On Aug. 20, 2008, Sonus Pharmaceuticals was acquired by OncoGenex Technologies in a reverse merger transaction worth $10.36 million.

Following the completion of the transaction, OncoGenex Pharmaceuticals planned to implement cost-savings measures to preserve cash while focusing on its highest potential product development programs. As a result of these actions, the Company will incur approximately $1.2 million in charges in the third quarter of 2008, associated with employee severance costs. As of June 30, 2008, on a combined basis, OncoGenex and Sonus had a cash balance of $26 million.

Sonus was founded in 1991 by Steven C. Quay, M.D., Ph.D. in Bothell. The company was focused on the research and development of ultrasound contrast agents and drug delivery systems based on its proprietary liquid emulsions and fluorocarbon chemistry technologies.