Seattle-based Oncothyreon (NASDAQ: [[ticker:ONTY]]) said today it has secured a $12.5 million loan from GE Capital Healthcare Financial Services. The company drew $5 million from the loan this week, and can receive the rest anytime before Nov. 1, as long as it hits certain milestones. Oncothyreon said it plans to use the money to run mid-stage clinical trials, particularly of PX-866, a drug that blocks the PI3 kinase pathway involved in tumor growth and proliferation.
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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