July 8, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Oncothyreon Inc. (NASDAQ: ONTY) said that it has secured a committed equity financing facility under which it may sell up to $20 million of its shares of common stock to Small Cap Biotech Value, Ltd. over a 24-month period.

Oncothyreon said it is not obligated to use the facility and remains free to enter into and consummate other equity and debt financing transactions. The company plans to use the proceeds from future sales of securities under the facility, if any, for general corporate purposes.

Under the deal, Oncothyreon may not issue more than 5,150,680 shares in connection with the facility (including the shares issuable to the investor as consideration for its commitment to enter into the purchase agreement).

In addition, as consideration for the investor's commitment to purchase shares under the facility, Oncothyreon agreed to issue to the investor 59,921 of its shares of common stock.

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

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