Company sells 13.5 million common shares at $1.50 apiece through deal
By Devika Patel
Knoxville, Tenn., Feb. 6 – Oncothyreon Inc. said it priced a $20.25 million public sale of stock with a $3.04 million greenshoe. The offering was announced Thursday and will be conducted alongside a $2 million concurrent sale of series B convertible preferred stock, or 1,333 shares at $1,500 per share.
The company will sell 13.5 million common shares at $1.50 per share. The price per share is a 4.46% discount to the Feb. 5 closing share price of $1.57.
Jefferies LLC is the bookrunning manager.
Proceeds will be used to fund development of its therapeutic products including ONT-380, ONT-10, its small molecule Chk1 program and its protocell technology as well as for general corporate purposes, including other discovery or preclinical research and product development. A portion of proceeds will be used to acquire or license new product candidates or technology that could result in other product candidates.
Oncothyreon is a Seattle-based biotechnology company.
| Issuer: | Oncothyreon Inc.
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| Issue: | Common stock
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| Amount: | $20.25 million
|
| Greenshoe: | $3,037,500
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| Shares: | 13.5 million
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| Price: | $1.50
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| Warrants: | No
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| Bookrunner: | Jefferies LLC
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| Announcement date: | Feb. 5
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| Pricing date: | Feb. 6
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| Settlement date: | Feb. 11
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| Stock symbol: | Nasdaq: ONTY
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| Stock price: | $1.57 at close Feb. 5
|
| Market capitalization: | $140.08 million
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