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Oncothyreon (ONTY) Outperform (1). "ONTY reports earnings on the heels of a tough trading day." Cowen and Company report.

Oncothyreon (ONTY) Outperform (1). "ONTY reports earnings on the heels of a tough trading day." Cowen and Company report.


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  • 1. Biotechnology Oncothyreon Outperform (1) ONTY reports earnings on the heels of a toughMarch 7, 2012 trading dayAnalysts Conclusion: ONTY held its 4Q11/FY2011 earnings call yesterday after marketSimos Simeonidis, Ph.D. close. The call focused on the news of the continuation of the START trial(646) 562-1386simos.simeonidis following the second interim look and provided financial and pipeline updates.@cowen.com  We view "the trial must go on" news as neutral for the stock. ForYatin Suneja more on our view on the impact of the continuation of the START trial, see(646) 562-1388yatin.suneja@cowen.com our report published yesterday morning. Briefly, we view the news that the DMC recommended that the trial must go on to completion as a net neutral for the stock; we dont believe that the fact that the trial was not stopped for efficacy at the 75% mark, precludes a successful outcome at the final analysis. In addition, we remind investors that there were futility and safety analyses in this second interim look, and the fact that the DMC did not recommend that the trial be stopped for either reason looks positive. Finally, we see yesterdays sell-off as a buying opportunity, regardless of any conviction about the final outcome of the trial, even for investors with a short-term, 6-9 month horizon, since we would expect the stock to recover at least some, if not all, of yesterdays losses as we get closer to release of the final data.  Non-Stimuvax pipeline update. ONT-10 will go in the clinic this quarter and the company expects to present data from the monotherapy Phase II trial of PX-866 in GBM at ASCO, while data from the two randomized Phase II trials will be presented in late 2012. The company also guided that they expect to complete enrollment in all 4 Phase II trials of PX-866 in 2012.  4Q11 and FY2011 numbers reported. ONTY spent $6.6M ($4.2M in R&D, $2.4M in SG&A) in 4Q and $25M ($18M in R&D, $7M in SG&A) in 2011. ONTY ended 2011 with $66.4M or ~$1.18/share in cash and guided that cash used in operations in 2012 will be $30M-$33M.ONTY (03/06) $5.07 Revenue $MMMkt cap $263.6MM FY 2011 2012E 2013EDil shares out 52.0MM Dec Actual Prior Current Prior CurrentAvg daily vol 15,252.0K Q1 0.1 — 0.0 — —52-wk range $3.1-11.6 Q2 0.0 — 0.0 — —Dividend Nil Q3 0.0 — 0.0 — —Dividend yield Nil Q4 0.0 20.0 0.0 — —BV/sh $0.64 Year 0.1 20.0 0.0 — 20.0Net cash/sh $1.18 EV/S — — — — 10.3xDebt/cap 0.0%ROA (LTM) NA5-yr fwd EPS NA EPS $growth (Norm) FY 2011 2012E 2013E Dec Actual Prior Current Prior Current Q1 (0.24) (0.14) (0.17) — — Q2 (0.09) (0.16) (0.17) — — Q3 0.22 (0.16) (0.17) — —S&P 500 1343.4 Q4 (0.27) 0.20 (0.19) — — Year (1.12) (0.23) (0.71) — (0.35) CY — (0.22) (0.71) — — P/E — — — — —Please see addendum of this report for important disclosures. www.cowen.com
  • 2. Oncothyreon Company Description Oncothyreon is an oncology-focused biotech company. The company’s lead program, Stimuvax, is a therapeutic cancer vaccine that targets the MUC-1 antigen, and is currently in two Phase III trials in patients with Stage III NSCLC: (1) the 1476-patient START trial (with final data expected in early 2013), and (2) the 420-patient INSPIRE trial conducted in five Asian countries, which is expected to read out around 2014. Oncothyreon is developing Stimuvax via a worldwide partnership with Merck KGaA, and is entitled to milestones and royalties on net sales. Oncothyreons second compound, PX-866, is an oral, irreversible, pan-isoform, small molecule inhibitor of PI3K, developed as mono- and combination therapy in four Phase II trials in a variety of solid tumors. Oncothyreon’s is also developing ONT-10, a next-generation version of Stimuvax, which is currently in preclinical development, with a Phase I planned for 1Q12. Oncothyreon was founded in 1985, is headquartered in Bellevue, WA and has approximately 25 employees.Oncothyreon R&D pipeline Candidate nam e Indication P- C I II III FILING MKT Com m ents Stimuvax NSCLC • Final d ata early 2 0 1 3 ONT- 1 0 Oncology • Phase I trial