Onconova registers $22.5 million of stock in rights offering of units

Proceeds fund clinical trials, research and development activities

By Devika Patel

Knoxville, Tenn., June 1 – Onconova Therapeutics, Inc. will price a rights offering of its units, according to an S-1 filed Wednesday with the Securities and Exchange Commission. The company has registered up to $22.5 million of stock.

The units will each consist of one share of common stock and one warrant.

Maxim Group LLC is the dealer-manager.

Proceeds will be used for clinical trials, research and development activities, business development and general corporate purposes, including capital expenditures and working capital needs.

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

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