Onconova offers 1.5 rights for each share via units rights offering

Proceeds fund clinical trials, research and development activities

By Devika Patel

Knoxville, Tenn., June 29 – Onconova Therapeutics, Inc. said it will distribute 1.5 subscription rights for each common share or participating warrant held as part of its rights offering of its units, according to an S-1 filed Wednesday with the Securities and Exchange Commission. The deal was announced on June 1.

The rights will each be exercisable for units of one share of common stock and 0.75 warrants at a subscription price that is expected to fall between $5.75 per unit and $6.25 per unit. The whole warrants will each be exercisable at 120% of the per-unit price for five years.

Maxim Group LLC is the dealer-manager.

The record date is July 7 and the sales will begin on July 8. The subscription period ends on July 26.

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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