Proceeds fund development of product candidates and working capital
By Devika Patel
Knoxville, Tenn., July 30 - Onconova Therapeutics, Inc. said the underwriters for its initial public offering of stock opted to exercise the deal's $11.63 million greenshoe in full for total proceeds of $89.13 million. The offering was announced June 14 and priced for $77.5 million with the greenshoe on July 25.
The company sold 5,941,667 common shares at $15.00 per share. Of the shares, 775,000 were part of the fully exercised greenshoe.
Citigroup and Leerink Swann were the joint bookrunning managers.
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: | $89,125,005 (including $11,625,000 greenshoe)
|
| Shares: | 5,941,667
|
| 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
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
