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Oncothyreon Secures $12.5M Loan

Xconomy Seattle — 

Seattle-based Oncothyreon (NASDAQ: ONTY) said today it has secured a $12.5 million loan from GE Capital Healthcare Financial Services. The company drew $5 million from the loan this week, and can receive the rest anytime before Nov. 1, as long as it hits certain milestones. Oncothyreon said it plans to use the money to run mid-stage clinical trials, particularly of PX-866, a drug that blocks the PI3 kinase pathway involved in tumor growth and proliferation.