Oncothyreon, the Seattle-based developer of cancer drugs, said today in its quarterly financial report that it had $22.7 million in cash and investments at the end of June, about $3.5 million more than it had at the beginning of the year. Earlier this month, it raised an additional $14 million through a stock offering—which is more than the $12 million total it expects to spend on operations for all of 2009. Oncothyreon (NASDAQ: [[ticker:ONTY]]) has been buoyed lately by clinical trial results that showed patients with lung cancer who took Oncothyreon’s Stimuvax treatment had long-term tumor responses with minimal side effects.
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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