Oncothyreon to begin trading today on NASDAQ and TSX

    BELLEVUE, WA, Dec. 11 /CNW/ - Oncothyreon Inc. (Nasdaq:   ONTY) (TSX:ONY)
today announced that its common stock will begin trading on the Nasdaq Global
Market under the symbol ONTY and on the Toronto Stock Exchange under the
symbol ONY at the opening of trading today. Oncothyreon Inc. is the new name
for the former Biomira Inc., as the result of a plan of arrangement under
which Biomira has moved its jurisdiction of incorporation from Canada to the
state of Delaware in the United States. Shareholders of the former Biomira
received one share of Oncothyreon common stock for each six shares of Biomira
that they held, and the trading price today will reflect this effective
reverse split.
    "Today represents a major milestone in our plan for Oncothyreon to become
a leading developer of innovative therapeutic products in oncology," said
Robert L. Kirkman, M.D. President and Chief Executive Officer of Oncothyreon.
"Oncothyreon begins its new existence with a strong product pipeline of
therapeutic vaccines and targeted small molecules for the treatment of cancer.
We intend to focus on moving this pipeline forward as rapidly as possible,
both through internal efforts and potential partnerships, while we continue to
seek new product opportunities through in-licensing and acquisition."

    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.

    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 relating to the clinical development
of its products and future business plans. 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
    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 speed of clinical development of Oncothyreon's products
and future business plans and the other risks and uncertainties described in
the reports and other documents filed by either Biomira Inc. or 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 by either
Biomira Inc. or Oncothyreon Inc. with the securities regulators in United
States and Canada with the SEC and 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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