Oncothyreon Tacks On $40M

4/29/11

Seattle-based Oncothyreon (NASDAQ: ONTY) said today it has raised $40 million by selling 10 million new shares at $4 apiece. The underwriters of the deal, Cowen & Co and Wedbush PacGrow Life Sciences, have a 30-day option to purchase more shares, which could bring in another $6 million to the company. Oncothyreon said the cash will be used to support Oncothyreon’s experimental cancer drug PX-866, and ONT-10, an immune-boosting compound for fighting cancer. Stimuvax, its best-known program in the final stage of clinical trials against cancer, is supported through a partnership with Merck KGaA.

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