Bothell, WA-based Sonus Pharmaceuticals is merging with Canada's OncoGenex Technologies and will operate under the name OncoGenex Pharmaceuticals. OncoGenex's CEO Scott Cormack will head up the new company.
Sonus has been struggling since September when it pulled the plug on its lead therapy for breast cancer. Since then the company said it has been looking for ways to rebuild shareholder value. A merger with OncoGenex was the best way to do that, CEO Michael Martino said in a release.
The combined company has a strong oncology pipeline with three candidates in various stages of clinical development. Its lead candidate, OGX-011 for prostate cancer, is being evaluated in five Phase II clinical trials.
- see the merger release