Oncothyreon announces commitments to purchase $11.1 million of company securities in a registered direct financing

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[{"type":"text","content":"\n\n\n\nSEATTLE, May 20 /CNW/ - Oncothyreon Inc. (Nasdaq: ONTY) (TSX: ONY)\nannounced today that it has obtained commitments from several investors to\npurchase approximately 3.88 million shares of its common stock and warrants to\npurchase approximately 2.91 million shares of its common stock for gross\nproceeds of approximately $11.1 million. The investors have agreed to purchase\nthe shares and warrants for $2.85 per unit (each unit consisting of one share\nand a warrant to purchase 0.75 shares of common stock), which price represents\napproximately a 12% discount to the trailing 60-trading day volume weighted\naverage price of $3.23. The exercise price of the warrants will be $3.92 per\nshare. The warrants will be exercisable at any time on or after the six-month\nanniversary and prior to the fifth anniversary of the closing of the\ntransaction. The closing of the offering is expected to take place on May 26,\n2009, subject to satisfaction of customary closing conditions. Oncothyreon\nplans to use the proceeds from this financing for general corporate purposes.\nBoenning & Scattergood, Inc. acted as exclusive placement agent in the\ntransaction.\n\n\nA registration statement relating to these securities (File No.\n333-149837) has been declared effective by the Securities and Exchange\nCommission. This press release shall not constitute an offer to sell or the\nsolicitation of an offer to buy nor, shall there be any sale of these\nsecurities in any jurisdiction in which such an offer, solicitation or sale\nwould be unlawful prior to registration or qualification under the securities\nlaws of any such jurisdiction. Any offer of these securities will be solely by\nmeans of a prospectus included in the registration statement and any\nprospectus supplement that may be issued with respect to such offering. Copies\nof the final prospectus, including the prospectus supplement when filed, can\nbe obtained at the Securities and Exchange Commission's website, www.sec.gov,\nfrom Oncothyreon at its Seattle, Washington address below or Boenning &\nScattergood, Inc. by calling 1-800-883-1212.\n\n\nAbout Oncothyreon\n\n\nOncothyreon is a biotechnology company specializing in the development of\ninnovative therapeutic products for the treatment of cancer.\n\n\n","length":2323,"tagName":"div"}]

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