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Gamehost cancels deal with Oncothyreon

Tue, 03/09/2010 - 4:17am
The Associated Press

Biotechnology drug developer Oncothyreon Inc. said a deal announced last month to sell its interest in Oncothyreon Canada Inc. for about $8.2 million has fallen through.

The Seattle company had agreed to sell two wholly owned subsidiaries to Gamehost Income Fund. But Oncothyreon said Monday Gamehost decided not to continue after determining that proposed changes to an income tax act announced by the Canadian Federal Minister of Finance will hurt Gamehost's benefit from the deal. Gamehost and Oncothyreon both agreed to end the deal.

Oncothyreon said last month it would sell Oncothyreon Canada and another subsidiary for about $8.4 million Canadian.

The Seattle company specializes in developing cancer treatments.

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