Oncolytics Biotech Inc., of San Diego and Calgary, Alberta, said it closed its underwritten public offering, selling 4.61 million common shares and warrants to purchase up to 4.61 million common shares, at 81 cents per share and warrant, for gross proceeds of approximately $3.7 million. Each warrant entitles the holder to purchase one common share, for a period of five years, at an exercise price of 90 cents each. It expects to use the net proceeds for research and development activities and working capital purposes.