On November 25, 2019 Onconova Therapeutics reported the closing of its previously announced public offering of an aggregate of 55,000,000 shares of Onconova’s common stock (or common stock equivalents), together with accompanying common stock warrants, at a public offering price of $0.20 per share and associated warrant (Press release, Onconova, NOV 25, 2019, View Source [SID1234551643]). Each share of common stock (or common stock equivalent) was sold in the offering together with a common stock warrant to purchase one share of common stock at an exercise price of $0.20 per share. The common stock warrants are exercisable immediately and will expire five years from the date of issuance. The offering was led by healthcare dedicated funds, including Knight Therapeutics Inc., along with officers and directors of Onconova.

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H.C. Wainwright & Co. acted as exclusive placement agent for the offering.

The gross proceeds to Onconova from this offering are $11.0 million, before deducting the placement agent’s fees and other estimated offering expenses payable by Onconova, and assuming none of the warrants issued in this offering are exercised.

Onconova anticipates using the net proceeds from the offering to fund the development of its clinical and preclinical programs, for other research and development activities and for general corporate purposes, which may include capital expenditures and funding working capital needs.

The securities described above were offered by Onconova pursuant to a registration statement (File No. 333-234360) previously filed with and declared effective by the Securities and Exchange Commission (the "SEC") on November 21, 2019. A prospectus relating to the securities offered was filed with the SEC on November 25, 2019 and is available on the SEC’s website at View Source Electronic copies of the final prospectus relating to the offering may be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling (646) 975-6996 or by emailing [email protected] or at the SEC’s website at View Source