the Corporation
pursuant to the foregoing provisions, the Corporation has been informed that, in the opinion of the U.S. Securities and Exchange
Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See the Exhibit Index attached hereto</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERTAKING AND CONSENT TO SERVICE OF
PROCESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 1.</B></TD><TD STYLE="text-align: justify"><B>Undertaking</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Registrant undertakes to make available,
in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when
requested to do so by the Commission staff, information relating to the securities registered pursuant to this Form F-10 or to
transactions in said securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>Item 2.</B></TD><TD STYLE="text-align: justify"><B>Consent to Service of Process</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Concurrently with the filing of the
original Registration Statement on Form F-10 on April 25, 2018, the Registrant filed with the Commission a written irrevocable
consent and power of attorney on Form F-X. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any change to the name and address of the
agent for service of the Registrant will be communicated promptly to the Commission by amendment to Form F-X referencing the file
number of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_023"></A><B>SIGNATURES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Pursuant to the requirements of the
Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form F-10/A and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Calgary, Province of Alberta, Canada, on May 4, 2018. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>ONCOLYTICS BIOTECH INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;By: </FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify; border-bottom: Black 1pt solid"><BR>
<FONT STYLE="font-size: 10pt">/s/ Matthew C. Coffey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Matthew C. Coffey</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Pursuant to the requirements of the
Securities Act, this Registration Statement has been signed by or on behalf of the following persons in the capacities indicated
on May 4, 2018: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: center; width: 40%"> <FONT STYLE="font-size: 10pt"><B><U>Signature</U></B></FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify; width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify; width: 50%"><FONT STYLE="font-size: 10pt"><B><U>Title</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">/s/
    Matthew C. Coffey</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; border-top: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Matthew C. Coffey </P></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">President, Chief Executive Officer and
        Chairman of the Board</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Principal Executive Officer)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">/s/
    Kirk J. Look</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; border-top: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Kirk J. Look </P></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Principal Financial and Accounting Officer)</P></TD></TR>
<TR>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> /s/ Wayne Pisano* </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
<TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"> Wayne
                                         Pisano </P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">/s/
    Deborah M. Brown*</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; border-top: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Deborah M. Brown </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"> /s/ Angela Holtham* </P></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"> Angela
                                         Holtham </P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-left: 1.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> /s/ J. Mark Lievonen* </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-top: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"> J.
                                         Mark Lievonen </P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"> &nbsp; </P></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"> <FONT STYLE="font-size: 10pt">/s/
    William G. Rice*</FONT> </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; border-top: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> William G. Rice </P></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">Director</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-left: 1.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &nbsp; </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> /s/ Bernd R. Seizinger* </P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; border-top: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> Bernd R. Seizinger </P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> &nbsp; </P></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">*By: </FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: left"> <FONT STYLE="font-size: 10pt">/s/ Kirk J. Look</FONT> </TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"> <FONT STYLE="font-size: 10pt">Name: </FONT> </TD>
    <TD STYLE="vertical-align: top; text-align: left"> <FONT STYLE="font-size: 10pt">Kirk J. Look</FONT> </TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left"> &nbsp; </TD>
    <TD STYLE="vertical-align: top; text-align: left"> <FONT STYLE="font-size: 10pt">Attorney-in-Fact </FONT> </TD>
    </TR>
<TR>
    <TD STYLE="width: 10%"> &nbsp; </TD>
    <TD STYLE="width: 90%"> &nbsp; </TD>
    </TR>
</TABLE>

