OncoGenex Raises $9.5M

7/20/09Follow @xconomy

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: 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.

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