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Oncothyreon reports full year and fourth quarter 2008 financial results
Date:3/9/2009

SEATTLE, March 9 /PRNewswire-FirstCall/ - Oncothyreon Inc. (NASDAQ: ONTY) (TSX: ONY) (the "Company") today reported financial results for the year and quarter ended December 31, 2008.

Net income for the year ended December 31, 2008 was $7.1 million, or $0.37 per basic and $0.36 per diluted share, compared with a net loss of $20.3 million, or $1.04 per basic and diluted share, for the year ended December 31, 2007. The change from net loss to net income was the result of an increase in revenue from $3.8 million for the year ended December 31, 2007 to $40.0 million for the year ended December 31, 2008, partially offset by an increase in expenses from $24.1 million to $32.9 million for the comparable periods.

The increase in revenue in 2008 compared to 2007 primarily resulted from an increase in contract manufacturing revenue to $15.6 million from $2.5 million and an increase in licensing revenue to $24.4 million from $0.5 million. Of the $13.1 million increase in contract manufacturing revenue in 2008 compared to 2007, $11.4 million was related to the bulk sale of raw material, work in process and finished goods inventory for Stimuvax(R) to Merck KGaA in December 2008 and the remaining $1.7 million was related to increased sales to Merck KGaA during 2008 compared to 2007 to support the ongoing Phase 3 trial of Stimuvax. The $23.9 million increase in licensing revenue for 2008 relative to 2007 was directly attributable to the license in December 2008 of Oncothyreon's Stimuvax manufacturing rights and know-how to Merck KGaA for a payment of $10.5 million and the recognition of $12.9 million in previously deferred revenue, as Oncothyreon no longer has any performance obligations under the Company's agreement with Merck KGaA.

The increase in expenses in 2008 compared to 2007 primarily resulted from an increase in combined research and development a
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SOURCE Oncothyreon Inc.
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