Onconova Therapeutics, Inc. Announces Pricing of $21 Million Public Offering of Common Stock
24 September 2021 - 2:00PM
Onconova Therapeutics, Inc. (NASDAQ: ONTX) (“Onconova”), a
biopharmaceutical company focused on discovering and developing
novel products to treat cancer, today announced the pricing of an
underwritten public offering of 5,000,000 shares of its common
stock at a public offering price of $4.20 per share. The gross
proceeds of the offering to the Company are expected to be $21
million, before deducting the underwriting discounts and
commissions and other estimated offering expenses. In addition,
Onconova granted the underwriters a thirty-day option to purchase
up to an additional 750,000 shares of common stock at the public
offering price, less underwriting discounts and commissions.
The closing of the offering is expected to occur
on or about September 28, 2021, subject to the satisfaction of
customary closing conditions.
Guggenheim Securities is acting as sole
book-running manager. Ladenburg Thalmann & Co. Inc. and Noble
Capital Markets, Inc. are acting as co-managers for the
offering.
The securities described above are being 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 (the “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 September 23, 2021 and is
available on the SEC’s website at http://www.sec.gov. The final
prospectus supplement relating to and describing the terms of the
offering will be filed with the SEC and also will be available on
the SEC’s website. Before investing in the offering, you should
read each of the prospectus supplement and the accompanying
prospectus relating to the offering in their entirety as well as
the other documents that the Company has filed with the SEC that
are incorporated by reference in the prospectus supplement and the
accompanying prospectus relating to the offering, which provide
more information about the Company and the offering. Copies of the
final prospectus supplement, when available, 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 or 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 clinical-stage
biopharmaceutical company focused on discovering and developing
novel products for patients with 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 being evaluated in two separate and
complementary Phase 1 dose-escalation and expansion studies. These
trials are currently underway in the United States and China.
Onconova’s product candidate rigosertib is being
studied in an investigator-initiated study program, including in a
dose-escalation and expansion Phase 1/2a investigator-initiated
study with oral rigosertib in combination with nivolumab for
patients with KRAS+ non-small cell lung cancer.
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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