OncoGenex Pharmaceuticals of Bothell puts cancer drug placed on fast track

OncoGenex Pharmaceuticals of Bothell said its lead drug candidate, OGX-011, received a fast-track designation from the U.S. Food &Drug Administration as a possible treatment for prostate cancer. OGX-011 is undergoing phase 2 clinical trials against a variety of cancers, and the new designation could speed up the regulatory approval process. In response to the news, OncoGenex’s shares rose 64 percent, or $3.08, to close at $7.90.

Market closes with big gains

Wall Street capped a volatile week with sharp gains Friday as oil prices tumbled and after Federal Reserve Chairman Ben Bernanke said inflation pressures are likely to moderate. The Dow Jones industrial average rose nearly 200 points to 11,628.06, near its highs of the session. Speculation that Lehman Brothers Holdings Inc. could be sold helped buoy the financial sector and the overall market. Analysts warned this week that the investment bank could book large write-downs for bad debt.

Crude oil prices plunge $6 a barrel

Oil prices tumbled more than $6 a barrel Friday — the biggest one-day percentage plunge in nearly four years — after a rebounding dollar and a Russian troop pullback in Georgia sparked another frenzied sell-off. Crude’s nosedive wiped out all the gains from the previous day’s big rally and reaffirmed the belief that high energy prices are still cutting into consumer demand for fossil fuels in the U.S. and overseas. Light, sweet crude for October delivery fell $6.59, or 5.43 percent, to settle at $114.59 a barrel on the New York Mercantile Exchange.

Investors leery of Feddie Mac

Freddie Mac talked to investors this week about possibly buying its stock to raise much-needed capital, but billionaire investor Warren Buffett said he passed on an opportunity to help the troubled mortgage giant. The likelihood Freddie will find willing investors took another hit after Moody’s Investors Service lowered the company’s preferred stock ratings and those of its sister company, Fannie Mae, to near-junk status.

Automakers seek government loans

Automakers plan to urge Congress to support funding up to $50 billion in low-interest loans over three years to help them modernize their assembly plants and develop the next generation of fuel-efficient vehicles. Industry officials said the loans, which are twice the amount authorized in last year’s energy bill, are a top priority when Congress returns next month because of the declining fortunes of Detroit’s big automakers and ever-tightening credit markets.

From Herald staff and news services

More in Herald Business Journal

Best foot forward: Ferndale company to make custom shoes easy

Long specializing in insoles, Superfeet is putting 3-D machines in stores to make customized shoes.

Does a hypersonic US reconnaissance plane already exist?

A Skunk Works executive speaks of the top secret aircraft as if it is already in operation.

Alaska Airlines has selected destinations for new service from Paine Field. (Alaska Airlines)
Alaska Airlines will fly from Everett to 8 West Coast cities

Two destinations that didn’t make the list were Spokane and Hawaii.

Port of Everett CEO Les Reardanz has been called up and will be spending much of the year away from his office. He is going to Afghanistan. (Dan Bates / The Herald)
Port of Everett CEO reporting for duty — in Afghanistan

Les Reardanz has been called to active duty with the Navy for an eight-month deployment.

Boeing opens new $17 million training center in Auburn

Workers and dignitaries marked the grand opening of the facility Monday.

Trump’s company fights efforts to shed the president’s name

“Our homes are worth more without the Trump name.”

Airbus floats shutdown of A380 superjumbo

The aircraft is so big that some airports had to expand runways to accommodate the 550-seat plane.

Why 7-Eleven, inventor of the Slurpee, is going organic

As sales of gas, cigarettes and soda plummet, stores to offer “better-for-you” products.

Make sure you don’t miss the memo for financial freedom

Economic empowerment for low- to moderate-income individuals and families.

Most Read