October 1, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Oncothyreon Inc. (NASDAQ: ONTY) said it has entered into a securities purchase agreement in connection with a private placement. Upon the closing of the private placement, Oncothyreon will receive gross proceeds of around $14.9 million resulting from the sale of around 4.24 million units at a purchase price of $3.50 per unit.

The purchase price per unit represents around a 7.2% discount to the 30-day trailing volume-weighted average price of Oncothyreon's common stock through September 23.

Each unit consists of one share of Oncothyreon's common stock and a warrant to purchase 0.75 of a share of common stock. The warrants have an exercise price of $4.20 per share and will be exercisable at any time on or after the six-month anniversary of the closing date and prior to the fifth anniversary of the earlier of the date on which the shares underlying the warrants may be freely sold.

The closing of the private placement is scheduled to take place on September 28. In connection with the closing, Oncothyreon will enter into a registration rights agreement with the purchasers of the securities issued in the private placement.

Oncothyreon plans to use the proceeds from the private placement for general corporate purposes.

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

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