Cancer researcher OncoGenex Pharmaceuticals Inc. (NASDAQ:OGXI) plans to raise $50 million on the market to fund further development of its lead therapy Custirsen.
The company, which is headquartered in Washington but has an office in Vancouver, said the money would also be used to develop OGX-427, a therapy currently in clinical development as a treatment for prostate and bladder cancer.
The company wants to commercialize new cancer therapies that fight treatment resistance in patients.
Custirsen, also known as OGX-011, inhibits the body’s production of clusterin, a protein that resists some cancer treatments.
OncoGenex plains to raise the money through a public offering that would see it sell one share of common stock and one-half of one warrant at a purchase price of $15.75.
At press time, the company’s stock was down nearly 14% to $16.15.
Business in Vancouver last reported on OncoGenex in April when it was announced the company would receive BIOTECanada's Gold Leaf Award for biotech company of the year (See “OncoGenex to get biotech award ” – BIV Business Today, April 9).