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ONCOTHYREON ANNOUNCES PRICING OF $14.9 MILLION PRIVATE PLACEMENT
Date:9/24/2010

SEATTLE, WA, Sept. 24 /PRNewswire-FirstCall/ - Oncothyreon Inc. (Nasdaq: ONTY), announced it has entered into a securities purchase agreement in connection with a private placement. Upon the closing of the private placement, Oncothyreon will receive gross proceeds of approximately $14.9 million resulting from the sale of approximately 4.24 million units at a purchase price of $3.50 per unit. The purchase price per unit represents approximately a 7.2% discount to the 30-day trailing volume-weighted average price of Oncothyreon's common stock through September 23, 2010. Each unit consists of one share of Oncothyreon's common stock and a warrant to purchase 0.75 of a share of common stock. The warrants have an exercise price of $4.20 per share and will be exercisable at any time on or after the six-month anniversary of the closing date and prior to the fifth anniversary of the earlier of the date on which the shares underlying the warrants may be freely sold pursuant to a resale registration statement or under Rule 144 promulgated under the Securities Act of 1933. The closing of the private placement is expected to take place on September 28, 2010 and is subject to the satisfaction of customary closing conditions. In connection with the closing, Oncothyreon will enter into a registration rights agreement with the purchasers of the securities issued in the private placement. Oncothyreon plans to use the proceeds from the private placement for general corporate purposes.

JMP Securities LLC acted as the lead placement agent and ROTH Capital Partners, LLC as the co-agent for the private placement transaction.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or
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SOURCE Oncothyreon Inc.
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