Shares of Bothell, Washington-based Sonus Pharmaceuticals surged after the biotech announced that the FDA had approved its design for a Phase III trial of an experimental breast cancer therapy. The study will compare its Tocosol Paclitaxel against Taxol. Before the trial gets fully underway, though, Sonus needs to raise cash for the study.
"Our corporate development efforts are now focused on securing the necessary financial resources to support the study, and these efforts are ongoing on several fronts," said Michael A. Martino, President and CEO of Sonus. "In parallel, we have already begun to study start-up activities for the Phase 3 trial."
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