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Oncothyreon finds material weakness in internal control

Oncothyreon said it has determined that restatements are required to previously reported diluted earnings (per share amounts for the quarterly periods ended March 31, 2012, September 30, 2011 and March 31, 2010 as well as the year ended December 31, 2010. The corrections will have no impact on the company’s consolidated balance sheets, net income or loss, basic earnings per share, or the consolidated statements of cash flows or stockholders' equity for any of the above mentioned periods, the company said. The Audit Committee of Oncothyreon's board concluded on August 6 that the financial statements included in certain time periods should no longer be relied upon. As a result of the errors, Oncothyreon determined that a material weakness in its internal control over financial reporting existed as of December 31, 2011 and March 31, 2012 as it relates to the calculation and disclosure of diluted earnings per share. The company will report this material weakness in connection with the amended filings.