Proceeds to support phase 3 development of Rigosertib in MDS
By Susanna Moon
Chicago, Jan. 6 – Onconova Therapeutics, Inc. said it entered into a definitive agreement to issue $1.84 million of registered shares to an institutional investor. The deal also includes unregistered warrants.
Onconova will issue about 1.9 million registered shares of common stock at a purchase price of $0.95 per share in a registered direct offering, according to a company news release.
The price per share is equal to the company’s closing share price on Jan. 5.
For each share, the investor will receive an unregistered warrant to purchase one half-share. The warrants have an exercise price of $1.15 per share and will be exercisable six months from the date of issue and will expire five years from the initial exercise date.
The warrant strike price is a 21.05% premium to the closing share price on Jan. 5.
H.C. Wainwright & Co. is the placement agent.
Proceeds will be used to support phase 3 development of Rigosertib in MDS, the release noted.
The clinical-stage biopharmaceutical company is based in Newtown, Pa.
| Issuer: | Onconova Therapeutics, Inc.
|
| Issue: | Common stock
|
| Amount: | $1.84 million
|
| Shares: | 1.9 million
|
| Price: | $0.95
|
| Warrants: | One half-share warrant per share
|
| Warrant expiration: | Five years from the initial exercise date
|
| Warrant strike price: | $1.15
|
| Agent: | H.C. Wainwright & Co.
|
| Pricing date: | Jan. 5
|
| Settlement date: | Jan. 11
|
| Stock symbol: | Nasdaq: ONTX
|
| Stock price: | $0.95 at close Jan. 5
|
| Market capitalization: | $23.38 million
|
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