Oncothyreon announces closing of $11.1 million registered direct financing

    SEATTLE, May 27 /CNW/ - Oncothyreon Inc. (Nasdaq:   ONTY) (TSX: ONY)
announced today that it closed its previously announced sale of 3,878,993
shares of its common stock and warrants to purchase 2,909,244 shares of its
common stock for gross proceeds of approximately $11.1 million on May 26,
2009. Oncothyreon sold the shares and warrants for $2.85 per unit (each unit
consisting of one share and a warrant to purchase 0.75 shares of common
stock). The exercise price of the warrants is $3.92 per share. The warrants
will be exercisable at any time on or after the six-month anniversary and on
or prior to the fifth anniversary of the closing of the transaction on May 26,
2009. Oncothyreon plans to use the proceeds from this financing for general
corporate purposes. Boenning & Scattergood, Inc. acted as exclusive placement
agent in the transaction.
    A registration statement relating to these securities (File No.
333-149837) has been declared effective by the Securities and Exchange
Commission. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor, shall there be any sale of these
securities in any jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. Any offer of these securities will be solely by
means of a prospectus included in the registration statement and any
prospectus supplement that may be issued with respect to such offering. Copies
of the final prospectus, including the prospectus supplement, can be obtained
at the Securities and Exchange Commission's website, www.sec.gov, from
Oncothyreon at its Seattle, Washington address below or Boenning &
Scattergood, Inc. by calling 1-800-883-1212.

    About Oncothyreon

    Oncothyreon is a biotechnology company specializing in the development of
innovative therapeutic products for the treatment of cancer.

For further information:

For further information: Investor and Media Relations Contact: Julie
Rathbun, Rathbun Communications, (206) 769-9219, ir@oncothyreon.com

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