Oncothyreon plans convertible preferred, common stock offerings

By Rebecca Melvin

New York, Feb. 5 – Oncothyreon Inc. announced that it intends to price convertible preferred stock and common stock in concurrent public offerings.

Jefferies LLC is bookrunner of the series B convertible preferred shares.

Details on deal size, pricing and timing weren’t immediately available.

Proceeds will be used to fund development of its therapeutic products including ONT-380, ONT-10, its small molecule Chk1 program and its protocell technology as well as for general corporate purposes, including other discovery or preclinical research and product development.

A portion of proceeds will be used to acquire or license new product candidates or technology that could result in other product candidates.

Oncothyreon priced $20 million of series A convertible preferred stock, or 10,000 shares at $2,000 each, in a private offering in September.

Oncothyreon is a Seattle-based biotechnology company.

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