Onconova Therapeutics, Inc. Announces $11.0 Million Public Offering
November 21 2019 - 11:23AM
Onconova Therapeutics, Inc. (NASDAQ: ONTX) (“Onconova”), 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 priced a public offering of an
aggregate of 55,000,000 shares of Onconova’s common stock (or
common stock equivalents), together with accompanying common stock
warrants, at a public offering price of $0.20 per share and
associated warrant. Each share of common stock (or common stock
equivalent) was sold in the offering together with a common warrant
to purchase one share of common stock at an exercise price of $0.20
per share. The common stock warrants are exercisable immediately
and will expire five years from the date of issuance. The
offering was led by healthcare dedicated funds and included
officers and directors of Onconova.
H.C. Wainwright & Co. is acting as exclusive
placement agent for the offering.
The gross proceeds to Onconova from this offering
are expected to be $11.0 million, before deducting the placement
agent’s fees and other estimated offering expenses payable by
Onconova, assuming none of the warrants to be issued in this
offering are exercised. The offering is expected to close on or
about November 25, 2019, subject to the satisfaction of customary
closing conditions.
Onconova anticipates using the net proceeds from
the offering to fund the development of its clinical and
preclinical programs, for other research and development activities
and for general corporate purposes, which may include capital
expenditures and funding working capital needs.
The securities described above are being offered by
Onconova pursuant to a registration statement (File No. 333-234360)
previously filed with and declared effective by the Securities and
Exchange Commission (the “SEC”) on November 21, 2019. A preliminary
prospectus relating to the securities being offered was filed with
the SEC on November 21, 2019 and is available on the SEC’s website
at http://www.sec.gov. Electronic copies of the final prospectus
relating to the offering may be obtained, when available, by
contacting 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 announcement is neither an offer to
sell, nor a solicitation of an offer to buy, any of these
securities and shall not constitute an offer, solicitation or sale
in any state or jurisdiction in which such offer, solicitation or
sale is unlawful. Any offer, if at all, will be made only by means
of the prospectus forming a part of the effective registration
statement.
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. 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. Onconova has
conducted trials with two other research compounds and has a
pre-clinical program with a CDK4/6 and Ark5 inhibitor, ON 123300.
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 its
products, its collaboration with Knight, 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,
the closing of this offering, the use of proceeds of this offering,
market and other conditions 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.
267-759-3680ir@onconova.us http://www.onconova.com/contact/
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