Oncothyreon appoints Scott Peterson as Vice President of Research and Development

    SEATTLE, June 15 /CNW/ - Oncothyreon Inc. (Nasdaq:   ONTY) (TSX:ONY) (the
"Company") today announced the appointment of Scott Peterson, Ph.D., as Vice
President, Research and Development at Oncothyreon. In this position, Dr.
Peterson will be responsible for overseeing those pre-clinical and
non-clinical research and development activities that will support the
advancement of the Company's pipeline of oncology product candidates into late
phase clinical trials.
    "Scott brings an extensive background in cancer drug development to his
new role at Oncothyreon," said Robert L. Kirkman, M.D, President and Chief
Executive Officer. "His prior experience in small molecule drug development
includes work with protein kinases that will be especially relevant to PX-866,
our inhibitor of PI-3 kinase for which we recently presented encouraging
preliminary Phase 1 data at the American Society of Clinical Oncology. His
broad knowledge of cancer biology and drug targets will also be helpful in our
ongoing search for new product candidates. We are delighted to have him join
our team."
    "I am very pleased to join Oncothyreon and excited about the opportunity
to contribute to the further development of the Company's intriguing pipeline
of targeted anti-cancer drug candidates," said Dr. Peterson. "I believe
Oncothyreon's diverse pipeline of therapeutic vaccines, such as Stimuvax(R),
and targeted small molecules, including PX-866 and PX-478, create multiple
opportunities for future success. I am looking forward to contributing to that
    Dr. Peterson joins Oncothyreon from Zymogenetics, Inc., Seattle,
Washington, where he has served as Director and Department Head, Oncology
Research, since 2007. In that capacity he has led a group of scientists
engaged in antibody target discovery and drug candidate identification in
oncology. From 1999 until 2007 he held a variety of positions at ICOS
Corporation in Bothell, Washington, most recently as a Principal Scientist in
Oncology Drug Discovery. At ICOS he was involved in both small molecule and
antibody development. Dr. Peterson will assume his new role at Oncothyreon on
August 1, 2009.

    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 future preclinical and
clinical development plans for our product candidates. 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 our
product candidates, and the indications for which our product candidates might
be developed. There can be no guarantee that the results of preclinical
studies or clinical trials 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 authorities.
    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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