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Oncothyreon reports full year and fourth quarter 2007 financial results
Date:3/10/2008

BELLEVUE, WA, March 10 /PRNewswire-FirstCall/ - Oncothyreon Inc. (Nasdaq: ONTY) (TSX: ONY) (the "Company") today reported financial results for the year and quarter ended December 31, 2007. All results are in U.S. dollars and prepared using U.S. GAAP.

Net loss for the year ended December 31, 2007, was $20.3 million or $1.04 per basic and diluted share, compared with $36.4 million, or $2.38 per basic and diluted share in 2006. The substantial decrease in net loss when compared with 2006 primarily reflects the charge of $24.9 million in 2006 related to the acquisition of ProlX Pharmaceuticals, Inc. General and administrative expenses increased by $4.2 million for the year ended December 31, 2007, compared with the year ended December 31, 2006, primarily due to costs associated with the Company's reincorporation into the United States and certain costs associated with a reduction in administrative staff. Revenue from operations for the year ended December 31, 2007, was $3.8 million, compared to $4.0 million in the prior year.

Net loss for the quarter ended December 31, 2007, was $5.2 million or $0.26 per basic and diluted share, compared with $27.1 million or $1.58 per basic and diluted share for the comparable period in 2006. Revenue from operations was $1.9 million, compared to $1.1 million for the same period in 2006. Expenses for the quarter were $7.1 million, compared with $28.7 million for the comparable period in 2006, which included charges of $24.9 million relating to the October 2006 acquisition of ProlX.

As of December 31, 2007, Oncothyreon's cash, cash equivalents and short-term investments were $24.2 million, compared to $28.4 million at the end of 2006, a decrease of $4.2 million, or 14.8 percent. The net d
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