Share price is a 13.4% discount to company’s closing price on Wednesday
By Susanna Moon
Chicago, April 30 – OncoGenex Pharmaceuticals, Inc. has entered into an agreement to sell up to $16 million of shares to Lincoln Park Capital Fund, LLC over the next 24 months, according to a 424B5 filing with the Securities and Exchange Commission.
The agreement includes an initial purchase of 956,938 of series A-1 units consisting of one common share and a one warrant for one quarter-share of stock for proceeds of $2 million.
The company entered into the purchase agreement on April 30. OncoGenex will issue 126,582 shares valued at $2.37 per share to Lincoln Park as a commitment fee for entering into the purchase agreement.
Proceeds will be used to advance the company’s proprietary product candidates custirsen and apatorsen as well as for general corporate purposes.
OncoGenex Pharmaceuticals, based in Bothell, Wash., is a biopharmaceutical company engaged in the development and commercialization of cancer therapies.
| Issuer: | OncoGenex Pharmaceuticals, Inc.
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| Issue: | Common shares, series A-1 units of one share and one warrant for one quarter-share
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| Amount: | Up to $16 million
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| Warrants: | Yes
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| Investor: | Lincoln Park Capital Fund, LLC
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| Pricing date: | April 30
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| Stock symbol: | Nasdaq: OGXI
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| Stock price: | $2.09 at close April 29
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