Oncolytics Biotech® Inc. Announces Closing Of Common Share Offering

CALGARY, Feb. 25, 2013 /PRNewswire/ - Oncolytics Biotech Inc. ("Oncolytics") (TSX:ONC; NASDAQ:ONCY) announced today that it has closed its previously announced underwritten public offering of 8.0 million common shares, at a public offering price of US$4.00 per common share.  The aggregate gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses payable by Oncolytics, were approximately US$32.0 million.

The offering was conducted by Piper Jaffray & Co. and Wedbush PacGrow Life Sciences acting as joint book-running managers for the offering in the U.S. and Paradigm Capital Inc. acting as co-manager in the U.S. and book-running manager in Canada.

The Company has granted to the underwriters participating in the offering a 30-day option to purchase up to an additional 1.2 million common shares to cover over-allotments, if any.

Oncolytics intends to use the net proceeds from the offering to fund its clinical trial program, manufacturing program and for general corporate and working capital purposes.

The common shares were offered in each of the Canadian provinces of British Columbia, Alberta, Manitoba and Ontario by way of a prospectus supplement to the Company's base shelf short form prospectus and in the United States pursuant to a prospectus supplement to the Company's effective shelf registration statement on Form F-10 (333-182260) previously filed with the United States Securities and Exchange Commission. 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:

Piper Jaffray & Co. 800 Nicollet Mall, J12S03, Minneapolis, MN 55402 Email: [e-mail] Telephone: [phone]

Wedbush Securities Inc. One Bush Street, 17th floor, San Francisco, CA 94104, Attn:  SF Prospectus Department Phone: [phone] Fax: [phone]

Before you invest, you should read the prospectus supplement and accompanying prospectus, the registration statement, and the other documents that the Company has filed with the Securities and Exchange Commission for more complete information about the Company and this offering.

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