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