FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

BVF PARTNERS L P/IL 		2. Issuer Name and Ticker or Trading Symbol

Oncothyreon Inc. [ ONTY ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
_____ Officer (give title below)      __ X __ Other (specify below)
See Explanation of Responses
(Last)          (First)          (Middle)

C/O GROSVENOR CAPITAL MANAGEMENT LP, 900 N. MICHIGAN AVE., SUITE 1100 		3. Date of Earliest Transaction (MM/DD/YYYY)

7/16/2014
(Street)

CHICAGO, IL 60611
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

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

___ Form filed by One Reporting Person
_ X _ 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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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)
Code V Amount (A) or (D) Price
Common Stock, $0.0001 par value   (1) 7/16/2014     J (3)    296008   D $3.2400   4512523   I   (2) By Biotechnology Value Fund, L.P.  
Common Stock, $0.0001 par value   (1) 7/16/2014     J (5)    258230   D $3.2400   2412290   I   (4) By Biotechnology Value Fund II, L.P.  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants   (6) $5   7/16/2014     J   (3)       407136    12/5/2013   12/5/2018   Common Stock, $0.0001 par value   407136   $1.59   2288698   I   (2) By Biotechnology Value Fund, L.P.  
Warrants   (6) $5   7/16/2014     J   (5)       242814    12/5/2013   12/5/2018   Common Stock, $0.0001 par value   242814   $1.59   1223484   I   (4) By Biotechnology Value Fund II, L.P.  

Explanation of Responses:
( 1)  This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert. (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group that no longer owns more than 10% of the Issuer's outstanding shares of Common Stock pursuant to Rule 16a-1(a)(1). Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.
( 2)  Represents securities owned directly by BVF. As the general partner of BVF, Partners may be deemed to beneficially own the securities owned directly by BVF. As the investment adviser and general partner of Partners, BVF Inc., may be deemed to beneficially own the securities owned directly by BVF. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF.
( 3)  Represents an internal transfer of securities from BVF to a fund which Partners serves as an investment adviser to, but lacks a pecuniaryinterest therein.
( 4)  Represents securities owned directly by BVF2. As the general partner of BVF2, Partners may be deemed to beneficially own the securities owned directly by BVF2. As the investment adviser and general partner of Partners, BVF Inc., may be deemed to beneficially own the securities owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF2.
( 5)  Represents an internal transfer of securities from BVF2 to a fund which Partners serves as an investment adviser to, but lacks a pecuniaryinterest therein.
( 6)  The Warrants contain a "blocker" provision which restricts exercise of any portion of the Warrants to the extent that after giving effect to such exercise, the Reporting Persons would beneficially own in excess of 9.999% of the shares of Common Stock outstanding immediately after giving effect to such exercise, subject to increase or decrease to the ownership limitation as set forth in the Warrants, but in no event in excess of 19.999% of the shares of Common Stock outstanding.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
BVF PARTNERS L P/IL
C/O GROSVENOR CAPITAL MANAGEMENT LP
900 N. MICHIGAN AVE., SUITE 1100
CHICAGO, IL 60611


See Explanation of Responses
BIOTECHNOLOGY VALUE FUND L P
C/O GROSVENOR CAPITAL MANAGEMENT LP
900 N. MICHIGAN AVE., SUITE 1100
CHICAGO, IL 60611


See Explanation of Responses
BIOTECHNOLOGY VALUE FUND II LP
C/O GROSVENOR CAPITAL MANAGEMENT LP
900 N. MICHIGAN AVE., SUITE 1100
CHICAGO, IL 60611


See Explanation of Responses
BVF INC/IL
C/O GROSVENOR CAPITAL MANAGEMENT LP
900 N. MICHIGAN AVE., SUITE 1100
CHICAGO, IL 60611


See Explanation of Responses
LAMPERT MARK N
ONE SANSOME STREET, 30TH FLOOR
SAN FRANCISCO, CA 94104


See Explanation of Responses

Signatures
BVF Partners L.P., By: BVF Inc., its GP, By: /s/ Mark N. Lampert, President 7/16/2014
** Signature of Reporting Person Date

BIOTECHNOLOGY VALUE FUND, L.P. By: BVF Partners L.P., its GP, By: BVF Inc., By: /s/ Mark N. Lampert, President 7/16/2014
** Signature of Reporting Person Date

BIOTECHNOLOGY VALUE FUND II, L.P., By: BVF Partners L.P., its GP, By: BVF Inc., By: /s/ Mark N. Lampert, President 7/16/2014
** Signature of Reporting Person Date

BVF INC., By: /s/ Mark N. Lampert, President 7/16/2014
** Signature of Reporting Person Date

Mark N. Lampert, By: /s/ Mark N. Lampert 7/16/2014
** 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 control number.
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