Sonus Pharmaceuticals raises $30 million

Sonus Pharmaceuticals of Bothell said Friday it expects to raise $30.6 million through a private placement of stock with a group of institutional investors.

The company said the financing, slated to close May 2, will enable it to continue clinical trials of its Tocosol Paclitaxel treatment for metastatic breast cancer while simultaneously expanding efforts to develop other products.

Sonus will sell the investors approximately 6.1 million shares at $5 per share, a 4 percent discount from Monday's closing price of $5.21. The stock was up 45 cents, more than 8 percent, in mid-day trading after the announcement.

Tocosol, the company's lead product candidate, is a ready-to-use injectable formulation of paclitaxel now in a Phase 3 pivotal trial for metastatic breast cancer.

Sonus had $49 million in cash as of December 31, according to its latest financial statement.