Onconova Therapeutics, Inc. Announces $3.4 Million Registered Direct Offering of Common Stock
September 23 2019 - 8:52AM
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 entered into
securities purchase agreements with certain institutional and
accredited investors to purchase an aggregate of 2,136,193 shares
of its common stock, at a purchase price of $1.60 per share in a
registered direct offering for aggregate gross proceeds of
approximately $3.4 million. The offering is expected to close
on or about September 25, 2019, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
Onconova also has agreed that for each share of common stock
purchased in the offering by an investor, a corresponding number of
warrants of Onconova that were issued to such investor in February
2018 and/or April 2018, as applicable, will be amended to have a
reduced exercise price of $1.60 per share and the term of exercise
will be extended to December 31, 2022.
The shares of common stock are being offered by the Company
pursuant to a “shelf” registration statement on Form S-3 (File
No. 333-221684) previously declared effective by the
Securities and Exchange Commission (the “SEC”) on December 28,
2017. The shares of common stock may be offered only by means of a
prospectus supplement that forms a part of the effective
registration statement. A prospectus supplement and the
accompanying prospectus relating to the offering will be filed with
the SEC. Electronic copies of the prospectus supplement and the
accompanying prospectus may be obtained, when available, from H.C.
Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New
York, NY 10022, by calling (646) 975-6996 or by emailing
placements@hcwco.com or at the SEC’s website at
http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities 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 any such 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 the timing and expected closing of the
offering, 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, except as required by law.
General Contact
Avi Oler Onconova Therapeutics, Inc.
267-759-3680ir@onconova.us http://www.onconova.com/contact/
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