Mr. Michael Moore reports

ONCOLYTICS BIOTECH ANNOUNCES PUBLIC OFFERING OF COMMON SHARES

Oncolytics Biotech Inc. has commenced a registered underwritten public offering of its common shares in the United States.

Oncolytics has applied to list its common shares on the Nasdaq Capital Market under the symbol ONCY and expects its common shares to commence trading on the Nasdaq Capital Market upon pricing of the offering.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., is acting as the sole book-running manager in connection with the offering.

Oncolytics expects to grant the underwriter a 30-day option to purchase additional shares to cover overallotments, if any.

The offering is subject to market conditions, as well as Nasdaq and Toronto Stock Exchange approvals, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering. The company intends to use the net proceeds of the offering for research and development activities and working capital purposes.

The offering is being made pursuant to a U.S. registration statement on Form F-10, declared effective by the U.S. Securities and Exchange Commission on May 7, 2018, and the company's existing Canadian short-form base-shelf prospectus dated April 25, 2018. The prospectus supplements relating to the offering will be filed with the Alberta Securities Commission in Canada, and with the SEC in the United States. No common shares will be offered or sold to Canadian purchasers. The offering documents will contain important detailed information about the securities being offered. Before you invest, you should read the offering documents and the other documents the company has filed with the SEC for more complete information about the company and the offering. Copies of the offering documents will be available at no charge by visiting the company's profiles on the SEDAR website maintained by the Canadian Securities Administrators or the SEC's website. Alternatively, when available, copies of the prospectus supplement can also be obtained from Ladenburg Thalmann & Co., attention: prospectus department, 277 Park Ave., 26th floor, New York, N.Y., 10172, by calling 212-409-2000.

About Oncolytics Biotech Inc.

Oncolytics is a biotechnology company developing Reolysin, also known as pelareorep, an intravenously delivered immuno-oncolytic virus. Oncolytics is currently planning its first registration study in metastatic breast cancer, as well as studies in combination with checkpoint inhibitors and targeted and IMiD therapies in solid and hematological malignancies.

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