Oncolytics will get the 180 day delisting extension because they will easily fulfill all of the continued listing requirements and of of the pertinent initial listing requirements of Nasdaq Capital Markets. The only thing they are deficient on is stock price and this is what the extension is there for to help remedy. All Oncolytics has to do is mail Nasdaq a "written notice that it intends to regain compliance with the bid price requirement during the second 180-day compliance period, by effecting a reverse stock split if necessary" and they will get it. See post 24327 on the V2 board for the full details.
Such extension will bring them into the timeframe of October - smack dab in the middle of the expected Canadian Randomized trial completion dates.