Onconova Therapeutics Announces Pricing of $25.0 Million Upsized Underwritten Public Offering

Onconova Therapeutics (NASDAQ:ONTX) a Phase 3 stage biopharmaceutical company focused on discovering and developing small molecule drug candidates to treat cancer, with a primary focus on Myelodysplastic Syndromes (MDS), today announced the pricing of an underwritten public offering (the “Offering”) of 58,823,529 shares of its common stock and warrants to purchase up to an aggregate of 1,470,588.225 shares of Onconova’s Series B convertible preferred stock at a public offering price of $0.425 per share and accompanying Preferred Stock Warrant.

As quoted in the press release:

The gross proceeds of the Offering are expected to be approximately $25.0 million, or approximately $28.75 million if the underwriter exercises its option to purchase additional securities in full, prior to deducting underwriting discounts and commissions and estimated offering expenses.  In addition, in the event the underwriter exercises its option to purchase additional securities in full and the Preferred Stock Warrants are exercised in full, Onconova expects to receive approximately $28.75 million in additional proceeds.  However, there is no assurance that all or a portion of the Preferred Stock Warrants will be exercised prior to their expiration.  This Offering is expected to close on or about May 1, 2018, subject to customary closing conditions.

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