Oncothyreon Cleared To Raise Cash (ONTY)

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Oncothyreon Inc. (NASDAQ: ONTY), a therapeutic cancer treatment biotech firm, announced today that the SEC has made their filing for periodic offering of up to $50,000,000 in securities effective. The offering was filed March 20 and will allow them to offer from time to time any combination of common stock, debt securities, warrants, preferred stock, and depository shares. The proceeds will be used to fund clinical trials, finance capital expenditures, or for general working capital uses. Also on March 20, they were issued a patent for PX-867, a small molecule compound in the pre-clinical development stages for cancer and cardiovascular treatments.

Shares have hardly reacted to the news, and are flat today at $2.78 on somewhat light trading for a very thin volume stock. The 52-week range is $1.47 to $8.82.

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Rachel Lopez
April 9, 2008