RICHMOND, Calif.--Onyx Pharmaceuticals, a genetically oriented drug development company, has sold over 1.4 million shares to two institutional investors at $7.13 per share, raising $10 million. The company said it will use the money to fund ongoing research and development efforts oriented toward cancer treatments.

The lead investor is London-based International Biotechnology Trust, which is managed by Rothschild Bioscience. Another manager is Lombard Odier. As part of the deal Nicole Vitullo, senior vice-president of the Rothschild unit, will become a director of Onyx.