Oncolytics Biotech Inc. closed an underwritten public offering of 16,445,000 units priced at 70 Canadian cents per unit for gross proceeds of about C$11.5 million.

The company plans to use net proceeds for expanding partnering activities, executing its clinical development program for metastatic breast cancer and for general corporate purposes.

Canaccord Genuity acted as the sole book runner and sole lead for the offering, while Paradigm Capital Inc. acted as a manager.