Oncothyreon announces commitments to purchase $15.0 million of company securities in a registered direct financing

    SEATTLE, Aug. 4 /CNW/ - Oncothyreon Inc. (Nasdaq:   ONTY) (TSX: ONY)
announced today that it has obtained commitments from several investors to
purchase approximately 2.28 million shares of its common stock and warrants to
purchase approximately 684,000 shares of its common stock for gross proceeds
of approximately $15.0 million. The investors have agreed to purchase the
shares and warrants for $6.5775 per unit (each unit consisting of one share
and a warrant to purchase 0.30 shares of common stock). The exercise price of
the warrants will be $6.5775 per share. The warrants will be exercisable at
any time on or after the closing date and prior to the second anniversary of
the closing of the transaction. The closing of the offering is expected to
take place on August 7, 2009, subject to satisfaction of customary closing
conditions. Oncothyreon plans to use the proceeds from this financing for
general corporate purposes. Rodman & Renshaw, LLC, a wholly-owned subsidiary
of Rodman & Renshaw Capital Group, Inc. (Nasdaq:  RODM), acted as the exclusive
placement agent for Oncothyreon. Boenning & Scattergood Inc. acted as
financial advisor to Oncothyreon for the offering.
    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 when filed, can
be obtained at the Securities and Exchange Commission's website, www.sec.gov,
from Oncothyreon at its Seattle, Washington address below or Rodman & Renshaw
LLC by calling 212-356-0549.

    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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