Oncothyreon To Sell Stock, Bet Resources on Developing Two Cancer Drugs
Luke Timmerman9/2/08
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 Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.
