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Oncothyreon announces effectiveness of shelf registration statement
Date:4/9/2008

BELLEVUE, WA, April 9 /PRNewswire-FirstCall/ - Oncothyreon Inc. (Nasdaq: ONTY) (TSX: ONY) announced today that the Securities and Exchange Commission has declared effective Oncothyreon's registration statement on Form S-3 (File # 333-149837). The registration statement allows Oncothyreon to offer and sell from time to time securities with aggregate maximum offering price of up to $50,000,000.

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 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 securities covered by the registration statement 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 any prospectus relating to securities covered by the registration statement can be obtained at the Securities and Exchange Commission's website, http://www.sec.gov when filed, or from Oncothyreon at its Bellevue, Washington address below.

About Oncothyreon

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


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