Maxim sold units of one share and 0.75 five-year warrants at $4.10
By Devika Patel
Knoxville, Tenn., July 27 – Onconova Therapeutics, Inc. said it raised more than $17 million in its rights offering of units. The deal was announced June 1 and priced on July 22. The subscription period expired on July 26.
The company sold rights for units of one common share and 0.75 warrants at $4.10 per unit. It will distribute 1.5 subscription rights for each common share or participating warrant held.
Each whole warrant is exercisable at $4.92 for five years. The strike price is a 5.35% premium to the July 21 closing share price of $4.67.
The record date is July 7 and the sales began on July 8. Settlement is expected July 29.
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.
| Issuer: | Onconova Therapeutics, Inc.
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| Issue: | Units of one common share and 0.75 warrants
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| Amount: | More than $17 million
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| Price: | $4.10
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| Warrants: | 0.75 warrants per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | $4.92
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| Dealer-manager: | Maxim Group LLC
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| Agent: | Broadridge Corporate Issuer Solutions, Inc.
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| Announcement date: | June 1
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| Pricing date: | July 22
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| Settlement date: | July 29
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| Stock symbol: | Nasdaq: ONTX
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| Stock price: | $4.67 at close July 21
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| Market capitalization: | $10.23 million
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