OncoGenex Pharmaceuticals, the Bothell, WA-based developer of cancer drugs, said today it has reached agreements to raise $9.5 million from institutional investors through a registered stock offering. The company has agreed to sell 475,000 new shares at $20 apiece. OncoGenex (NASDAQ: [[ticker:OGXI]]) has been a hot commodity with investors since it presented data from a study of 82 men with prostate cancer that showed its drug, OGX-011, was able to help men live a median time of about 7 months longer in combination with chemotherapy than if men got chemotherapy alone. The data was presented at the American Society of Clinical Oncology in late May.
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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