Oncothyreon announces public common stock offering

    SEATTLE, Sept. 2 /CNW/ - Oncothyreon Inc. (Nasdaq:   ONTY) (TSX: ONY), a
biotechnology company specializing in the development of innovative
therapeutic products for the treatment of cancer, announced today that it
intends to offer 5,100,000 shares of its common stock in a fully-underwritten,
public offering. Oncothyreon expects to begin marketing the offering in the
second week of September. The closing price of Oncothyreon's common stock on
The NASDAQ Global Market on August 29, 2008 was $2.34. The per share offering
price to the public will be determined based on market conditions. Oncothyreon
intends to use the net proceeds from this offering for general corporate
purposes, including research and product development, such as funding
pre-clinical studies and clinical trials and otherwise moving product
candidates towards commercialization. Boenning & Scattergood, Inc. will act as
the book-running manager for 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 preliminary prospectus supplement and accompanying prospectus can be
obtained at the Securities and Exchange Commission's website, www.sec.gov, or
from Oncothyreon at its Seattle, Washington address below.
    Copies of the preliminary prospectus supplement and the accompanying
prospectus related to the offering can also be obtained from Boenning &
Scattergood, Inc. at 4 Tower Bridge 200 Barr Harbor Drive, Suite 300 West
Conshohocken, PA 19428; Tel: (610) 684-5427; Fax: (610) 832-0520; Attn: Joyce

    About Oncothyreon

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

    Forward-Looking Statements

    In order to provide our investors with an understanding of our current
condition and future prospects, this release contains 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
statements related to the offering of securities by us. 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 the
risks associated with the availability and adequacy of financing our financial
condition and results of operations, general economic factors, achievement of
the results we anticipate from our clinical trials with our products and our
ability to adequately obtain and protect our intellectual property rights.
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 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 date hereof.

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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