exp ected to start in 1 Q1 2 PX- 8 6 6 Head & Neck, NSCLC • Comb ination with Taxotere (d ocetaxel) PX- 8 6 6 Head & Neck, CRC • Comb ination with Erb itux (cetuximab ) PX- 8 6 6 Gliob lastoma • Monotherap y trial was initiated b y NCI of Canad a PX- 8 6 6 Chemotherap y naïve Prostate • Monotherap y trial was initiated b y NCI of Canad a PX- 8 6 6 IPF • ONT- 7 0 1 Oncology • Total D rugs in D evelopm ent 3 0 4 1 0 0 Bellevue, WA Investor Relations Contact: Julie Rathbun - 2 0 6 .7 6 9 .9 2 1 9 Source: Oncothyreon, Cowen and CompanyOncothyreon upcoming milestones Milestones Timing Init iat e a Phase I clinical t rial of ONT-10 in solid t umors 1Q12 Dat a from t he Phase II t rials of PX-866 in GBM ASCO 2012 Dat a from t he t wo randomized Phase II t rials of PX-866 EORTC-NIC-AACR 2012 START t rial: Full dat a early 2013 Source: Oncothyreon, Cowen and Company 2 March 7, 2012
  • 3. OncothyreonInvestment ThesisOncothyreon is an oncology-focused biotech with two compounds in the clinic:(1) Stimuvax, an off-the-shelf, therapeutic cancer vaccine that targets MUC-1-expressing cells, in a WW partnership with Merck KGaA, currently in two Phase IIItrials in Stage III NSCLC, with final data expected in early 2013, and(2) PX-866, an oral, irreversible, pan-isoform inhibitor of PI3K, which is being testedas both a monotherapy and in combination with Erbitux and Taxotere in four PhaseII trials in a number of solid tumors, with data expected in mid-2012. The companyplans to initiate clinical development of its third asset, ONT-10, an improved, next-generation version of Stimuvax, in 1Q12.(1) Stimuvax: A therapeutic cancer vaccine for lung cancer with Phase III dataexpected early 2013. Oncothyreon’s lead program, Stimuvax, a therapeutic cancervaccine that targets MUC-1-expressing cells, is being developed via a WWpartnership with Merck KGaA, and has shown a 17.3-month survival benefit in arandomized, controlled Phase IIb trial in Stage IIIb NSCLC patients. Oncothyreon andMerck KGaA are testing Stimuvax in two Phase III trials in patients with Stage IIINSCLC: the 1476-patient START trial (with final data expected in early 2013), and the420-patient INSPIRE trial in an Asian patient population, which we expect to read outaround 2014. If the START trial results in a clinically meaningful overall survivalbenefit, Stimuvax has the potential to become a blockbuster in the NSCLC settingalone; furthermore, given MUC-1s aberrant expression in a number of other cancers,success in NSCLC could translate in a role for Stimuvax in other solid tumor settings.Oncothyreon is entitled to receive up to $90M more in regulatory (filings andapprovals) and sales milestones from Merck KGaA, in addition to royalties on salesranging from the mid-teens (North America) to the high single digits (ROW).(2) PX-866: an oral, irreversible, pan-isoform inhibitor of PI3K, in a broadPhase II development program. With investors’ attention understandably focusedon the Stimuvax, and with the development of Stimuvax being handled by and paidfor by Merck KGaA, Oncothyreon is focusing its efforts on PX-866, an oral,irreversible, pan-isoform inhibitor of PI3K. PX-866 has a promising preclinicalprofile and has shown activity in Phase I data presented at the 2010 ASCO. In late2010, the company started a broad Phase II development program, with four trials ofPX-866 as monotherapy and in combination with Erbitux and Taxotere in a variety ofsolid tumors, with data expected in mid-2012, probably at the 2012 ASCO meeting.Stimuvax and PX-866: we should know the answers about both of theseprograms in the next 9-12 months. In December 2010, the company announcedthat the START trial Data Monitoring Committee (DMC) completed the first interimlook (futility and safety analysis) in the trial, triggered by the occurrence of 50% ofthe events (353), and recommended that the trial continues. In March 2012, the DMCcompleted the second interim look, which was triggered by the occurrence of 75% ofthe events (529), and the DMC recommended that the trial continues untilcompletion, with final results now expected in early 2013. Data from the secondcompound in ONTY’s pipeline, oral PI3K inhibitor, PX-866, are expected at ASCO2012 and in 2H2012. Thus, in the next 9-12 months, we expect to have a steadystream of data read-outs from ONTY, which should provide investors with answersas to whether either compound is a drug or not.Therapeutic cancer vaccines and Phase II oncology: high-risk/high-rewardarenas, even within the volatile small-cap biotech. Therapeutic cancer vaccineMarch 7, 2012 3
