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Oncothyreon Raises $11M

Oncothyreon, the Seattle-based developer of cancer drugs, said today it has received commitments from several investors to buy new shares and warrants for $11.1 million. The deal, underwritten by Boenning & Scattergood, is expected to close May 26. Oncothyreon (NASDAQ: ONTY) has been diversifying its pipeline toward an emphasis on cancer drugs, and has seen renewed interest from investors in its cancer immunotherapy program since Seattle-based Dendreon has has success in that field.

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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