Oncothyreon Announces Proposed Public Offering of Common Stock

Oncothyreon Inc.

today announced its intention to offer, subject to market and other conditions, shares of its common stock in an underwritten public offering. Oncothyreon also expects to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares of common stock offered in the public offering to cover over-allotments, if any. The proceeds of the offering will primarily be used to fund the development of PX-866, Oncothyreon's irreversible pan-isoform PI-3 kinase inhibitor, and ONT-10, Oncothyreon's proprietary follow-on vaccine to Stimuvax. Stimuvax, currently in a Phase 3 pivotal trial, is a vaccine for patients with non-small cell lung cancer and is partnered with Merck KGaA. The offering proceeds may also be used for general corporate purposes.