Seattle-based Oncothyreon (NASDAQ: [[ticker:ONTY]]) said today it has secured a line of equity financing in which it may sell as much as $20 million worth of new common stock to Small Cap Biotech Value. Oncothyreon said it will determine the timing and dollar amounts of the stock sales, and it is not obligated to use the new financing vehicle. Oncothyreon was stung earlier this year by an unexpected adverse event that stalled development of Stimuvax, an immune booster for cancer being developed by its partner Merck KGaA, although it received some relief last month when two of the three major Stimuvax trials were given the green light to resume.
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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