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

ecrease reflects operating expenditures of $22.8 million in 2007 offset by $15.8 million in cash received under the Company's collaborative and contract manufacturing agreements. The decrease was also offset by the favorable effect of exchange rate fluctuations on cash and cash equivalents of $1.7 million and short-term investments of $1.9 million.

Financial Guidance

Oncothyreon believes the following financial guidance to be correct as of the date provided. The Company is providing this guidance as a convenience to investors and assumes no obligation to update it.

For 2008, Oncothyreon expects expenses to increase over 2007 as a result of increased manufacturing and process development activities for Stimuvax(R) and more advanced clinical development activity for the Company's small molecule drugs. The Company expects these expenses to be partially offset by increased revenue related to the purchase of Stimuvax clinical supplies by Merck KGaA. As a result, Oncothyreon anticipates that operating cash requirements for 2008 will be between $17 million and $19 million. The Company estimates that it currently has sufficient cash resources to last into the second quarter of 2009.

Business Update

Key achievements for Oncothyreon in 2007 included:

- Initiating a Phase 2 trial of PX-12 in patients with advanced

pancreatic cancer.

- Initiating the START trial, a Phase 3 trial of Stimuvax in patients

with Stage III non-small cell lung cancer, in partnership with

Merck KGaA.

- Successfully manufacturing Stimuvax vaccine and placebo for the START

trial.

- Filing an IND and initiating a Phase 1 trial of PX-478 in patients

with advanced solid tumors or lymphomas.

- Signing amended and restated collaboration and supply agreements with

Merck KGaA for Stimuvax, providing for new, near-term milestones, the

first of which was received
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SOURCE Oncothyreon Inc.
Copyright©2008 PR Newswire.
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