Lincoln Park will buy common stock in tranches of up to 100,000 shares
By Devika Patel
Knoxville, Tenn., Oct. 8 – Onconova Therapeutics, Inc. arranged a $16.5 million stock purchase agreement with Lincoln Park Capital Fund, LLC on Oct. 8, according to an 8-K filed Thursday with the Securities and Exchange Commission. It raised $1.5 million at pricing.
The company will sell common shares to Lincoln Park over three years in tranches of up to 100,000 shares or up to 250,000 shares, depending on the sales price, or up to $1 million. The purchase price of the shares will be based on the prevailing market prices at the time of sale.
As consideration for its commitment, Lincoln Park received 200,000 shares.
Proceeds will be used for clinical development of rigosertib, general corporate purposes and working capital requirements.
The clinical-stage biopharmaceutical company is based in Newtown, Pa.
| Issuer: | Onconova Therapeutics, Inc.
|
| Issue: | Stock purchase agreement
|
| Amount: | $16.5 million
|
| Tenor: | Three years
|
| Warrants: | No
|
| Investor: | Lincoln Park Capital Fund, LLC
|
| Fees: | 200,000 shares
|
| Pricing date: | Oct. 8
|
| Settlement date: | Oct. 8 (for $1.5 million)
|
| Stock symbol: | Nasdaq: ONTX
|
| Stock price: | $1.50 at close Oct. 7
|
| Market capitalization: | $31.6 million
|
© 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.
