By Jennifer Chiou
New York, Aug. 15 - OncoGenex Technologies Inc. said it obtained $12.8 million in an oversubscribed series B2 round of private equity financing.
Investors include Ventures West, H.I.G. Ventures, the Working Opportunity Fund managed by GrowthWorks Capital, Business Development Bank of Canada, WHI Morula Fund, LLC, managed by William Harris Investors and BC Advantage Funds.
Proceeds will go towards the development of the company's clusterin-inhibiting lead compound OGX-011 for cancer and the advancement of OGX-427, which inhibits heat shock protein 27 production, into clinical development.
"This financing will provide OncoGenex with cash to fund operations into 2008," president and chief executive officer Scott Cormack said in a news release.
"The funds will allow us to build a robust data package for OGX-011 that will help to further define the clinical profile of the product in the eyes of oncologists and potential commercial development partners. We also have the opportunity to bolster the value of our oncology portfolio with the clinical development of OGX-427, which has shown in pre-clinical studies that it has the potential to restore sensitivity to standard chemotherapy regimes in both solid and hematologic tumor types."
Based in Vancouver, B.C., OncoGenex is a clinical-stage biotechnology company focused on therapeutics for cancer.
| Issuer: | OncoGenex Technologies Inc.
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| Issue: | Preferred stock
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| Amount: | $12.8 million
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| Round: | Series B2
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| Investors: | Ventures West, H.I.G. Ventures, the Working Opportunity Fund managed by GrowthWorks Capital, Business Development Bank of Canada, WHI Morula Fund, LLC, managed by William Harris Investors, BC Advantage Funds
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| Announcement date: | Aug. 16
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