Oncothyreon Ends June with $22.7M

Luke Timmerman8/12/09

Oncothyreon, the Seattle-based developer of cancer drugs, said today in its quarterly financial report that it had $22.7 million in cash and investments at the end of June, about $3.5 million more than it had at the beginning of the year. Earlier this month, it raised an additional $14 million through a stock offering—which is more than the $12 million total it expects to spend on operations for all of 2009. Oncothyreon (NASDAQ: ONTY) has been buoyed lately by clinical trial results that showed patients with lung cancer who took Oncothyreon’s Stimuvax treatment had long-term tumor responses with minimal side effects.

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.