Onconova Therapeutics, Inc. Announces $8.7 Million Public Offering
January 07 2021 - 9:40AM
Onconova Therapeutics, Inc. (NASDAQ: ONTX) (“Onconova”), a
biopharmaceutical company focused on discovering and developing
novel products to treat cancer, today announced that it has entered
into a definitive purchase agreement with certain institutional
accredited investors to purchase in a registered direct offering
19,550,562 shares of its common stock at a purchase price of $0.445
per share.
Participating investors include Lincoln Park Capital, and Sio
Capital.
The gross proceeds to Onconova from this offering are expected
to be $8.7 million. The offering is expected to close on or about
January 11, 2021, subject to the satisfaction of customary closing
conditions.
Onconova anticipates using the net proceeds from the offering
for working capital and general corporate purposes.
The securities are being offered by Onconova pursuant to a
“shelf” registration statement on Form S-3 that was filed and
declared effective by the Securities and Exchange Commission
(“SEC”) and the base prospectus contained therein (File No.
333-237844). The offering of the securities will be made only by
means of a prospectus. A prospectus supplement and accompanying
base prospectus relating to the securities being offered will be
filed with the SEC. Copies of the final prospectus supplement and
accompanying base prospectus may be obtained, when available, on
the SEC’s website at http://www.sec.gov or by contacting Onconova
Therapeutics, Inc., Inc., 375 Pheasant Run Newtown, PA 18940,
Attention: Avi Oler, by phone at 267-759-3680 or email at
ir@onconova.us.
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 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. Preclinical work with rigosertib in COVID-19 is ongoing
as well. Although some preclinical experiments with rigosertib in
cellular models demonstrated marked inhibition of SARS-CoV-2
replication, we do not anticipate conducting clinical trials with
rigosertib in COVID-19 without securing additional funding. 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 registered direct
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.
Contact information
Company Contact:Avi OlerOnconova Therapeutics,
Inc.267-759-3680ir@onconova.ushttp://www.onconova.com/contact/
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