May 21, 2009 (FinancialWire) — Oncothyreon Inc. (NASDAQ: ONTY) (Current Market Cap: US$56.14 Mil.) said it has obtained commitments from several investors to purchase around 3.88 million shares of its common stock and warrants to purchase around 2.91 million shares of its common stock for gross proceeds of around $11.1 million.

According to the company, the investors have agreed to purchase the shares and warrants for $2.85 per unit, with each unit consisting of one share and a warrant to purchase 0.75 shares of common stock. The price represents a roughly 12% discount to the trailing 60-trading day volume weighted average price of the stock, which is $3.23.

The exercise price of the warrants will be $3.92 per share. The warrants will be exercisable at any time on or after the six-month anniversary and prior to the fifth anniversary of the closing of the transaction. The closing of the offering is scheduled to take place on May 26.

Oncothyreon plans to use the proceeds from this financing for general corporate purposes.

Seattle-based Oncothyreon is a biotechnology company specializing in the development of innovative therapeutic products for the treatment of cancer.

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