Oncothyreon announces closing of $11.1 million registered direct financing

SEATTLE, May 27 /PRNewswire-FirstCall/ - Oncothyreon Inc. (Nasdaq: ONTY) (TSX:
ONY) announced today that it closed its previously announced sale of 3,878,993
shares of its common stock and warrants to purchase 2,909,244 shares of its
common stock for gross proceeds of approximately $11.1 million on May 26,
2009. Oncothyreon sold the shares and warrants for $2.85 per unit (each unit
consisting of one share and a warrant to purchase 0.75 shares of common
stock). The exercise price of the warrants is $3.92 per share. The warrants
will be exercisable at any time on or after the six-month anniversary and on
or prior to the fifth anniversary of the closing of the transaction on May 26,
2009. Oncothyreon plans to use the proceeds from this financing for general
corporate purposes. Boenning & Scattergood, Inc. acted as exclusive placement
agent in the transaction.
A registration statement relating to these securities (File # 333-149837) has
been declared effective by the Securities and Exchange Commission. This press
release shall not constitute an offer to sell or the solicitation of an offer
to buy nor, shall there be any sale of these securities in any jurisdiction in
which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. Any offer of these securities will be solely by means of a
prospectus included in the registration statement and any prospectus
supplement that may be issued with respect to such offering. Copies of the
final prospectus, including the prospectus supplement, can be obtained at the
Securities and Exchange Commission's website, www.sec.gov, from Oncothyreon at
its Seattle, Washington address below or Boenning & Scattergood, Inc. by
calling 1-800-883-1212.

About Oncothyreon

Oncothyreon is a biotechnology company specializing in the development of
innovative therapeutic products for the treatment of cancer.

SOURCE Oncothyreon Inc.

Investor and Media Relations Contact: Julie Rathbun, Rathbun Communications,
(206) 769-9219, ir@oncothyreon.com