  • 4. Oncothyreon development and small molecule oncology are high-risk/high-reward investment arenas, even within the already volatile small-cap biotech space, with significantly more failures than successes in both. In addition, our positive view on Stimuvax’s efficacy and safety is based on a small, albeit promising and prospectively-defined, subset of a Phase IIb trial of 65 patients (35 and 30 in the Stimuvax and control arms, respectively), and a confirmatory Phase I/II trial in 22 patients. Finally, on the PI3K inhibitor program, we believe it is still early days in the development of PX-866, given that we only have Phase I data from this compound and we will not have a better understanding of its potential until we have seen data from the Phase II trials, which will start reading out in mid-2012.Oncothyreon P&L ($MM) ($MM) 2009A 2010A Q1:11A Q2:11A Q3:11A Q4:11A 2011A Q1:12E Q2:12E Q3:12E Q4:12E 2012E 2013E Revenues Royalties on US Net Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Royalties on EU Net Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Royalties on Japan Net Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Royalties on ROW Net Sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total WW Royalties 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Less: Royalties Paid to Univesities on US sales 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Total WW Royalties (Net of royalties on US sales) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Licensing Revenue from Collaborative Agreements 2.1 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 20.0 Total Revenues 2.1 0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 20.0 COGS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Gross margin R&D 6.1 11.2 4.2 4.2 5.4 4.2 17.9 6.1 6.3 6.6 7.6 26.6 32.0 SG&A 6.6 7.8 1.8 1.6 1.1 2.4 6.9 1.6 1.8 2.0 2.2 7.6 9.5 Total Operating expenses 12.9 19.5 6.0 5.8 6.4 6.6 24.8 7.7 8.1 8.6 9.8 34.2 41.5 Operating Income/Loss (10.9) (19.5) (5.9) (5.8) (6.4) (6.6) (24.7) (7.7) (8.1) (8.6) (9.8) (34.2) (21.5) Interest Expense 0.0 0.0 0.1 0.2 0.2 0.2 0.6 0.1 0.1 0.1 0.1 0.5 0.3 Change in Fair Value of Warrant Liability 6.2 (3.0) 1.5 28.0 (16.6) 4.8 17.6 0.0 0.0 0.0 0.0 0.0 0.0 Investment and Other Income/Expense 0.0 0.6 0.3 0.1 (0.1) 0.0 0.3 0.2 0.2 0.2 0.2 0.7 0.7 Pretax income (17.0) (15.8) (7.1) (34.0) 9.9 (11.5) (42.7) (7.7) (8.1) (8.6) (9.8) (34.0) (21.1) Income tax expense 0.2 (0.2) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Tax rate 0% 0% 0% 0% 0% 0% 0% Net Income (Loss) (17.2) (15.6) (7.1) (34.0) 9.9 (11.5) (42.7) (7.7) (8.1) (8.6) (9.8) (34.0) (21.1) GAAP EPS Basic $ (0.76) $ (0.58) $ (0.24) $ (0.91) $ 0.24 $ (0.27) $ (1.12) $ (0.17) $ (0.17) $ (0.17) $ (0.19) $ (0.71) $ (0.35) Diluted $ (0.76) $ (0.58) $ (0.24) $ (0.91) $ 0.22 $ (0.27) $ (1.12) $ (0.17) $ (0.17) $ (0.17) $ (0.19) $ (0.71) $ (0.35) Basic shares 22.7 26.9 30.1 37.4 41.9 43.2 38.2 45.1 47.0 48.9 50.9 48.0 60.4 Diluted shares 26.4 35.0 39.2 50.8 50.3 52.0 48.1 52.5 53.0 53.6 54.1 53.3 63.8 Source: Oncothyreon, Cowen and Company estimates 4 March 7, 2012
  • 5. OncothyreonStimuvax WW NSCLC revenue model US Stimuvax NSCLC Revenue Model 2010E 2011E 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E # of newly-diagnosed lung cancer patients 222,520 224,478 226,454 228,446 230,457 232,485 234,531 236,594 238,676 240,777 242,896 245,033 247,189 Population growth 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% 0.88% % of pts with NSCLC 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% # of NSCLC patients 178,016 179,583 181,163 182,757 184,365 185,988 187,624 189,276 190,941 192,621 194,317 196,027 197,752 % of pts with Stage III NSCLC 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% # of pts with Stage III NSCLC 44,504 44,896 45,291 45,689 46,091 46,497 46,906 47,319 47,735 48,155 48,579 49,007 49,438 % of pts eligible for chemotherapy 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% # of pts eligible for chemotherapy 33,378 33,672 33,968 34,267 34,569 34,873 35,180 35,489 35,801 36,117 36,434 36,755 37,078 % of pts with Stable disease or better 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% # of