OncoGenex Pharmaceuticals (NASDAQ: [[ticker:OGXI]]), the Bothell, WA-based developer of cancer drugs, said today it has raised $50 million through a new securities offering. The company sold a little more than 3.1 million securities units, with each unit made up of one share, and half of a warrant to buy more shares in the future. The price of each unit was $15.75, which is 16 percent lower than yesterday’s closing market price of $18.75. OncoGenex said it expects to net about $46.7 million from the deal after expenses. Stifel Nicholas Weisel was the lead manager on the transaction, while Needham & Company, Rodman & Renshaw, and Wedbush PacGrow Life Sciences served as co-managers.
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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