Oncothyreon regains compliance with NASDAQ minimum bid listing requirement

    BELLEVUE, WA, Jan. 2 /CNW/ - Oncothyreon Inc. (NASDAQ:   ONTY, TSX:ONY)
today announced that it has received a letter from The Nasdaq Stock Market,
indicating that the Company has regained compliance with the $1.00 per share
minimum closing bid price requirement for continued listing on the Nasdaq
Global Market, pursuant to Nasdaq Marketplace Rule 4450(a)(5). In the letter,
Nasdaq advised the Company that this matter is now closed.

    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.

For further information:

For further information: Investor and Media Relations Contact: Julie
Rathbun, Rathbun Communications, (206) 769-9219, ir@biomira.com

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