Oncolytics Biotech® Inc. Announces Entry Into $20 Million “At-The-Market” Equity Distribution Agreement with Canaccord Genuity Inc.

CALGARY, Oct. 24, 2014 /PRNewswire/ – Oncolytics Biotech® Inc. (“Oncolytics” or the “Company”) (TSX:ONC; NASDAQ:ONCY) announced
today that it has entered into an “at-the-market” (ATM) equity
distribution agreement with Canaccord Genuity Inc. acting as sole
agent. Under the terms of the distribution agreement, the Company may,
from time to time, sell shares of its common stock having an aggregate
offering value of up to $20 million through Canaccord Genuity Inc.  The
Company will determine, at its sole discretion, the timing and number
of shares to be sold under this ATM facility.

“Entering into this agreement further improves our financial flexibility
by providing us with another option when accessing capital,” said Dr.
Brad Thompson, President and CEO of Oncolytics.

A shelf registration statement (SEC File No. 333-197633) relating to
these securities was declared effective by the Securities and Exchange
Commission on August 4, 2014. The securities may be offered only by
means of a prospectus, including a prospectus supplement, forming a
part of the effective registration statement. When available, copies of
the prospectus supplement and accompanying base prospectus related to
the ATM offering may be obtained from the Securities and Exchange
Commission’s website at http://www.sec.gov or by contacting Canaccord Genuity Inc., Attention: Syndicate
Department, 99 High Street, 12th Floor, Boston, Massachusetts  02110,
by telephone at 617-371-3900 or by email at USecm@canaccordgenuity.com.

This press release does not constitute an offer to sell or the
solicitation of offers to buy any securities of the Company, and shall
not constitute an offer, solicitation or sale of any security in any
state or jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.

About Oncolytics Biotech® Inc.
Oncolytics is a Calgary-based biotechnology company focused on the
development of oncolytic viruses as potential cancer therapeutics. 
Oncolytics’ clinical program includes a variety of later-stage,
randomized human trials in various indications using REOLYSIN®, its proprietary formulation of the human reovirus. For further
information about Oncolytics, please visit: www.oncolyticsbiotech.com.

This press release contains forward-looking statements within the
meaning of the U.S. Securities Act of 1933, as amended, and U.S.
Securities Exchange Act of 1934, as amended, and forward-looking
information within the meaning of Canadian securities laws. Statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that Oncolytics
expects or anticipates will or may occur in the future, including such
things as the proposed offering of common shares and the intended use
of proceeds and other such matters are forward-looking statements and
forward-looking information and involve known and unknown risks and
uncertainties, which could cause the Company’s actual results to differ
materially from those in the forward-looking statements and
forward-looking information. Such risks and uncertainties include,
among others, risks related to the market conditions of the offering
and risks related to the Company’s business which may result in the
intended use of proceeds changing. Investors should consult the
Company’s quarterly and annual filings with the Canadian and U.S.
securities commissions for additional information on risks and
uncertainties relating to the forward-looking statement and
forward-looking information. Investors are cautioned against placing
undue reliance on forward-looking statements and forward-looking
information. The Company does not undertake to update these
forward-looking statements and forward-looking information, except as
required by applicable laws.


SOURCE Oncolytics Biotech Inc.