pts with Stable disease or better 16,689 16,836 16,984 17,133 17,284 17,436 17,590 17,745 17,901 18,058 18,217 18,377 18,539 Stimuvax Penetration 6% 11% 17% 24% 31% 38% 42% 45% 45% # of NSCLC patients treated 1,037 1,918 2,990 4,259 5,549 6,862 7,651 8,270 8,343 Cost of treatment/year $75,000 $76,500 $78,030 $79,591 $81,182 $82,806 $84,462 $86,151 $87,874 % price increase 2% 2% 2% 2% 2% 2% 2% 2% 2% Total US Sales ($MM) $0.0 $0.0 $0.0 $0.0 $77.8 $146.7 $233.3 $339.0 $450.5 $568.2 $646.2 $712.5 $733.1 EU Stimuvax NSCLC Revenue Model 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 # of newly-diagnosed lung cancer patients 387,848 388,235 388,624 389,012 389,401 389,791 390,180 390,571 390,961 391,352 391,743 392,135 392,527 Population growth 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% % of pts with NSCLC 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% # of NSCLC patients 310,278 310,588 310,899 311,210 311,521 311,833 312,144 312,456 312,769 313,082 313,395 313,708 314,022 % of pts with Stage III NSCLC 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% # of pts with Stage III NSCLC 77,570 77,647 77,725 77,802 77,880 77,958 78,036 78,114 78,192 78,270 78,349 78,427 78,505 % of pts eligible for chemotherapy 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% # of pts eligible for chemotherapy 58,177 58,235 58,294 58,352 58,410 58,469 58,527 58,586 58,644 58,703 58,762 58,820 58,879 % of pts with Stable disease or better 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% # of pts with Stable disease or better 29,089 29,118 29,147 29,176 29,205 29,234 29,264 29,293 29,322 29,351 29,381 29,410 29,440 Stimuvax Penetration 5% 9% 14% 19% 25% 30% 34% 36% 36% # of NSCLC patients treated 1,402 2,573 3,980 5,624 7,272 8,923 9,872 10,588 10,598 Cost of treatment/year $56,250 $57,375 $58,523 $59,693 $60,887 $62,105 $63,347 $64,614 $65,906 % price increase 2% 2% 2% 2% 2% 2% 2% 2% 2% Total EU Sales ($MM) $0.0 $0.0 $0.0 $0.0 $78.9 $147.6 $232.9 $335.7 $442.8 $554.1 $625.4 $684.1 $698.5 Japan Stimuvax NSCLC Revenue Model 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 # of newly-diagnosed lung cancer patients 86,161 85,972 85,783 85,594 85,406 85,218 85,030 84,843 84,657 84,470 84,284 84,099 83,914 Population growth -0.22% -0.22% -0.22% -0.22% -0.22% -0.22% -0.22% -0.22% -0.22% -0.22% -0.22% -0.22% -0.22% % of pts with NSCLC 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% # of NSCLC patients 68,929 68,777 68,626 68,475 68,325 68,174 68,024 67,875 67,725 67,576 67,428 67,279 67,131 % of pts with Stage III NSCLC 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% # of pts with Stage III NSCLC 17,232 17,194 17,157 17,119 17,081 17,044 17,006 16,969 16,931 16,894 16,857 16,820 16,783 % of pts eligible for chemotherapy 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% # of pts eligible for chemotherapy 12,924 12,896 12,867 12,839 12,811 12,783 12,755 12,726 12,698 12,671 12,643 12,615 12,587 % of pts with Stable disease or better 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% # of pts with Stable disease or better 6,462 6,448 6,434 6,420 6,405 6,391 6,377 6,363 6,349 6,335 6,321 6,307 6,294 Stimuvax Penetration 5% 9% 14% 19% 25% 30% 34% 36% # of NSCLC patients treated 307 561 865 1,219 1,571 1,922 2,119 2,266 Cost of treatment/year $57,375 $58,523 $59,693 $60,887 $62,105 $63,347 $64,614 $65,906 % price increase 2% 2% 2% 2% 2% 2% 2% 2% Total Japan Sales ($MM) $0.0 $0.0 $0.0 $0.0 $0.0 $17.6 $32.8 $51.7 $74.2 $97.6 $121.7 $136.9 $149.3 ROW Stimuvax NSCLC Revenue Model 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 # of newly-diagnosed lung cancer patients 857,244 858,101 858,959 859,818 860,678 861,539 862,400 863,263 864,126 864,990 865,855 866,721 867,588 Population growth 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% % of pts with NSCLC 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% 80% # of NSCLC patients 685,795 686,481 687,168 687,855 688,543 689,231 689,920 690,610 691,301 691,992 692,684 693,377 694,070 Population growth 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% % of pts with Stage III NSCLC 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% # of pts with Stage III NSCLC 171,449 171,620 171,792 171,964 172,136 172,308 172,480 172,653 172,825 172,998 173,171 173,344 173,518 % of pts eligible for