Seattle-based Oncothyreon (NASDAQ: [[ticker:ONTY]]) said today it has raised $40 million by selling 10 million new shares at $4 apiece. The underwriters of the deal, Cowen & Co and Wedbush PacGrow Life Sciences, have a 30-day option to purchase more shares, which could bring in another $6 million to the company. Oncothyreon said the cash will be used to support Oncothyreon’s experimental cancer drug PX-866, and ONT-10, an immune-boosting compound for fighting cancer. Stimuvax, its best-known program in the final stage of clinical trials against cancer, is supported through a partnership with Merck KGaA.
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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