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

Benzinga · 09/24/2021 09:24
  • Onconova Therapeutics Inc (NASDAQ:ONTX) has priced an underwritten public offering of 5 million shares at $4.20 for gross proceeds of $21 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.