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OncoGenex Raises $9.5M

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.

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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