Oncothyreon raises $40M for cancer work

Seattle's Oncothyreon has priced a public offering of 10 million shares of its stock at $4 per share in order to raise $37.4 million after  deducting the underwriters' discounts and other expenses. Underwriters have a 30-day option to purchase up to an additional 15 percent of the shares, which could garner up to $6 million more in funding.

The developer plans to use the funding to finance two development projects. PX-866, a PI-3 Pan-isoform irreversible Kinase inhibitor, is in early- and mid-stage trials for a variety of cancers, and ONT-10, a follow-on vaccine to Stimuvax. The Phase III Stimuvax is a vaccine for patients with non-small cell lung cancer that Oncothyreon is developing with EMD Serono. Early trials of ONT-10 are expected to begin later this year.

- here's Oncothyreon's release

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