Full Press Release Details
Therapeutics, Inc. Announces Closing of $28.75 Million Public Offering of
Common Stock Including Full Exercise of the Over-Allotment
NEWTOWN, PA., Feb. 16, 2021 (GLOBE
NEWSWIRE) -- Onconova Therapeutics, Inc. (NASDAQ: ONTX) ("Onconova"), a biopharmaceutical company focused on discovering
and developing novel products to treat cancer, today announced the closing of its previously-announced underwritten public offering.
A total of 28,750,000 shares of its common stock were sold, including 3,750,000 shares of common stock following the exercise
by the underwriters of their over-allotment option, at a public offering price of $1.00 per share. The gross proceeds of the offering
to the Company are $28.75 million, before deducting the underwriting discounts and commissions and other estimated offering expenses.
Guggenheim Securities is acting
as sole book-running manager. Maxim Group LLC and Noble Capital Markets, Inc. are acting as co-managers for the offering.
The securities described above
were offered by Onconova pursuant to a shelf registration statement on Form S-3 (File No. 333-237844) which was initially filed
by the Company with the Securities and Exchange Commission ("SEC") on April 24, 2020, amended on Form S-3/A that was
filed with the SEC on May 15, 2020, and was declared effective by the SEC on May 18, 2020.
A preliminary prospectus supplement
relating to the offering was filed with the SEC on February 10, 2021 and is available on the SEC's website at http://www.sec.gov.
A final prospectus supplement relating to and describing the terms of the offering was filed with the SEC and is also available
on the SEC's website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating
to the offering may be obtained from Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, New
York, NY 10017, by telephone at (212) 518-9544, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.
This press release shall not
constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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
registration or qualification under the securities laws of any such state or jurisdiction.
About Onconova Therapeutics, Inc.
Onconova Therapeutics is a biopharmaceutical
company focused on discovering and developing novel products to treat cancer. The Company has proprietary targeted anti-cancer
agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation.
Onconova's novel, proprietary
multi-kinase inhibitor ON 123300 is currently in a dose-escalation and expansion Phase 1 trial in China, and a dose-escalation
and expansion Phase 1 trial is planned in the U.S. to commence in the first half of 2021. Onconova's product candidate oral
rigosertib is currently in a dose-escalation and expansion Phase 1 investigator-initiated study targeting patients with KRAS+
lung adenocarcinoma in combination with nivolumab. In addition, Onconova has commenced preclinical work investigating rigosertib
in COVID-19. For more information, please visit www.onconova.com.
Forward-Looking Statements
Some of the statements in
this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and
involve risks and uncertainties. These statements relate to Onconova's expectations regarding the offering, its patents
and clinical development plans including patient enrollment timelines and indications for its product candidates. Onconova
has attempted to identify forward-looking statements by terminology including "believes," "estimates,"
"anticipates," "expects," "plans," "intends," "may," "could,"
"might," "will," "should," "approximately" or other words that convey uncertainty of
future events or outcomes. Although Onconova believes that the expectations reflected in such forward-looking statements are
reasonable as of the date made, expectations may prove to have been materially different from the results expressed or
implied by such forward-looking statements. These statements are only predictions and involve known and unknown risks,
uncertainties, and other factors, including the success and timing of Onconova's clinical trials and regulatory agency and
institutional review board approvals of protocols, Onconova's ability to continue as a going concern, the need for
additional financing, Onconova's collaborations, market conditions and those discussed under the heading "Risk
Factors" in Onconova's most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking
statements contained in this release speak only as of its date. Onconova undertakes no obligation to update any
forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to
reflect the occurrence of unanticipated events.
Onconova Therapeutics, Inc.