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Oncothyreon reports second quarter 2010 financial results
Date:8/5/2010

$1.8 million in the second quarter of 2010 from $1.7 million in the second quarter of 2009, and to $4.6 million for the first six months of 2010 from $3.5 million for the first six months of 2009. The increase in general and administrative expenses for the six month period was primarily the result of legal, accounting and consulting expenses related to regulatory compliance in the first quarter of 2010.

As of June 30, 2010, Oncothyreon's cash, cash equivalents and short-term investments were $22.8 million, compared to $33.2 million as of December 31, 2009. The $10.4 million decrease was attributable to cash used in operations and capital expenditures.

Financial Guidance

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

Expenses in 2010 are expected to be higher when compared to 2009, primarily as a result of the more advanced clinical development of PX-866 and preclinical development activities for ONT-10, as well as the legal, accounting and consulting expenses associated with regulatory compliance in the first quarter of 2010. Oncothyreon currently expects cash used in operations in 2010 to be approximately $19 million. As a result, Oncothyreon estimates that its existing cash will be sufficient to fund operations for at least the next 12 months.

Pipeline Update

Stimuvax - In June, Merck Serono, a division of Merck
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SOURCE Oncothyreon Inc.
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