Mr. Michael Moore reports

ONCOLYTICS BIOTECH CLOSES USD $8.9 MILLION PUBLIC OFFERING OF COMMON SHARES

Oncolytics Biotech Inc. has closed its previously announced underwritten public offering of 1,532,278 common shares, including 160,065 common shares pursuant to the exercise of the underwriters' option to purchase additional common shares. The shares were sold at a public offering price of $5.83 (U.S.) per share. The gross offering proceeds to the company from this offering are approximately $8.9-million (U.S.), before deducting underwriting discounts and commissions and other estimated offering expenses.

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

The offering was made pursuant to a U.S. registration statement on Form F-10, declared effective by the U.S. Securities and Exchange Commission (SEC) on May 7, 2018, and the company's existing Canadian short form base shelf prospectus dated May 4, 2018. The prospectus supplements relating to the offering have been 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 are available free of charge by visiting the company's profile on SEDAR or the SEC's website. Alternatively, copies of the prospectus supplements are available upon request by contacting 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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