Onconova Therapeutics Announces Termination of Proposed Public Offering
September 18 2019 - 10:05AM
Onconova Therapeutics, Inc. (NASDAQ:ONTX), a Phase 3-stage
biopharmaceutical company discovering and developing novel products
to treat cancer, with a focus on myelodysplastic syndromes (MDS)
today announced that it has decided to terminate the public
offering of shares of its common stock with the current bank
previously announced in a preliminary prospectus supplement filed
and supplemented September 13, 2019 and September 17, 2019
respectively. The decision to terminate results from an assessment
by the Company that current equity market conditions are not
conducive for an offering on terms that would be in the best
interests of the Company's shareholders.
The offering was being made pursuant to an
effective shelf registration statement (File No. 333-221684) which
became effective with the Securities and Exchange Commission
on December 28, 2017. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy the
Company's common stock or any other securities, and there shall not
be any offer, solicitation or sale of securities mentioned in this
press release in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such any state or
jurisdiction.
About Onconova Therapeutics, Inc. Onconova
Therapeutics, Inc. is a Phase 3-stage biopharmaceutical company
discovering and developing novel small molecule drug candidates to
treat cancer, with a focus on Myelodysplastic Syndromes
(MDS). Using a proprietary chemistry platform, Onconova has
created a pipeline of targeted agents designed to work against
specific cellular pathways that are important in cancer
cells. Onconova has three product candidates in the clinical
stage and several pre-clinical programs. Advanced clinical
trials with the Company’s lead compound, rigosertib, are aimed at
what the Company believes are unmet medical needs of patients with
MDS. For more information, please visit
http://www.onconova.com.
Forward-Looking Statements Some of the
statements in this release are forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995,
and involve risks and uncertainties. These statements relate to
Onconova expectations regarding the INSPIRE Trial and Onconova’s
other development plans. Onconova has attempted to identify
forward-looking statements by terminology including "believes,"
"estimates," "anticipates," "expects," "plans," "intends," "may,"
"could," "might," "will," "should," "approximately" or other words
that convey uncertainty of future events or outcomes. Although
Onconova believes that the expectations reflected in such
forward-looking statements are reasonable as of the date made,
expectations may prove to have been materially different from the
results expressed or implied by such forward-looking
statements. These statements are only predictions and involve
known and unknown risks, uncertainties, and other factors,
including Onconova's ability to continue as a going concern, the
need for additional financing, the success and timing of Onconova's
clinical trials and regulatory approval of protocols, our
collaborations, and those discussed under the heading "Risk
Factors" in Onconova's most recent Annual Report on Form 10-K and
quarterly reports on Form 10-Q. Any forward-looking
statements contained in this release speak only as of its
date. Onconova undertakes no obligation to update any
forward-looking statements contained in this release to reflect
events or circumstances occurring after its date or to reflect the
occurrence of unanticipated events.
General Contact Avi Oler Onconova
Therapeutics, Inc. 267-759-3680 ir@onconova.us
http://www.onconova.com/contact/
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