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Onconova Therapeutics Raises $21M Via Equity At 17% Discount

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  • Onconova Therapeutics Inc (NASDAQ: ONTX) has priced an underwritten public offering of 5 million shares at .20 for gross proceeds of million.

  • The offer price represents an almost 17% discount at the last close price of $5.11 on Thursday.

  • Underwriters have an option to purchase up to an additional 750,000 shares. The offering will close by September 28.

  • Guggenheim Securities is acting as the sole book-running manager.

  • Ladenburg Thalmann & Co Inc and Noble Capital Markets Inc are acting as co-managers for the offering.

  • Onconova will use the proceeds for working capital and general corporate purposes.

  • Related Content: Investors Cheer Onconova's Rigosertib Combo Data In Lung Cancer Setting.

  • In the Q2 earnings release, the Company said that milestones for the remainder of the year include continued progress of ON 123300 trials, expansion of rigosertib investigator-initiated studies program, and potentially acquiring new assets.

  • Price Action: ONTX stock is down 15.70% at $4.32 during the premarket session on the last check Friday.

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