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Oncothyreon consults with Division of Corporation Finance about accounting for 2008 License Agreement
Date:3/12/2010

COMPANY TO RESTATE EITHER DISCLOSURE OR ACCOUNTING TREATMENT

SEATTLE, WA, March 12 /PRNewswire-FirstCall/ - Oncothyreon Inc. (Nasdaq: ONTY) today announced that it will restate its 2008 financial statements contained in its Annual Report on Form 10-K for the year ended December 31, 2008, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2009 to correct a revenue recognition error in accounting for a license agreement with Merck KGaA signed in December 2008 (the "License Agreement"). The Company is currently discussing the error with the Division of Corporation Finance of the Securities and Exchange Commission, and it is unclear whether the correction of the error will result in a restatement to provide further disclosure about the basis for the Company's accounting, or in a restatement of revenue and deferred revenue, as described in more detail below and in the Form 8-K filed by the Company today.

In light of the error, the Audit Committee of the Company's board of directors on March 8, 2010, following consultation with and upon the recommendation of management, has determined that the Company's 2008 consolidated financial statements and
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SOURCE Oncothyreon Inc.
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