Oncothyreon Lines Up $20M

7/7/10

Seattle-based Oncothyreon (NASDAQ: ONTY) said today it has secured a line of equity financing in which it may sell as much as $20 million worth of new common stock to Small Cap Biotech Value. Oncothyreon said it will determine the timing and dollar amounts of the stock sales, and it is not obligated to use the new financing vehicle. Oncothyreon was stung earlier this year by an unexpected adverse event that stalled development of Stimuvax, an immune booster for cancer being developed by its partner Merck KGaA, although it received some relief last month when two of the three major Stimuvax trials were given the green light to resume.

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