Onconova Therapeutics Announces Pricing Of Public Offering Of Common Stock

NEWTOWN, Pa., April 21, 2017 (GLOBE NEWSWIRE) — Onconova Therapeutics, Inc. (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 that it has priced an underwritten public offering of 2,476,190 shares of its common stock, at a price to the public of $2.10 per share. Gross proceeds, before underwriting discounts and commissions and estimated offering costs, are expected to be approximately $5.20 million.

Onconova intends to use the net proceeds from the offering to support development of rigosertib for treatment in higher risk MDS. The offering is expected to close on or about April 26, 2017, subject to satisfaction of customary closing conditions.

Laidlaw & Company Ltd. is acting as sole book-running manager for the offering and Onconova has granted Laidlaw & Company Ltd. a 45-day option to purchase up to 363,580 additional shares of common stock.To the extent Laidlaw & Company Ltd. exercises the option in full, the gross proceeds, before underwriting discounts and commissions and estimated offering costs, are expected to be approximately $5.96 million.

Prior to the offering, as of April 19, 2017, the total number of issued and outstanding shares of common stock of Onconova was 7,011,393. 

The securities described above are being offered by Onconova pursuant to a registration statement (File No. 333-199219) previously filed and declared effective by the Securities and Exchange Commission (SEC). This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained, when available, from Laidlaw & Company Ltd, Attention: Syndicate Department, 546 Fifth Avenue, New York, NY 10036, by telephone at (212) 953-4900 or by email at [email protected]. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the website of the SEC at www.sec.gov.