Oncothyreon announces receipt of NASDAQ letter regarding compliance with NASDAQ Global Market listing standards

    SEATTLE, Sept. 17 /CNW/ - On August 20, 2008 Oncothyreon Inc. (Nasdaq:  
ONTY) (TSX: ONY) disclosed that it had received a letter from The Nasdaq Stock
Market indicating that (i) it did not comply with the requirements for
continued listing on The NASDAQ Global Market because it did not meet the
maintenance standard in Marketplace Rule 4450(b)(1)(A) that specifies, among
other things, that the market value of its common stock be at least
$50 million and (ii) in accordance with the Marketplace Rule 4450(e)(4), it
had a 30-calendar-day period in which to regain compliance. On September 16,
2008 Oncothyreon received a Staff Determination Letter from The Nasdaq Stock
Market indicating that it has not regained compliance.
    Oncothyreon intends to request a hearing by a Nasdaq Listing
Qualifications Panel to appeal such determination. Oncothyreon expects the
hearing to take place within four to eight weeks, and its shares will continue
to be listed on The NASDAQ Global Market pending the outcome of the hearing.
    On September 2, 2008 Oncothyreon announced its intention to offer
5,100,000 shares of its common stock. The standards for listing on The NASDAQ
Capital Market provide, among other things, that an issuer maintain
stockholders' equity of at least $2.5 million or minimum market value of
securities of at least $35.0 million. If Oncothyreon generates net proceeds in
excess of $5.0 million, Oncothyreon believes that it will meet the standards
for listing on The NASDAQ Capital Market. If Oncothyreon continues to meet
such standards, it may choose at any time prior to the end of the appeal
process to apply to transfer the listing of its common stock to The NASDAQ
Capital Market, which application would be subject to Nasdaq approval.
    A registration statement relating to Oncothyreon's common stock (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 such
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 such 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 results of our previously announced offering of
common stock, 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, our ability
to adequately obtain and protect our intellectual property rights and our
ability to regain and maintain compliance with NASDAQ listing standards.
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;
ONCOTHYREON INC.: 2601 Fourth Avenue, Suite 500, Seattle, WA, 98121, Tel:
(206) 801-2100, Fax: (206) 801-2101

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