Oncothyreon, a Seattle biotech company developing drugs against cancer, said today it is planning to sell 5.1 million more shares of stock in the second week of September to raise cash for its treatments in development. The company (NASDAQ: [[ticker:ONTY]]) also said it plans to concentrate its resources on developing two cancer drugs, and on manufacturing of Stimuvax. Oncothyreon plans to use the proceeds from the stock offering for clinical trials of PX-478 and PX-866, while it will seek a partner to further develop PX-12.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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