SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

Oncolytics Biotech Inc.

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F o          Form 40-F þ

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o          No þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82 -

 

 

Oncolytics Biotech Inc.

NOTES TO FINANCIAL STATEMENTS

September 30, 2006 (unaudited)

6. RECONCILIATION OF CANADIAN GAAP TO US GAAP

The financial statements of the Company are prepared in accordance with Canadian GAAP which, in most respects, conforms to US GAAP. Significant differences between Canadian and US GAAP are as follows:

						Nine				Nine				Three				Three				Cumulative
						Month				Month				Month				Month				from inception
						Period				Period				Period				Period				on April 2,
						Ending				Ending				Ending				Ending				1998 to
						September				September				September				September				September 30,
						30, 2006				30, 2005				30, 2006				30, 2005				2006
		Notes				$				$				$				$				$
Net loss — Canadian GAAP							9,407,419				8,841,272				3,425,169				3,509,503				60,139,961
Amortization of intellectual property			(1	)			(271,125	)			(271,125	)			(90,375	)			(90,375	)			(2,620,875	)
Future income tax recovery			(1	)			—				—				—				—				1,115,000
Net and comprehensive loss — US GAAP							9,136,294				8,570,147				3,334,794				3,419,128				58,634,086
Basic and diluted loss per common share — US GAAP							(0.25	)			(0.26	)			(0.09	)			(0.10	)			—

There are no differences between Canadian GAAP and US GAAP in amounts reported as cash flows from (used in) operating, financing and investing activities.

Balance sheet items in accordance with US GAAP are as follows:

						September 30, 2006								December 31, 2005
						Canadian				US				Canadian				US
		Notes				GAAP				GAAP				GAAP				GAAP
Intellectual property			(1	)			5,063,265				4,069,140				5,110,538				3,845,288
Future income taxes			(1	)			—				—				—				—
Contributed surplus			(1	)			6,707,123				4,207,123				6,413,243				3,913,243
Deficit			(1	)			60,139,961				58,634,086				50,732,542				49,497,792

Oncolytics Biotech Inc.

NOTES TO FINANCIAL STATEMENTS

September 30, 2006 (unaudited)

1.		“Push-Down” Accounting and In Process Research and Development
		Intellectual property of $2,500,000 recorded as a consequence of SYNSORB’s acquisition of the Company’s shares comprises intangible assets related to research and development activities. Under US GAAP, this would not be capitalized on acquisition.
		As a result of removing the $2,500,000 from intellectual property in 1999 for US GAAP purposes, the amortization of the intellectual property, the future income tax recovery, future income tax liability and contributed surplus amounts recorded for Canadian GAAP purposes have been reversed.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.