Onconova Therapeutics plans to price initial public offering of stock

Proceeds fund development of product candidates and working capital

By Devika Patel

Knoxville, Tenn., June 14 - Onconova Therapeutics, Inc. will price an initial public sale of its common stock with a greenshoe option, according to a Form S-1 filed Friday with the Securities and Exchange Commission. The company expects its shares will trade on the Nasdaq under the symbol "ONTX."

Citigroup, Leerink Swann, Piper Jaffray and Janney Montgomery Scott are assisting.

Proceeds will be used for development of product candidates, including clinical development of rigosertib and development of other clinical and preclinical programs, working capital and general corporate purposes.

The clinical-stage biopharmaceutical company is based in Newtown, Pa.

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