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Oncothyreon To Sell Stock, Bet Resources on Developing Two Cancer Drugs

Oncothyreon, a Seattle biotech company developing drugs against cancer, said today it is planning to sell 5.1 million more shares of stock in the second week of September to raise cash for its treatments in development. The company (NASDAQ: ONTY) also said it plans to concentrate its resources on developing two cancer drugs, and on manufacturing of Stimuvax. Oncothyreon plans to use the proceeds from the stock offering for clinical trials of PX-478 and PX-866, while it will seek a partner to further develop PX-12.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.

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