Onconova Therapeutics, Inc. Announces Closing of $28.75 Million Public Offering of Common Stock Including Full Exercise of t...
February 16 2021 - 4:03PM
Onconova Therapeutics, Inc. (NASDAQ: ONTX) (“Onconova”), a
biopharmaceutical company focused on discovering and developing
novel products to treat cancer, today announced the closing of its
previously-announced underwritten public offering. A total of
28,750,000 shares of its common stock were sold, including
3,750,000 shares of common stock following the exercise by the
underwriters of their over-allotment option, at a public offering
price of $1.00 per share. The gross proceeds of the offering to the
Company are $28.75 million, before deducting the underwriting
discounts and commissions and other estimated offering expenses.
Guggenheim Securities is acting as sole
book-running manager. Maxim Group LLC and Noble Capital Markets,
Inc. are acting as co-managers for the offering.
The securities described above were offered by
Onconova pursuant to a shelf registration statement on Form S-3
(File No. 333-237844) which was initially filed by the Company with
the Securities and Exchange Commission (“SEC”) on April 24, 2020,
amended on Form S-3/A that was filed with the SEC on May 15, 2020,
and was declared effective by the SEC on May 18, 2020.
A preliminary prospectus supplement relating to
the offering was filed with the SEC on February 10, 2021 and is
available on the SEC’s website at http://www.sec.gov. A final
prospectus supplement relating to and describing the terms of the
offering was filed with the SEC and is also available on the SEC’s
website at http://www.sec.gov. Copies of the final prospectus
supplement and accompanying prospectus relating to the offering may
be obtained from Guggenheim Securities, LLC, Attention: Equity
Syndicate Department, 330 Madison Avenue, New York, NY 10017, by
telephone at (212) 518-9544, or by email at
GSEquityProspectusDelivery@guggenheimpartners.com.
This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any of the
securities described herein, 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 is a biopharmaceutical
company focused on discovering and developing novel products to
treat cancer. The Company has proprietary targeted anti-cancer
agents designed to disrupt specific cellular pathways that are
important for cancer cell proliferation.
Onconova’s novel, proprietary multi-kinase
inhibitor ON 123300 is currently in a dose-escalation and expansion
Phase 1 trial in China, and a dose-escalation and expansion Phase 1
trial is planned in the U.S. to commence in the first half of 2021.
Onconova’s product candidate oral rigosertib is currently in a
dose-escalation and expansion Phase 1 investigator-initiated study
targeting patients with KRAS+ lung adenocarcinoma in combination
with nivolumab. In addition, Onconova has commenced preclinical
work investigating rigosertib in COVID-19. For more information,
please visit 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’s expectations regarding the
offering, its patents and clinical development plans including
patient enrollment timelines and indications for its product
candidates. 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 the success and timing
of Onconova's clinical trials and regulatory agency and
institutional review board approvals of protocols, Onconova’s
ability to continue as a going concern, the need for additional
financing, Onconova’s collaborations, market 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.
267-759-3680 ir@onconova.us http://www.onconova.com/contact/
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