EXHIBIT 99-F

# ONCOLYTICS BIOTECH
INC. (the Company)CODE OF ETHICS

This Code of Ethics is applicable
to the Chief Executive Officer, the Chief Financial Officer, the Controller and all
accounting officers performing similar functions.

The Company requires ethical conduct
in the practice of financial management and any and all activities that impact on the
financial results of the Company from all its officers and employees (collectively, the
Financial Officers).

The
Financial Officers hold important roles in corporate governance and financial reporting.
They are uniquely positioned and empowered to ensure that the Companys and its
stockholders, interests are appropriately balanced, protected and preserved. This code
provides principles that these officers must adhere to and advocate. This code is designed
to designed to deter wrongdoing and to promote:

| |  |  | honest
and ethical conduct,  including the ethical  handling of actual or apparent  conflicts of
interest between personal and                   professional relationships;
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| |  |  | full,
fair, accurate, timely, and understandable disclosure in reports and documents that a
company files with, or submits to, the SEC and in other public communications made by the
company;
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| |  |  | compliance
with applicable governmental laws, rules and regulations;
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| |  |  | the
prompt internal reporting of code violations to an appropriate person or persons
identified in the code; and
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| |  |  | accountability
for adherence to the code.
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The
 Financial Officers will:

| |  |  | Act
at all times with honesty, integrity and independence, avoiding actual or apparent
conflicts of interest in personal and professional relationships
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| |  |  | Discuss
with the appropriate level (senior management or board), in advance, any transaction that
reasonably could be expected to give rise to a conflict of interest.
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| |  |  | Provide
full, fair, accurate, complete, objective, and timely financial disclosures in documents
filed or submitted to the Securities and Exchange Commission, any other government agency
or self-regulatory organization, or used in public communications.
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| |  |  | Comply
with the Companys policies and procedures, which includes compliance with all
applicable rules and regulations of applicable
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| | governments,
commissions and exchanges in jurisdictions within which the Company conducts its
activities.
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| |  |  | Act
in good faith with due care, diligence and without knowingly misrepresenting material
facts or allowing my better judgment to be subordinated.
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| |  |  | Protect
and respect the confidentiality of information acquired in the course of my work except
when authorized or otherwise legally obligated to disclose. Confidential information
acquired in the course of my work will not be used for personal advantage.
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| |  |  | Be
recognized as a responsible partner among my colleagues.
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| |  |  | Responsibly
use and control assets and other resources employed or entrusted to my supervision.
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| |  |  | Proactively promote and be an example of ethical behavior as a responsible partner among
peers, in the work environment and the community.
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| |  |  | Promptly report to the Chairman of the Audit Committee any conduct that the individual
believes to be a violation of law or business ethics or any provision of the
Companys Codes of Conduct, including any transaction or relationship that reasonably
could be expected to give rise to such conflict.
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Violations of this Code of Ethics,
including failures to report potential violations by others, will be viewed as a severe
disciplinary matter that may result in personnel action, including termination of
employment. If you believe that a violation of the Code of Ethics has occurred, please
contact the Chairman of the Audit Committee.

It is against the Companys
policy to retaliate against any employee for good faith reporting of violations of this
code.

2

Approved by Resolution
April 23, 2003

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