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Oncolytics Biotech(R) Inc. Announces Exercise of Underwriters' Over-Allotment Option
Date:12/2/2009

CALGARY, Dec. 2 /PRNewswire-FirstCall/ - Oncolytics Biotech Inc. ("Oncolytics" or the "Company") (TSX:ONC; NASDAQ:ONCY) announced today that in connection with its previously announced unit offering, the underwriters have exercised in full their over-allotment option and purchased an additional 637,500 units. Each unit is comprised of one common share and 0.4 of a common share purchase warrant, and was sold at a price of US$3.00 per unit. Each whole common share purchase warrant entitles the holder to acquire one common share of Oncolytics upon payment of US$3.50 for a five year period ending November 23, 2014, subject to an acceleration of the expiry date in certain circumstances. Oppenheimer & Co. Inc. acted as the sole book-running manager for the offering. Canaccord Capital Corporation and Bloom Burton & Co. acted as Canadian co-managers for the offering.

Together with the units sold on November 23, 2009, the Company has issued an aggregate of 4,887,500 units consisting of 4,887,500 common shares and 1,955,000 common share purchase warrants for total gross proceeds of US$14,662,500.

Oncolytics intends to use the net proceeds from the offering to fund its previously announced Phase III combination REOLYSIN(R) and paclitaxel/carboplatin trial for patients with platinum-failed head and neck cancers, its other clinical development and research and development activities, and for general corporate and working capital purposes.

"Completing this financing further strengthens our balance sheet and will allow us to proceed beyond the 80 patient first stage of enrollment in our Phase III clinical trial, while giving us improved flexibility in reviewing partnering options," said Dr. Brad Thompson, President and CEO of Oncolytics. "After giving effect to this financing, we have in excess of $36 million i
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