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Oncolytics Biotech(R) Inc. Announces Terms of Unit Offering
Date:11/18/2009

l/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.

The transaction is expected to close on or about November 25, 2009, subject to satisfaction of customary closing conditions, including the receipt of all necessary regulatory and stock exchange approvals.

The securities are being offered in each of the Canadian provinces of British Columbia, Alberta, Manitoba and Ontario by way of a prospectus supplement to Oncolytics' base shelf short form prospectus and in the United States pursuant to a prospectus supplement to Oncolytics' effective Form F-10 shelf registration statement (File # 333-151513) previously filed with the United States Securities and Exchange Commission on June 6, 2008, as amended on June 17, 2008, pursuant to the United States Securities Act of 1933, as amended. Copies of the prospectus supplement and accompanying base prospectus relating to the offering may be obtained from the Securities and Exchange Commission website at http://www.sec.gov, from the System for Electronic Document Analysis and Retrieval (SEDAR) website at http://www.sedar.com or from the underwriters at:

    Oppenheimer & Co. Inc.
    Attention: Syndicate Prospectus Department
    300 Madison Avenue, 5th Floor
    New York, NY, 10017
    Telephone number: (212) 667-8563
    Email: EquityProspectus@opco.com

    Canaccord Adams Inc.
    Attention: Ron Sedran
    Brookfield Place
    161 Bay Street, Suite 3000
    Toronto, Ontario, Canada
    M5J 2S1
    Telephone number (416) 869-3198
    Email: ron.
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SOURCE Oncolytics Biotech Inc.
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