Biotech, Mergers, Life Sciences

Sonus Shareholders Approve Merger With OncoGenex

Luke Timmerman 8/20/08

Sonus Pharmaceuticals, (NASDAQ: SNUS) the Bothell, WA-based company that failed in an effort to develop a less toxic form of chemotherapy, said today its shareholders have approved a deal to merge with Vancouver, BC-based OncoGenex Technologies. The new company, to be called OncoGenex Pharmaceuticals, has applied to the Nasdaq to be traded under the symbol OGXI. The combined company board will have three representatives from each company, including Sonus CEO Michael Martino. Sonus shares fell 1 cent to 26 cents at 12:52 p.m. Eastern time after the announcement.