Onconova Closes Oversubscribed Rights Offering with Gross Proceeds of $17.4 Million
01 8월 2016 - 9:01PM
Onconova Therapeutics, Inc. (NASDAQ:ONTX) (“Onconova” or the
“Company”), a Phase 3 clinical-stage biopharmaceutical company
focused on discovering and developing novel products to treat
cancer, today announced the closing of its oversubscribed rights
offering (“Rights Offering”) for aggregate gross proceeds to the
Company of approximately $17.4 million, which is the maximum amount
allowable under the terms of this Rights Offering.
Although the number of units able to be sold was
capped at a maximum of 4,256,186 units (or approximately $17.4
million in gross proceeds), there was a total demand for
approximately 4.9 million units in the Rights Offering. As a
result, offering participants who exercised their oversubscription
privilege were allocated units in excess of their basic
subscription rights on a pro-rata basis, according to the formulas
described in the offering prospectus relating to the Rights
Offering.
Onconova sold an aggregate of 4,256,186 units
consisting of a total of 3,599,786 shares of common stock,
pre-funded warrants to purchase an additional 656,400 shares of
common stock at an exercise price of $0.01 per share, and 3,192,022
tradable warrants, with each tradable warrant exercisable for a
period of five years for one share of common stock at an exercise
price of $4.92 per share. The shares of common stock and
warrants issuable in the Rights Offering are expected to be
distributed to applicable offering participants through the
Company’s transfer agent or through the clearing systems of the
Depository Trust Company, commencing Monday, August 1, 2016.
The warrants are anticipated to commence trading on The
NASDAQ Stock Market under the symbol “ONTXW” on Wednesday, August
3, 2016.
Maxim Group LLC acted as sole DealerManager for
the Rights Offering.
If you have questions about the Offering, please
contact Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174,
Attention Syndicate Department, email:
syndicate@maximgrp.com or telephone 2128953745.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor will there be any sale of these securities in any state or
other 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 Phase 3
clinical-stage biopharmaceutical company focused on discovering and
developing novel products to treat cancer. Onconova’s clinical and
pre-clinical stage drug development candidates are derived from its
extensive chemical library and are designed to work against
specific cellular pathways that are important in cancer cells,
while causing minimal damage to normal cells. In addition to
rigosertib, the Company’s most advanced product candidate, two
other candidates are clinical stage, and several candidates are in
pre-clinical stages. For more information, please visit
http://www.onconova.com
Safe Harbor
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, which involve risks and
uncertainties. These statements relate to future events or Onconova
Therapeutics, Inc.’s future operations, clinical development of
Onconova’s product candidates and presentation of data with respect
thereto, regulatory approvals, expectations regarding the
sufficiency of Onconova’s cash and other resources to fund
operating expenses and capital expenditures, Onconova’s anticipated
milestones and future expectations and plans and prospects.
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.
Onconova has attempted to identify forward-looking statements by
terminology including “believes,” “estimates,” “anticipates,”
“expects,” “plans,” “intends,” “may,” “could,” “might,” “should,”
“approximately” or other words that convey uncertainty of future
events or outcomes. These statements are only predictions and
involve known and unknown risks, uncertainties, and other factors,
including Onconova’s need for additional financing and current
plans and future needs to scale back operations if adequate
financing is not obtained, the success and timing of Onconova’s
clinical trials and regulatory approval of protocols, 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. You should however review additional disclosures we make in
our registration statement on Form S-1 for this Offering that has
been filed with the Securities and Exchange Commission.
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:
Onconova Therapeutics
Benjamin Hoffman, 267-759-3036
bhoffman@onconova.us
Onconova Therapeutics (NASDAQ:ONTXW)
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