Oncothyreon Announces Proposed Public Offering of Common Stock
Oncothyreon Inc. (NASDAQ: ONTY) today announced its intention to offer, subject to market and other conditions, shares of its common stock in an underwritten public offering. Oncothyreon also expects to grant the underwriters a 30-day option to purchase up to an additional 15 percent of the shares of common stock offered in the public offering to cover over-allotments, if any.
The proceeds of the offering will primarily be used to fund the development of PX-866, Oncothyreon's irreversible pan-isoform PI-3 kinase inhibitor, and ONT-10, Oncothyreon's proprietary follow-on vaccine to Stimuvax. Stimuvax, currently in a Phase 3 pivotal trial, is a vaccine for patients with non-small cell lung cancer and is partnered with Merck KGaA. The offering proceeds may also be used for general corporate purposes.
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