Oncolytics raises $24M for cancer trial

Canada's Oncolytics, which is developing oncolytic viruses as potential cancer therapeutics, has raised about $24 million through the sale of 5.44 million units of the company's stock for $4.60 each. The underwriters--which include Paradigm Capital, RBC Capital Markets, Canaccord Genuity Corp and Bloom Burton & Co--have an option to purchase another 15 percent at the same price.

The company plans to use the money to fund ongoing Phase III combination Reolysin and paclitaxel/carboplatin trial for patients with platinum-failed head and neck cancers, other clinical development and R&D activities, and for general corporate and working capital purposes, Oncolytics said in a statement.

 - check out Oncolytics' release
- here's the Reuters report