OncoGenex Raises $50M

OncoGenex Pharmaceuticals (NASDAQ: OGXI), the Bothell, WA-based developer of cancer drugs, said today it has raised $50 million through a new securities offering. The company sold a little more than 3.1 million securities units, with each unit made up of one share, and half of a warrant to buy more shares in the future. The price of each unit was $15.75, which is 16 percent lower than yesterday’s closing market price of $18.75. OncoGenex said it expects to net about $46.7 million from the deal after expenses. Stifel Nicholas Weisel was the lead manager on the transaction, while Needham & Company, Rodman & Renshaw, and Wedbush PacGrow Life Sciences served as co-managers.

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