Oncothyreon Presents Preclinical Data on Irreversible PI3 Kinase Inhibitor PX-866 at AACR Special Conference

March 1, 2011

SEATTLE, March 1 /PRNewswire-FirstCall/ – Oncothyreon Inc. (Nasdaq: ONTY) today announced
the presentation of preclinical data on PX-866, its irreversible
inhibitor of phosphatidylinositol 3-kinase (PI3K), at the American
Association of Cancer Research (AACR) Special Conference “Targeting
PI3K/mTOR Signaling.”

PX-866 is an oral, small molecule compound designed to inhibit the
activity of PI3K, a component of an important cell survival signaling
pathway. Results presented at the meeting demonstrate that the primary
metabolite of PX-866, 17-OH PX-866, has improved potency compared to
the already potent parent compound against the alpha and beta isoforms
of PI3K, as well as improved potency against forms of PI3K alpha that
contain activating mutations. In addition, the effect of PX-866 and its
metabolite as an irreversible PI3K inhibitor was demonstrated using
biochemical and cellular assays.

“These data demonstrate that the primary metabolite of PX-866 is highly
active against the alpha and beta isoforms of PI3K, which are important
targets for the treatment of solid tumor cancers,” said Scott Peterson,
Ph.D., Vice President, Research & Development at Oncothyreon. “The
promising pharmcodynamic and clinical effects demonstrated at low doses
in Phase 1 evaluation further support the potential for this product
candidate, and we look forward to sharing initial Phase 2 clinical data
from our ongoing trials later this year.”

Oncothyreon is conducting a broad development program of PX-866
including clinical trials evaluating the compound as a single agent and
in combination with other agents in multiple cancer types. Current
trials include a Phase 1/2 trial of PX-866 in combination with
cetuximab (Erbitux®) in patients with progressive metastatic colorectal
carcinoma (CRC) or progressive, recurrent or metastatic squamous cell
carcinoma of the head and neck (SCCHN) and a Phase 1/2 trial of PX-866
in combination with the chemotherapeutic agent docetaxel in patients
with advanced cancers for which docetaxel is considered standard of
care. In addition, the National Institute of Canada Clinical Trials
Group is expected to initiate two Phase 2 trials of PX-866, one in
patients with castration-resistant prostate cancer and the second in
patients with relapsed glioblastoma.

About PX-866

PX-866 is a pan inhibitor of the PI-3K/PTEN/AKT pathway, a critical cell
signaling pathway that is activated in many types of human cancer.
Aberrant activation and regulation of PI-3K is implicated in a large
proportion of human cancers, where it leads to increased proliferation
and inhibition of apoptosis (programmed cell death). Results from a
single-agent Phase 1 open-label, dose escalation study of PX-866 in
patients with advanced metastatic cancer demonstrated that PX-866 was
well tolerated using both an intermittent and continuous (daily) dosing
schedule. Additional data from the Phase 1 trial presented at the
EORTC/NCI/AACR meeting in Berlin on November 18, 2010 demonstrated that
8 of 19 evaluable patients treated with continuous dosing achieved
stable disease as their best response.

About Oncothyreon

Oncothyreon is a biotechnology company specializing in the development
of innovative therapeutic products for the treatment of cancer.
Oncothyreon’s goal is to develop and commercialize novel synthetic
vaccines and targeted small molecules that have the potential to
improve the lives and outcomes of cancer patients. For more
information, visit www.oncothyreon.com.

Forward Looking Statements

In order to provide Oncothyreon’s investors with an understanding of its
current intentions and future prospects, this release contains
statements that are forward looking, including statements related to
future preclinical and clinical development plans for our product
candidates. These forward-looking statements represent Oncothyreon’s
intentions, plans, expectations and beliefs and are based on its
management’s experience and assessment of historical and future trends
and the application of key assumptions relating to future events and

Forward-looking statements involve risks and uncertainties, including
risks and uncertainties related to Oncothyreon’s business and the
general economic environment. Many of these risks and uncertainties are
beyond Oncothyreon’s control. These risks, uncertainties and other
factors could cause our actual results to differ materially from those
projected in forward-looking statements. Risks, uncertainties, and
assumptions include those predicting the timing, duration and results
of clinical trials, the timing and results of regulatory reviews, the
safety and efficacy of our product candidates, and the indications for
which our product candidates might be developed. There can be no
guarantee that the results of preclinical studies or clinical trials
will be predictive of either safety or efficacy in future clinical
trials. These and other risks and uncertainties are described in the
reports and other documents filed by Oncothyreon Inc. with the SEC
and/or Canadian regulatory authorities.

Although Oncothyreon believes that any forward-looking statements
contained herein are reasonable, it can give no assurance that its
expectations are correct. All forward-looking statements are expressly
qualified in their entirety by this cautionary statement. For a
detailed description of the risks and uncertainties associated with
Oncothyreon, you are encouraged to review the official corporate
documents filed with the securities regulators in the United States on
U.S. EDGAR and in Canada on SEDAR. Oncothyreon is under no obligation
to (and expressly disclaims any such obligation to) update or alter its
forward-looking statements whether as a result of new information,
future events, or otherwise.

SOURCE Oncothyreon Inc.

Source: newswire

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