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Oncothyreon announces issuance of patent for PX-867
Date:3/20/2008

BELLEVUE, WA, March 20 /PRNewswire-FirstCall/ - Oncothyreon Inc. (Nasdaq: ONTY) (TSX: ONY) today announced that the U.S. Patent and Trademark office has issued a patent for PX-867, a small molecule compound currently in preclinical development. The newly issued patent, U.S. Patent # 7,335,679, includes claims covering both composition of matter of PX-867 and pharmaceutical preparations containing PX-867.

PX-867 is an inhibitor of the phosphatidylinositol-3-kinase (PI-3-kinase)/PTEN/Akt pathway, the same pathway targeted by Oncothyreon's small molecule compound PX-866, which is expected to enter clinical development in 2008. Signaling through this pathway plays a critical role in the survival of cancer cells, and also contributes to a number of other disease states, including cardiovascular disease and autoimmune disease. The preclinical development for PX-867 has focused on cardiovascular disease. In particular, the compound has demonstrated activity as a coating on intravascular stents in preclinical models of atherosclerotic disease.

"We intend to seek a partner to develop PX-867 in non-oncology indications, particularly in cardiovascular applications, while focusing our internal development efforts on PX-866 in oncology, our core area of expertise," said Robert L. Kirkman, M.D. President and CEO of Oncothyreon. "We expect to file an Investigational New Drug Application for PX-866 in the coming quarter and to initiate a Phase 1 trial soon thereafter."

About Oncothyreon

Oncothyreon is a biotechnology company specializing in the development of innovative therapeutic products for the treatment of cancer. Oncothyreon's goal is to develop and commercialize novel synthetic vaccines and targeted small molecules that have the potential to improve the lives and outcomes of cancer patients. For more information, visit http://www.oncothyreon.com.

Forward Looking Statements

In order to provide Oncothyreon's investors with an understanding of its current intentions and future prospects, this release contains statements that are forward looking, including statements related to filing an IND for PX-866, future clinical development plans for PX-866, and plans to seek a collaboration partner for PX-867. These forward-looking statements represent Oncothyreon's intentions, plans, expectations and beliefs and are based on its management's experience and assessment of historical and future trends and the application of key assumptions relating to future events and circumstances.

Forward-looking statements involve risks and uncertainties, including risks and uncertainties related to Oncothyreon's business and the general economic environment. Many of these risks and uncertainties are beyond Oncothyreon's control. These risks, uncertainties and other factors could cause our actual results to differ materially from those projected in forward-looking statements. Risks, uncertainties, and assumptions include those predicting the timing, duration and results of clinical trials, the timing and results of regulatory reviews, the safety and efficacy of PX-866 and PX-867, and the likelihood of achieving a collaboration agreement for PX-867. There can be no guarantee that the results of preclinical studies will be predictive of either safety or efficacy in future clinical trials. These and other risks and uncertainties are described in the reports and other documents filed by Oncothyreon Inc. with the SEC and/or Canadian regulatory authorities.

Although Oncothyreon believes that any forward-looking statements contained herein are reasonable, it can give no assurance that its expectations are correct. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. For a detailed description of the risks and uncertainties associated with Oncothyreon, you are encouraged to review the official corporate documents filed with the securities regulators in the United States on U.S. EDGAR and in Canada on SEDAR. Oncothyreon is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.


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SOURCE Oncothyreon Inc.
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