SEATTLE, WA, April 3, 2012 /PRNewswire/ - Oncothyreon Inc. (NASDAQ: ONTY) today announced that it has closed the previously announced underwritten public offering of 13,512,500 shares of its common stock at a price to the public of $4.00 per share for gross proceeds of approximately $54.1 million. The shares include 1,762,500 shares of common stock sold pursuant to the over-allotment option granted by the Company to the underwriters, which option was exercised in full. The net proceeds from the sale of the shares, after deducting the underwriters' discounts and other estimated offering expenses payable by Oncothyreon, will be approximately $50.3 million. Oncothyreon currently intends to use the net proceeds of the offering to fund the development of PX-866, Oncothyreon's irreversible pan-isoform PI-3 kinase inhibitor, and ONT-10, Oncothyreon's proprietary follow-on vaccine to Stimuvax. Stimuvax, currently in a Phase 3 pivotal trial, is a vaccine for patients with non-small cell lung cancer and is partnered with Merck KGaA. The offering proceeds may also be used for general corporate purposes. Cowen and Company, LLC acted as sole book-running manager for the offering and Stifel, Nicolaus & Company, Incorporated acted as co-manager. Cantor Fitzgerald & Co., Rodman & Renshaw, LLC and Wedbush PacGrow Life Sciences acted as financial advisors to Oncothyreon in connection with the offering. A shelf registration statement (File # 333-178726) relating to these securities was filed on December 23, 2011, as amended on January 10, 2012, and declared effective by the Securities and Exchange Commission on January 10, 2012. A preliminary prospectus supplement related to the offering was filed with the Securities and Exchange Commission on March 28, 2012. The securities may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained, when available, from Cowen and Company, LLC (c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, Phone: 631-274-2806, Fax: 631-254-7140). An electronic copy of the prospectus supplement and accompanying relating to the offering is available on the website of the Securities and Exchange Commission at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of offers to buy any securities of Oncothyreon, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.About Oncothyreon Oncothyreon is a biotechnology company specializing in the development of innovative therapeutic products for the treatment of cancer.