Sonus Pharmaceuticals said yesterday that it has raised $16.8 million for drug development through an offering of common stock.

The Bothell-based company, which develops cancer drugs, said it sold 4.65 million shares of stock at $3.77 a share, and was left with $16.8 million in net proceeds after expenses.

The company said the new cash will enable it to hit its goal of starting a final-stage clinical trial for its lead drug candidate, Tocosol Paclitaxel, by the end of September. The company said it also is continuing negotiations with prospective partners on the drug.

CEO resigns, stock falls by almost half

Seattle-based Dwango Wireless, which develops content for mobile phones, said that its chief executive, Rick Hennessey, resigned effective Monday.

The company's stock slid almost 50 percent yesterday to close at 65 cents a share.

The company also released second-quarter results Monday, calling them disappointing.

"We are not satisfied with the financial results," Victor Cohn, Dwango's chairman, said during a conference call.

In the second quarter, the company lost $5.6 million on revenues of $885,000. That was down from the same quarter a year ago when the company lost $2 million on revenues of $177,000.

While the board conducts an executive search, it named Alexander Conrad, current president and chief operating officer, the interim chief executive.

Compiled from Seattle Times business staff and Bloomberg News