EXHIBIT 4.10

AMENDMENT NO. 1

THIS AGREEMENT made the 7th day of March, 2008

BETWEEN:

ONCOLYTICS BIOTECH INC.

(“Oncolytics”)

- and -

MATTHEW COFFEY

(the “Employee”)

WHEREAS Oncolytics and the Employee entered into an Executive Employment Agreement dated the 29th day of May, 2007 (the “Employment Agreement)”

AND WHEREAS the parties wish to amend the Employment Agreement;

NOW THEREFORE the parties agree as follows:

Section 1 –Amendments

The Employment Agreement is hereby amended by replacing Section 3(1) with the following:

“Commencing January 1, 2008, Oncolytics shall pay to the Employee a salary of THREE HUNDRED TWENTY-SIX THOUSAND TWO HUNDRED AND TWENTY-FOUR DOLLARS ($326,224.00) CANADIAN per annum, exclusive of bonuses, benefits and other compensation, payable in equal installments of THIRTEEN THOUSAND FIVE HUNDRED NINETY-TWO DOLLARS AND SIXTY-SEVEN CENTS ($13,592.67) CANADIAN on the 15th and last day of each month.”

Section 2 - Effective Date

(1)	This Amending Agreement shall be effective from and after January 1, 2008.
(2)	In all other respects the parties confirm that the Employment Agreement, as amended, shall remain in full force and effect.

IN WITNESS WHEREOF the parties have executed this Agreement as of the day and year first above written.

ONCOLYTICS BIOTECH INC.

Per:   /s/ Brad Thompson                                                    

Brad Thompson

President & CEO

Per:   /s/ DA Ball                                                                  

Doug Ball

Chief Financial Officer

/s/ Debbie McClusky	/s/ Matthew Coffey
WITNESS	MATTHEW COFFEY

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