Oncothyreon announces receipt of notice of non-compliance with market value of listed securities standard for listing on The NASDAQ Global Market

    SEATTLE, Aug. 20 /CNW/ - Oncothyreon Inc. (Nasdaq:   ONTY) (TSX: ONY)
announced today that it received a letter from The Nasdaq Stock Market on
August 14, 2008 indicating that Oncothyreon does not comply with the
requirements for continued listing on The NASDAQ Global Market because it does
not meet the maintenance standard that specifies, among other things, that (i)
the market value of Oncothyreon's common stock be at least $50 million as
required by Marketplace Rule 4450(b)(1)(A) or (ii) total assets and total
revenue be at least $50 million as set forth in Marketplace Rule
4450(b)(1)(B). This notification has no immediate effect on the listing of
Oncothyreon's common stock on The NASDAQ Global Market.
    Oncothyreon may regain compliance with the minimum market value of listed
securities standard if, at anytime prior to September 15, 2008, the market
value of Oncothyreon's common stock is at least $50 million in the aggregate,
or approximately $2.57 per share, for a minimum of ten consecutive business
days (or such longer period of time as may be required by Nasdaq, at its
discretion), based upon 19,492,432 shares outstanding as of August 14, 2008.
    If Oncothyreon fails to regain compliance with The NASDAQ Global Market
listing standards by September 15, 2008, Oncothyreon may appeal Nasdaq's
determination to the Nasdaq Listing Qualifications Panel. This appeal process
may take several weeks, during which time its common stock would continue to
trade on The NASDAQ Global Market.
    In addition, Oncothyreon believes that it currently meets the standards
for listing on The NASDAQ Capital Market, which requires, among others things,
stockholders' equity of at least $2.5 million or minimum market value of
listed securities of at least $35 million. 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.

    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 our ability to regain compliance with the listing
standards of The NASDAQ Global Market or obtain listing on The NASDAQ Capital
Market. 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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