Onconova Therapeutics, Inc. Announces Closing of $10 Million Registered Direct Offering of Common Stock Priced At-The-Market...
January 03 2020 - 1:27PM
Onconova Therapeutics, Inc. (NASDAQ: ONTX) (“Onconova” or the
“Company”), a Phase 3-stage biopharmaceutical company discovering
and developing novel products to treat cancer, with an initial
focus on myelodysplastic syndromes (MDS), today announced the
closing of its previously announced registered direct offering of
27,662,518 shares of its common stock at a purchase price of
$0.3615 per share, for aggregate gross proceeds of approximately
$10 million in a registered direct offering priced at-the-market
under Nasdaq rules.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
The Company intends to use the net
proceeds from the offering for working capital and general
corporate purposes, including advancing preparations for a planned
New Drug Application (NDA) filing to the FDA for intravenous
rigosertib in second-line higher-risk MDS in 2020, and advancing
preparations for commercialization if the NDA is approved. The
Company surpassed 90% of the required enrollment of the INSPIRE
Trial in November 2019 and anticipates reporting topline data in
the first half of 2020, following full enrollment and reaching the
number of required survival events. With the additional
proceeds from the offering and the proceeds from recent common
stock warrant exercises, the Company believes that it has
sufficient funds for operations beyond the first quarter of
2021.
The shares of common stock described above were
offered and sold by the Company pursuant to a “shelf” registration
statement on Form S-3 (Registration No. 333-221684),
including a base prospectus, previously filed with and declared
effective by the Securities and Exchange Commission (the “SEC”) on
December 28, 2017. The offering of the shares of common stock was
made only by means of a prospectus supplement that forms a part of
the registration statement. A final prospectus supplement and an
accompanying base prospectus relating to the registered direct
offering was filed with the SEC and is available on the SEC's
website located at http://www.sec.gov. Electronic copies of the
prospectus supplement and the accompanying base prospectus may also
be obtained by contacting H.C. Wainwright & Co., LLC at 430
Park Avenue, 3rd Floor, New York, NY 10022, by phone at
646-975-6996 or e-mail at placements@hcwco.com.
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 an initial 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 the
registered direct offering and the intended use of proceeds, as
well as statements relate to Onconova expectations 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.ushttp://www.onconova.com/contact/
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