chemotherapy 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% # of pts eligible for chemotherapy 128,587 128,715 128,844 128,973 129,102 129,231 129,360 129,489 129,619 129,749 129,878 130,008 130,138 % of pts with Stable disease or better 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% # of pts with Stable disease or better 64,293 64,358 64,422 64,486 64,551 64,615 64,680 64,745 64,809 64,874 64,939 65,004 65,069 Stimuvax Penetration 2% 4% 6% 8% 11% 13% 15% 16% # of NSCLC patients treated 1,357 2,490 3,852 5,444 7,039 8,637 9,556 10,248 Cost of treatment/year $38,250 $39,015 $39,795 $40,591 $41,403 $42,231 $43,076 $43,937 % price increase 2% 2% 2% 2% 2% 2% 2% Total ROW Sales ($MM) $0.0 $0.0 $0.0 $0.0 $0.0 $51.9 $97.2 $153.3 $221.0 $291.4 $364.7 $411.6 $450.3 Total WW Sales ($MM) $0.0 $0.0 $0.0 $0.0 $156.6 $363.8 $596.2 $879.6 $1,188.5 $1,511.4 $1,758.1 $1,945.1 $2,031.2 Source: Cowen and Company estimates March 7, 2012 5
  • 6. Oncothyreon Addendum STOCKS MENTIONED IN IMPORTANT DISCLOSURESTicker Company NameONTY Oncothyreon ANALYST CERTIFICATIONEach author of this research report hereby certifies that (i) the views expressed in the research report accurately reflecthis or her personal views about any and all of the subject securities or issuers, and (ii) no part of his or her compensationwas, is, or will be related, directly or indirectly, to the specific recommendations or views expressed in this report. IMPORTANT DISCLOSURESCowen and Company, LLC and or its affiliates make a market in the stock of ONTY securities.Cowen and Company, LLC and/or its affiliates managed or co-managed a public offering of ONTY within the past twelvemonths.Cowen and Company, LLC and/or its affiliates received in the past 12 months compensation for investment bankingservices from ONTY.ONTY is or was in the past 12 months a client of Cowen and Company, LLC; during the past 12 months, Cowen andCompany, LLC provided IB services.ONTY has been client(s) of Cowen and Company, LLC in the past 12 months.Cowen and Company, LLC and/or its affiliates expect to receive, or intend to seek, compensation for investment bankingservices in the next 3 months from ONTY.Cowen and Company, LLC compensates research analysts for activities and services intended to benefit the firmsinvestor clients. Individual compensation determinations for research analysts, including the author(s) of this report, arebased on a variety of factors, including the overall profitability of the firm and the total revenue derived from all sources,including revenues from investment banking. Cowen and Company, LLC does not compensate research analysts based onspecific investment banking transactions. DISCLAIMERThis research is for our clients only. Our research is disseminated primarily electronically and, in some cases, in printedform. Research distributed electronically is available simultaneously to all Cowen and Company, LLC clients. Allpublished research, including required disclosures, can be obtained on the Firm’s client website,www.cowenresearch.com.Further information on any of the above securities may be obtained from our offices. This report is published solely forinformation purposes, and is not to be construed as an offer to sell or the solicitation of an offer to buy any security inany state where such an offer or solicitation would be illegal. Other than disclosures relating to Cowen and Company,LLC, the information herein is based on sources we believe to be reliable but is not guaranteed by us and does not purportto be a complete statement or summary of the available data. Any opinions expressed herein are statements of ourjudgment on this date and are subject to change without notice.Notice to UK Investors: This publication is produced by Cowen and Company, LLC, which is regulated in the UnitedStates by FINRA and is disseminated in the United Kingdom by Cowen International Limited ("CIL"). In the United Kingdom,‘Cowen and Company’ is a Trading Name of CIL. It is communicated only to persons of a kind described in Articles 19 and49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. It must not be further transmitted toany other person without the consent of CIL.Copyright, User Agreement and other general information related to this report6 March 7, 2012
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  • 8. Oncothyreon8 March 7, 2012