Seattle biotechnology company Oncothyreon said it raised gross proceeds of $54.1 million through a stock offering that sold about 13. 5 million shares. Net...

Seattle biotechnology company Oncothyreon said it raised gross proceeds of $54.1 million through a stock offering that sold about 13.5 million shares.

Net proceeds will be about $50.3 million after deducting underwriters’s discounts and other costs, said the company, which will use the funds for continue developing two drug candidates.