SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Welsh Michael C.

(Last)

(First)

(Middle)

110 - 110TH AVENUE NE

SUITE 685

(Street)

BELLEVUE

98004

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Oncothyreon Inc. [ ONTY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/10/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	12/10/2007		J⁽¹⁾		616	A	⁽²⁾	616	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$36.42	12/10/2007		J⁽¹⁾		833		12/10/2007	02/28/2010	Common Stock	833	$0	833	D
Stock Option (right to buy)	$12.6	12/10/2007		J⁽¹⁾		1,666		12/10/2007	11/01/2010	Common Stock	1,666	$0	1,666	D
Stock Option (right to buy)	$11.16	12/10/2007		J⁽¹⁾		833		12/10/2007	12/04/2010	Common Stock	833	$0	833	D
Stock Option (right to buy)	$10.38	12/10/2007		J⁽¹⁾		289		12/10/2007	03/25/2011	Common Stock	289	$0	289	D
Stock Option (right to buy)	$10.26	12/10/2007		J⁽¹⁾		292		12/10/2007	08/05/2011	Common Stock	292	$0	292	D
Stock Option (right to buy)	$12.9	12/10/2007		J⁽¹⁾		232		12/10/2007	11/03/2011	Common Stock	232	$0	232	D
Stock Option (right to buy)	$11.1	12/10/2007		J⁽¹⁾		1,666		12/10/2007	12/09/2011	Common Stock	1,666	$0	1,666	D
Stock Option (right to buy)	$13.2	12/10/2007		J⁽¹⁾		833		⁽³⁾	01/20/2012	Common Stock	833	$0	833	D
Stock Option (right to buy)	$16.02	12/10/2007		J⁽¹⁾		187		⁽⁴⁾	03/02/2012	Common Stock	187	$0	187	D
Stock Option (right to buy)	$14.4	12/10/2007		J⁽¹⁾		208		⁽⁵⁾	04/07/2012	Common Stock	208	$0	208	D
Stock Option (right to buy)	$9.24	12/10/2007		J⁽¹⁾		324		⁽⁶⁾	08/04/2012	Common Stock	324	$0	324	D
Stock Option (right to buy)	$10.62	12/10/2007		J⁽¹⁾		282		⁽⁷⁾	11/04/2012	Common Stock	282	$0	282	D
Stock Option (right to buy)	$15	12/10/2007		J⁽¹⁾		200		12/10/2007	03/11/2013	Common Stock	200	$0	200	D
Stock Option (right to buy)	$15	12/10/2007		J⁽¹⁾		466		12/10/2007	05/04/2013	Common Stock	466	$0	466	D
Stock Option (right to buy)	$12	12/10/2007		J⁽¹⁾		583		12/10/2007	07/29/2013	Common Stock	583	$0	583	D
Stock Option (right to buy)	$8.64	12/10/2007		J⁽¹⁾		5,833		⁽⁸⁾	11/16/2014	Common Stock	5,833	$0	5,833	D
Restricted Share Units	⁽⁹⁾	12/10/2007		J⁽¹⁾		3,166		⁽¹⁰⁾	⁽¹⁰⁾	Common Stock	3,166	$0	3,166	D
Restricted Share Units	⁽⁹⁾	12/10/2007		J⁽¹⁾		2,388		⁽¹¹⁾	⁽¹¹⁾	Common Stock	2,388	$0	2,388	D
Restricted Share Units	⁽⁹⁾	12/10/2007		J⁽¹⁾		989		⁽¹²⁾	⁽¹²⁾	Common Stock	989	$0	989	D

Explanation of Responses:

1. Pursuant to a plan of arrangement effective on December 10, 2007 (the "Arrangement"), under which Issuer exchanged one (1) share of Issuer Common Stock, $0.0001 par value, for each six (6) Biomira Inc. common shares and assumed Biomira Inc.'s stock option plan and restricted share unit plan.

2. Received in exchange for Biomira Inc. common shares in connection with the Arrangement. On the effective date of the Arrangement, the closing price of Issuer's common stock was $3.52 per share.

3. The option vests in four equal annual installments beginning on January 20, 2004

4. The option vests in four equal annual installments beginning on March 2, 2004

5. The option vests in four equal annual installments beginning on April 7, 2004

6. The option vests in four equal annual installments beginning on August 4, 2004

7. The option vests in four equal annual installments beginning on November 4, 2004

8. The option vests in four equal annual installments beginning on November 16, 2006

9. Each restricted share unit represents a contingent right to receive one (1) share of Issuer's common stock

10. The restricted share units vest fully on December 14, 2010

11. The restricted share units vest fully on December 31, 2011

12. The restricted share units vest fully on May 3, 2012

	Barbara A. Mery, attorney-in-fact on behalf of Michael Welsh	12/12/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.