November 18, 2009 (FinancialWire) — Oncolytics Biotech Inc. (NASDAQ: ONCY) is undertaking an overnight marketed offering of units, each comprised of one common share and a portion of a common share purchase warrant to be effected in each of the Canadian provinces of British Columbia, Alberta, Manitoba and Ontario.

The number of units to be distributed and the price of each unit, and the exercise price of each whole common share purchase warrant, will be determined in the context of the market with final terms to be determined at the time of pricing.

Oppenheimer & Co. Inc. is acting as the sole bookrunning manager. The company will grant the underwriters an over-allotment option to purchase additional common shares and/or warrants in an amount up to 15% of the number of common shares and warrants underlying the units sold pursuant to the offering at the same price as in the offering, exercisable at any time up to 30 days from the closing of the offering.

Oncolytics plans to use the net proceeds from the offering to fund its previously announced Phase III combination REOLYSIN and paclitaxel/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.

Canada-based Oncolytics Biotech is a biotechnology company focused on the development of oncolytic viruses as potential cancer therapeutics.

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