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

nd manufacturing expenses to $23.0 million from $12.6 million, partially offset by a decrease in general and administrative expenses to $9.7 million from $11.8 million. The $10.4 million increase in combined research and development and manufacturing expenses primarily relates to the bulk sale of inventory to Merck KGaA in December 2008, resulting in a significant increase in cost of sales. The $2.0 million decrease in general and administrative expense for 2008 compared to 2007 was primarily attributable to higher legal, accounting and tax advisory fees incurred in 2007 associated with the Company's reincorporation in Delaware.

As of December 31, 2008, Oncothyreon's cash, cash equivalents and short-term investments were $19.2 million, compared to $24.2 million at the end of 2007, a decrease of $5.0 million. The decrease was primarily the result of the use of cash to fund operations, offset by cash received from the license of Stimuvax manufacturing rights and know-how and the sale of inventory to Merck KGaA.

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.

Expenses in 2009 are expected to be substantially less than in 2008, primarily as a result of transferring manufacturing and process development activities for Stimuvax to Merck KGaA and of the previously announced plan to restrict development activities to PX-478 and PX-866. Oncothyreon currently expects cash used in operations in 2009 to be approximately $12 million. As a result, Oncothyreon estimates that the Company's existing cash, together with a milestone payment from Merck KGaA expected at year end, will be sufficient to fund operations for at least the next twelve (12) months.

Conference Call and Webcast

Oncothyreon's management will discuss th
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SOURCE Oncothyreon Inc.
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