On August 16, 2019 Oncolytics Biotech Inc. (NASDAQ:ONCY)(TSX:ONC) (the "Company"), currently developing pelareorep, an intravenously delivered immuno-oncolytic virus, reported the closing of its previously announced underwritten public offering (the "Offering") (Press release, Oncolytics Biotech, AUG 16, 2019, View Source [SID1234538818]). Oncolytics sold 4,619,773 common shares and warrants to purchase up to 4,619,773 common shares, at a purchase price of USD $0.81 (approximately CDN $1.07) per share and warrant, for gross proceeds of approximately USD $3.7 million (approximately CDN $4.9 million). Oncolytics expects to use the net proceeds from the Offering for research and development activities and working capital purposes.

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Each warrant entitles the holder thereof to purchase one common share, for a period of 5 years following the closing date of the Offering, at an exercise price of USD $0.90 per common share.

Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (LTS), 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 United States Securities and Exchange Commission (the "SEC") on May 7, 2018 (the "Registration Statement"), and the Company’s existing Canadian short form base shelf prospectus (the "Base Shelf Prospectus") dated May 4, 2018. The prospectus supplements relating to the Offering (together with the Base Shelf Prospectus and the Registration Statement, the "Offering Documents") have been filed with the Alberta Securities Commission in Canada, and with the SEC in the United States. No common shares or warrants were offered or sold to Canadian purchasers. The Offering Documents contain important detailed information about the securities 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 for free by visiting the Company’s profiles on the SEDAR website maintained by the Canadian Securities Administrators at www.sedar.com or the SEC’s website at www.sec.gov. Alternatively, when available, copies of the final prospectus supplement can also be obtained from Ladenburg Thalmann & Co. Inc., Attn: Prospectus Department, 277 Park Avenue, 26th Floor, New York, New York 10172 or by email at [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.