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8-K - FORM 8-K - Cascadian Therapeutics, Inc. | v58216e8vk.htm |
EX-10.3 - EX-10.3 - Cascadian Therapeutics, Inc. | v58216exv10w3.htm |
EX-10.1 - EX-10.1 - Cascadian Therapeutics, Inc. | v58216exv10w1.htm |
EX-10.2 - EX-10.2 - Cascadian Therapeutics, Inc. | v58216exv10w2.htm |
Exhibit 99.1
Oncothyreon Secures $12.5 Million Loan Facility
From GE Capital, Healthcare Financial Services
From GE Capital, Healthcare Financial Services
SEATTLE, WASHINGTON February 9, 2011 Oncothyreon Inc. (NASDAQ: ONTY) announced that
it has entered into a $12.5 million secured loan facility from GE Capital, Healthcare Financial
Services. An initial term loan with an aggregate principal amount of $5.0 million was funded
February 8, 2011. The remaining $7.5 million may be drawn at Oncothyreons option at any time
prior to November 1, 2011, subject to the achievement of certain clinical milestones and other
customary conditions.
Oncothyreon intends to use the funds to support clinical development activities, primarily the
Phase 2 trials of PX-866, Oncothyreons irreversible inhibitor of the PI-3 kinase pathway.
Oncothyreon currently anticipates that the loan facility, if fully utilized, together with existing
cash and short term investments, will be sufficient to fund the Companys operations into the
second half of 2012.
This loan facility will provide us with significant financial flexibility to carry out our planned
development of both PX-866 and ONT-10, while we await the results of the START trial of Stimuvax®,
said Robert L. Kirkman, M.D., President and Chief Executive Officer of Oncothyreon. We have
already initiated two of four planned Phase 1/2 and Phase 2 trials of PX-866 and remain on track to
file an Investigational New Drug application for ONT-10 in the second half of the year.
START is a randomized, controlled trial of Stimuvax, a therapeutic vaccine targeting the
tumor-associated antigen MUC1, in patients with Stage III non-small cell lung cancer. The trial,
initiated in early 2007, is being conducted by Merck KGaA and affiliates under an exclusive license
agreement with Oncothyreon.
The initial term loan accrues interest at a rate of 10.57% per year and has a term of 42 months.
During the first nine months of the initial term loan, Oncothyreon is required to pay interest
only. Oncothyreon may prepay the initial term loan without penalty at any time during the
nine-month interest only period. In connection with funding of the initial $5.0 million term loan,
Oncothyreon issued warrants to purchase 48,701 shares of Oncothyreon common stock with an exercise
price of $3.08 per share.
About Oncothyreon
Oncothyreon is a biotechnology company specializing in the development of innovative therapeutic
products for the treatment of cancer. Oncothyreons goal is to develop and commercialize novel
synthetic vaccines and targeted small molecules that have the
potential to improve the lives and outcomes of cancer patients. For more information, visit
www.oncothyreon.com.
About GE Capital, Healthcare Financial Services
With over $17 billion invested, GE Capital, Healthcare Financial Services is a premier provider of
capital and services to the healthcare industry, with investments in more than 30 sub-sectors
including senior housing, hospitals, pharmaceuticals, and medical devices.
The Life Science Finance team has worked with more than 500 companies throughout the United States,
Canada and Europe. With a dedicated focus on assisting life science companies large and small, from
the first venture round to post-IPO, the team has provided over $2.5 billion in financing to the
market. For more information, visit www.gecapital.com/healthcare.
Forward-Looking Statements
In order to provide Oncothyreons investors with an understanding of our current intentions and
future prospects, this release may contain statements that are forward-looking. Any statements
contained in this press release that are not statements of historical fact may be deemed to be
forward-looking statements. Words such as believes, anticipates, plans, expects, will,
intends, potential, possible and similar expressions are intended to identify forward-looking
statements. These forward-looking statements include our expectations regarding future expenses,
clinical development activities, the timing of clinical trial results and the use and adequacy of
cash resources.
Forward-looking statements involve risks and uncertainties related to our business and the general
economic environment, many beyond our control. These risks, uncertainties and other factors could
cause our actual results to differ materially from those projected in forward-looking statements,
including the risks associated with the costs and expenses of developing our product candidates,
the adequacy of financing and cash reserves on hand, changes in general accounting policies,
general economic factors, achievement of the results we anticipate from clinical trials with our
products and our ability to adequately obtain and protect our intellectual property rights.
Although we believe that the forward-looking statements contained herein are reasonable, we can
give no assurance that our expectations are correct. All forward-looking statements are expressly
qualified in their entirety by this cautionary statement. For a detailed description of our risks
and uncertainties, you are encouraged to review the official corporate documents filed with the
securities regulators in the United States on U.S. EDGAR and in Canada on SEDAR. Oncothyreon does
not undertake any obligation to publicly update its forward-looking statements based on events or
circumstances after the date hereof.
Additional Information
Additional information relating to Oncothyreon can be found on U.S. EDGAR at www.sec.gov and on
SEDAR at www.sedar.com.
Investor and Media Relations Contact:
Julie Rathbun
Rathbun Communications
206-769-9219
ir@oncothyreon.com
Julie Rathbun
Rathbun Communications
206-769-9219
ir@oncothyreon.com
ONCOTHYREON INC. 2601 Fourth Avenue, Suite 500, Seattle, WA 98121
Tel: (206) 801-2100 Fax: (206) 801-2101
http://www.oncothyreon.com
Tel: (206) 801-2100 Fax: (206) 801-2101
http://www.oncothyreon.com