Oncothyreon announces issuance of patent for PX-867

    BELLEVUE, WA, March 20 /CNW/ - Oncothyreon Inc. (Nasdaq:   ONTY) (TSX: ONY)
today announced that the U.S. Patent and Trademark office has issued a patent
for PX-867, a small molecule compound currently in preclinical development.
The newly issued patent, U.S. Patent No. 7,335,679, includes claims covering
both composition of matter of PX-867 and pharmaceutical preparations
containing PX-867.
    PX-867 is an inhibitor of the phosphatidylinositol-3-kinase
(PI-3-kinase)/PTEN/Akt pathway, the same pathway targeted by Oncothyreon's
small molecule compound PX-866, which is expected to enter clinical
development in 2008. Signaling through this pathway plays a critical role in
the survival of cancer cells, and also contributes to a number of other
disease states, including cardiovascular disease and autoimmune disease. The
preclinical development for PX-867 has focused on cardiovascular disease. In
particular, the compound has demonstrated activity as a coating on
intravascular stents in preclinical models of atherosclerotic disease.
    "We intend to seek a partner to develop PX-867 in non-oncology
indications, particularly in cardiovascular applications, while focusing our
internal development efforts on PX-866 in oncology, our core area of
expertise," said Robert L. Kirkman, M.D. President and CEO of Oncothyreon. "We
expect to file an Investigational New Drug Application for PX-866 in the
coming quarter and to initiate a Phase 1 trial soon thereafter."

    About Oncothyreon

    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. For more information, visit www.oncothyreon.com.

    Forward Looking Statements

    In order to provide Oncothyreon's investors with an understanding of its
current intentions and future prospects, this release contains statements that
are forward looking, including statements related to filing an IND for PX-866,
future clinical development plans for PX-866, and plans to seek a
collaboration partner for PX-867. These forward-looking statements represent
Oncothyreon's intentions, plans, expectations and beliefs and are based on its
management's experience and assessment of historical and future trends and the
application of key assumptions relating to future events and circumstances.
    Forward-looking statements involve risks and uncertainties, including
risks and uncertainties related to Oncothyreon's business and the general
economic environment. Many of these risks and uncertainties are beyond
Oncothyreon's control. These risks, uncertainties and other factors could
cause our actual results to differ materially from those projected in
forward-looking statements. Risks, uncertainties, and assumptions include
those predicting the timing, duration and results of clinical trials, the
timing and results of regulatory reviews, the safety and efficacy of PX-866
and PX-867, and the likelihood of achieving a collaboration agreement for
PX-867. There can be no guarantee that the results of preclinical studies will
be predictive of either safety or efficacy in future clinical trials. These
and other risks and uncertainties are described in the reports and other
documents filed by Oncothyreon Inc. with the SEC and/or Canadian regulatory
    Although Oncothyreon believes that any forward-looking statements
contained herein are reasonable, it can give no assurance that its
expectations are correct. All forward-looking statements are expressly
qualified in their entirety by this cautionary statement. For a detailed
description of the risks and uncertainties associated with Oncothyreon, 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 is under no obligation to (and expressly disclaims any such
obligation to) update or alter its forward-looking statements whether as a
result of new information, future events, or otherwise.

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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