Wednesday, May 28, 2008

Sonus Pharmaceuticals to Merge with Canadian Firm

Bothell-based Sonus Pharmaceuticals Inc., a biopharmaceutical firm specializing in the development of anti-cancer drugs, announced today that it will merge with Canadian drug research firm OncoGenex Technologies Inc. Sonus said the newly formed company will be called OncoGenex Pharmaceuticals Inc. Scott Cormack, OncoGenex's president and chief executive officer, will lead the new company in an identical capacity. The merger, which has been OKed by both companies' boards, is subject to regulatory and stockholder approval and is expected to close in the next quarter. Sonus said OncoGenex's stock and debenture holders will receive some 37 million shares—half of the company’s outstanding shares—of Sonus common stock. An additional 25 million shares could be awarded if specific performance milestones are met, Sonus added. OncoGenex is currently based in Vancouver, British Columbia. Sonus Pharmaceuticals is headquartered Bothell, Wash.