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

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">III - <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> Pursuant to the requirements of Section
6(a) of the Securities Act of 1933, the Authorized Representative has signed this Registration Statement, solely in his capacity
as the duly authorized representative of Oncolytics Biotech Inc. in the United States, executed in Alberta, Canada, on May 4,
2018. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Oncolytics Biotech (US) Inc.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 1.75pt; padding-left: 1.75pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Kirk J. Look</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Kirk J. Look</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 90%; padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt"><B><A HREF="http://www.sec.gov/Archives/edgar/data/1129928/000112992818000028/oncyf2017-20f.htm" STYLE="-sec-extract: exhibit">4.1*</A></B></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt"><P STYLE="margin-top: 0; margin-bottom: 0"><A HREF="http://www.sec.gov/Archives/edgar/data/1129928/000112992818000028/oncyf2017-20f.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s annual report on Form 20-F, dated March 19, 2018 for the year ended December 31, 2017, filed with the Commission on March 19, 2018 and incorporated herein by reference.</A></P>
                                                            <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><A HREF="http://www.sec.gov/Archives/edgar/data/1129928/000114420418022333/tv492020_ex99-1.htm" STYLE="-sec-extract: exhibit">4.2*</A></B></FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1129928/000114420418022333/tv492020_ex99-1.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s Management Information Circular, dated March 27, 2018, relating to the annual general meeting of the shareholders to be held on May 3, 2018, incorporated by reference to the Registrant&rsquo;s Report on Form 6-K, furnished to the Commission on April 25, 2018.</A></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1129928/000112992818000028/oncyf2017-20f.htm#sE798855B4E245EE89ED46B4C206B6956" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt"><B>4.3*</B></FONT></A></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1129928/000112992818000028/oncyf2017-20f.htm#sE798855B4E245EE89ED46B4C206B6956" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s audited consolidated financial statements, together with the notes thereto, as at December&nbsp;31, 2017 and 2016, which comprise the consolidated statements of financial position as at December&nbsp;31, 2017 and 2016, and the consolidated statements of loss and comprehensive loss, changes in equity, and cash flows for the years ended December&nbsp;31, 2017 and 2016, together with the independent auditors&rsquo; report thereon, included as Item 18 to the Registrant&rsquo;s annual report on Form 20-F, filed with the Commission on March 19, 2018 and incorporated herein by reference.</A></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B><A HREF="http://www.sec.gov/Archives/edgar/data/1129928/000112992818000028/ex151-2017mda.htm" STYLE="-sec-extract: exhibit">4.4*</A></B></FONT></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/1129928/000112992818000028/ex151-2017mda.htm" STYLE="-sec-extract: exhibit">The Registrant&rsquo;s management&rsquo;s discussion and analysis of financial condition and results of operations of the Registrant, dated March&nbsp;8,&nbsp;2018, for the year ended December&nbsp;31, 2017, incorporated by reference to Exhibit 15.1 to the Registrant&rsquo;s annual report on Form 20-F, filed with the Commission on March 19, 2018.</A></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="tv492815_ex5-1.htm"><FONT STYLE="font-size: 10pt"><B>5.1</B></FONT></A></FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify; font-size: 10pt"></TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="tv492815_ex5-1.htm">Consent
                                         of Ernst &amp; Young LLP dated May 4, 2018</A></FONT> </P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify; width: 9%"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A HREF="http://www.sec.gov/Archives/edgar/data/1129928/000114420418022351/tv491991_f10.htm#a_023">6.1*</A></B></FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; text-align: justify; width: 1%"> <FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT> </TD>
    <TD STYLE="padding-right: 1.75pt; padding-left: 1.75pt; width: 90%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1129928/000114420418022351/tv491991_f10.htm#a_023">Powers of Attorney (included on the signature pages of this Registration Statement)</A></FONT> </P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* - Previously filed or furnished to the
Commission.</P>

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

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

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



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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tv492815_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">Consent of Independent Registered Public Accounting Firm</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">We consent to the reference to our firm under the caption &ldquo;Auditors&rdquo;,
and to the incorporation by reference of our report dated March 8, 2018 in the Registration Statement on Form F-10 of Oncolytics
Biotech Inc. (the &ldquo;Company&rdquo;) for the registration of up to U.S. $116,886,153 of Common Shares, Subscription Receipts,
Warrants, and/or Units of the Company.</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><IMG SRC="image_003.jpg" ALT="">&nbsp;</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">Calgary, Canada</P>

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left">May 4, 2018</P>

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

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

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<DOCUMENT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
