NEWTOWN, Pa., Nov. 10, 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 agreed to sell approximately 920,000 shares of its common stock for gross proceeds of approximately $1.38 million. Each share of common stock is being sold at a price of $1.50 per share.
The shares were offered and are being sold to certain accredited investors in a registered direct offering under the company’s S-3 shelf registration statement. The offering is expected to close on or about November 14, 2017.
Onconova intends to use the net proceeds from the offering to the development of our clinical and preclinical programs, for other research and development activities and for general corporate purposes, which may include capital expenditures and funding our working capital needs.
Laidlaw & Company (UK) Ltd. acted as placement agent for the offering.
Prior to the offering, as of November 8, 2017, the total number of issued and outstanding shares of common stock of Onconova was 9,851,163.
About Onconova Therapeutics, Inc.
Onconova Therapeutics, Inc. is a Phase 3-stage biopharmaceutical company focused on discovering and developing novel small molecule drug candidates to treat cancer, with a primary focus on Myelodysplastic Syndromes (MDS). Rigosertib, Onconova’s lead candidate, is a proprietary Phase 3 small molecule agent, which the Company believes blocks cellular signaling by targeting RAS effector pathways. Using a proprietary chemistry platform, Onconova has created a pipeline of targeted agents designed to work against specific cellular pathways that are important in cancer cells. Onconova has three product candidates in the clinical stage and several pre-clinical programs. The advanced clinical trial with the Company’s lead compound, rigosertib, is aimed at what the Company believes are unmet medical needs of patients with MDS. For more information, please visit http://www.onconova.com.