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Oncternal Therapeutics Increased Previously Announced Bought Deal to $4.5M Due to Strong Demand; 2.14M Shares Priced @$2.10/Share

Oncternal Therapeutics, Inc.

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Oncternal Therapeutics, Inc. (NASDAQ:ONCT) announced that due to demand, the underwriter has agreed to increase the size of the previously announced offering and purchase on a firm commitment basis 2,142,858 shares of common stock of the Company, at a price to the public of $2.10 per share, less underwriting discounts and commissions. The closing of the offering is expected to occur on or about September 1, 2020, subject to satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the sole book-running manager for the offering. The Company also has granted to the underwriter a 30-day option to purchase up to an additional 321,428 shares of common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds to Oncternal, before deducting underwriting discounts and commissions and offering expenses and assuming no exercise of the underwriter's option to purchase additional common stock, are expected to be approximately $4.5 million. The Company intends to use the net proceeds from this offering for general corporate purposes, including expenses related to the clinical and preclinical development of cirmtuzumab and TK216, preclinical development of its ROR1 CAR-T program, and for working capital.