Onconova Therapeutics Raises $21M Via Equity At 17% Discount

Onconova Therapeutics Inc ONTX has priced an underwritten public offering of 5 million shares at $4.20 for gross proceeds of $21 million.
The offer price represents an almost 17% discount at the last close price of $5.11 on Thursday.
Underwriters have an option to purchase up to an additional 750,000 shares. The offering will close by September 28.
Guggenheim Securities is acting as the sole book-running manager.
Ladenburg Thalmann & Co Inc and Noble Capital Markets Inc are acting as co-managers for the offering.
Onconova will use the proceeds for working capital and general corporate purposes.
Related Content: Investors Cheer Onconova's Rigosertib Combo Data In Lung Cancer Setting.
In the Q2 earnings release, the Company said that milestones for the remainder of the year include continued progress of ON 123300 trials, expansion of rigosertib investigator-initiated studies program, and potentially acquiring new assets.
Price Action: ONTX stock is down 15.70% at $4.32 during the premarket session on the last check Friday.