Onconova Therapeutics, Inc. Announces Closing of $11.0 Million Public Offering
November 25 2019 - 9:26AM
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 the closing of its previously announced
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 stock 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,
including Knight Therapeutics Inc., along with officers and
directors of Onconova.
H.C. Wainwright & Co. acted as exclusive placement agent for
the offering.
The gross proceeds to Onconova from this offering are $11.0
million, before deducting the placement agent’s fees and other
estimated offering expenses payable by Onconova, and assuming none
of the warrants issued in this offering are exercised.
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 were 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 prospectus relating
to the securities offered was filed with the SEC on November 25,
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 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, Onconova’s ability to maintain
its Nasdaq listing, the use of proceeds of this offering 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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