SEATTLE, April 28 /CNW/ - Oncothyreon Inc. (NASDAQ: ONTY) today
announced its intention to offer, subject to market and other
conditions, shares of its common stock in an underwritten public
offering. Oncothyreon also expects to grant the underwriters a 30-day
option to purchase up to an additional 15 percent of the shares of
common stock offered in the public offering to cover over-allotments,
if any. The proceeds of the offering will primarily be used to fund the
development of PX-866, Oncothyreon's PI-3 Pan-isoform irreversible
Kinase inhibitor, and ONT-10, Oncothyreon's proprietary follow-on
vaccine to Stimuvax. Stimuvax, currently in a Phase 3 pivotal trial,
is a vaccine for patients with non-small cell lung cancer and is
partnered with Merck KGaA. The offering proceeds may also be used for
general corporate purposes.
Cowen and Company, LLC is acting as the sole book-running manager for
the offering, and Wedbush PacGrow Life Sciences is acting as
Oncothyreon intends to offer and sell these securities pursuant to its
existing shelf registration statement (File No. 333-173227) filed with
the Securities and Exchange Commission on April 1, 2011, which was
declared effective on April 8, 2011. A prospectus supplement describing
the terms of the offering will be filed with the Securities and
Exchange Commission and will form a part of the effective registration
statement. Copies of the prospectus supplement and accompanying
prospectus relating to the offering may be obtained, when available,
from Cowen and Company, LLC (c/o Broadridge Financial Services, 1155
Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department,
Phone: 631-274-2806, Fax: 631-254-7140). An electronic copy of the
prospectus supplement and accompanying relating to the offering is
available on the website of the Securities and Exchange Commission at www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of offers to buy any securities of Oncothyreon, and shall
not constitute an offer, solicitation or sale of any security in any
state or jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
Oncothyreon is a biotechnology company specializing in the development
of innovative therapeutic products for the treatment of cancer.
Oncothyreon's goal is to develop and commercialize novel synthetic
vaccines and targeted small molecules that have the potential to
improve the lives and outcomes of cancer patients.
In order to provide Oncothyreon's investors with an understanding of our
current intentions and future prospects, this release may contain
statements that are forward-looking. Any statements contained in this
press release that are not statements of historical fact may be deemed
to be forward-looking statements. Words such as "believes,"
"anticipates," "plans," "expects," "will," "intends," "potential,"
"possible" and similar expressions are intended to identify
forward-looking statements. These forward-looking statements include
our expectations regarding future expenses, clinical development
activities, the timing of clinical trial results and the use and
adequacy of cash resources.
Forward-looking statements involve risks and uncertainties related to
our business and the general economic environment, many beyond our
control. These risks, uncertainties and other factors could cause our
actual results to differ materially from those projected in
forward-looking statements, including market risk, the risks associated
with the costs and expenses of developing our product candidates, the
adequacy of financing and cash reserves on hand, changes in general
accounting policies, general economic factors, achievement of the
results we anticipate from clinical trials with our products and our
ability to adequately obtain and protect our intellectual property
Although we believe that the forward-looking statements contained herein
are reasonable, we can give no assurance that our expectations are
correct. All forward-looking statements are expressly qualified in
their entirety by this cautionary statement. For a detailed
description of our risks and uncertainties, you are encouraged to
review the official corporate documents filed with the securities
regulators in the United States on U.S. EDGAR and in Canada on SEDAR.
Oncothyreon does not undertake any obligation to publicly update its
forward-looking statements based on events or circumstances after the
Additional information relating to Oncothyreon can be found on U.S.
EDGAR at www.sec.gov and on SEDAR at www.sedar.com.
SOURCE Oncothyreon Inc.
For further information:
Investor and Media Relations Contact:
ONCOTHYREON INC. 2601 Fourth Avenue, Suite 500, Seattle, WA 98121
Tel: (206) 801-2100 Fax: (206) 801-2101