Proceeds fund development of product candidates and working capital
By Devika Patel
Knoxville, Tenn., July 25 - Onconova Therapeutics, Inc. said it priced its $77.5 million initial public offering of stock with an $11.63 million greenshoe. The offering was announced June 14.
The company will sell 5,166,667 common shares at $15.00 per share.
Citigroup and Leerink Swann are the joint bookrunning managers.
Settlement is expected July 30.
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. It expects its shares to trade on the Nasdaq under the symbol "ONTX."
| Issuer: | Onconova Therapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $77.5 million
|
| Greenshoe: | $11,625,000
|
| Shares: | 5,166,667
|
| Price: | $15.00
|
| Warrants: | No
|
| Bookrunners: | Citigroup and Leerink Swann
|
| Co-managers: | Piper Jaffray and Janney Montgomery Scott
|
| Announcement date: | June 14
|
| Pricing date: | July 25
|
| Settlement date: | July 30
|
| Stock symbol: | Nasdaq: ONTX
|
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