<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001412067</cik>
        <entityName>Oncothyreon Inc.</entityName>
        <issuerAddress>
            <street1>2601 FOURTH AVENUE</street1>
            <street2>SUITE 500</street2>
            <city>SEATTLE</city>
            <stateOrCountry>WA</stateOrCountry>
            <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
            <zipCode>98121</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(206) 801-2100</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <edgarPreviousNameList>
            <previousName>Biomira CORP</previousName>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2007</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>ROBERT</firstName>
                <middleName>L.</middleName>
                <lastName>KIRKMAN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2601 FOURTH AVENUE</street1>
                <street2>SUITE 500</street2>
                <city>SEATTLE</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98121</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>GARY</firstName>
                <lastName>CHRISTIANSON</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2601 FOURTH AVENUE</street1>
                <street2>SUITE 500</street2>
                <city>SEATTLE</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98121</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>JULIA</firstName>
                <middleName>MARIE</middleName>
                <lastName>EASTLAND</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2601 FOURTH AVENUE</street1>
                <street2>SUITE 500</street2>
                <city>SEATTLE</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98121</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>CHRISTOPHER</firstName>
                <middleName>S.</middleName>
                <lastName>HENNEY</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2601 FOURTH AVENUE</street1>
                <street2>SUITE 500</street2>
                <city>SEATTLE</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98121</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>RICHARD</firstName>
                <middleName>L.</middleName>
                <lastName>JACKSON</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2601 FOURTH AVENUE</street1>
                <street2>SUITE 500</street2>
                <city>SEATTLE</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98121</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>DANIEL</firstName>
                <middleName>K.</middleName>
                <lastName>SPIEGELMAN</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2601 FOURTH AVENUE</street1>
                <street2>SUITE 500</street2>
                <city>SEATTLE</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98121</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>W.</firstName>
                <middleName>VICKERY</middleName>
                <lastName>STOUGHTON</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2601 FOURTH AVENUE</street1>
                <street2>SUITE 500</street2>
                <city>SEATTLE</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98121</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>DOUGLAS</firstName>
                <lastName>WILLIAMS</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>2601 FOURTH AVENUE</street1>
                <street2>SUITE 500</street2>
                <city>SEATTLE</city>
                <stateOrCountry>WA</stateOrCountry>
                <stateOrCountryDescription>WASHINGTON</stateOrCountryDescription>
                <zipCode>98121</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Biotechnology</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>$1,000,001 - $5,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-09-28</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isOptionToAcquireType>true</isOptionToAcquireType>
            <isSecurityToBeAcquiredType>true</isSecurityToBeAcquiredType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>JMP SECURITIES LLC</recipientName>
                <recipientCRDNumber>22208</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>600 MONTGOMERY STREET</street1>
                    <street2>SUITE 1100</street2>
                    <city>SAN FRANCISCO</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>94111</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                    <state>IL</state>
                    <description>ILLINOIS</description>
                    <state>ME</state>
                    <description>MAINE</description>
                    <state>NE</state>
                    <description>NEBRASKA</description>
                    <state>NY</state>
                    <description>NEW YORK</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>ROTH CAPITAL PARTNERS, LLC</recipientName>
                <recipientCRDNumber>15407</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>24 CORPORATE PLAZA</street1>
                    <city>NEWPORT BEACH</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <stateOrCountryDescription>CALIFORNIA</stateOrCountryDescription>
                    <zipCode>92660</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <description>CALIFORNIA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>28342348</totalOfferingAmount>
            <totalAmountSold>14850045</totalAmountSold>
            <totalRemaining>13492303</totalRemaining>
            <clarificationOfResponse>The Issuer sold an aggregate of 4,242,870 units to the investors at a price per unit of $3.50.  Each unit consisted of one share of common stock and a warrant to purchase 0.75 of a share of common stock at an exercise price of $4.24 per share.</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>17</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>891003</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>75000</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The amounts shown above are the total amounts paid to both of the placement agents.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>Proceeds are to be used for general corporate purposes.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Oncothyreon Inc.</issuerName>
                <signatureName>/s/ Robert L. Kirkman</signatureName>
                <nameOfSigner>Robert L. Kirkman</nameOfSigner>
                <signatureTitle>President and Chief Executive Officer</signatureTitle>
                <signatureDate>2010-10-06</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
