Onconova Therapeutics,Inc. (NASDAQ:ONTX) Files An 8-K Termination of a Material Definitive Agreement

ME Staff 8-k
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Onconova Therapeutics,Inc. (NASDAQ:ONTX) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02.  Termination of a Material Definitive Agreement.

On December 5, 2016, Onconova Therapeutics, Inc. (the “Company”) entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with FBR Capital Markets & Co. (“FBR”) to create an at-the-market equity program (the “ATM Program”) under which the Company from time to time may offer and sell shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to $3,475,000 (the “Shares”) through FBR as sales agent. All sales under the ATM Program were required to be made under the Company’s effective shelf registration statement on Form S-3 (File No. 333-199219), which was declared effective by the Securities and Exchange Commission (the “SEC”) on November 20, 2014, and a related prospectus supplement filed with the SEC on December 5, 2016.

Effective April 19, 2017, the Company terminated the Sales Agreement and the related ATM Program.

The Company has decided to terminate the Sales Agreement because it does not intend to utilize the Sales Agreement to raise additional capital. The Company will not incur any termination penalties as a result of its termination of the Sales Agreement.

A description of the terms and conditions of the Sales Agreement is set forth in the Company’s current report on Form 8-K filed with the SEC on December 5, 2016 and incorporated herein by reference.


About Onconova Therapeutics, Inc. (NASDAQ:ONTX)

Onconova Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company operates through the identification and development of oncology therapeutics segment. It is focused on discovering and developing small molecule drug candidates to treat cancer. The Company has created a targeted anti-cancer agents designed to work against specific cellular pathways that are important to cancer cells. It has over three clinical-stage product candidates and various preclinical programs that target kinases, cellular metabolism or cell division in preclinical development. The Company’s lead product candidate, rigosertib, is being tested in both intravenous (IV) and oral formulations as a single agent, and the oral formulation is also being tested in combination with azacitidine, in clinical trials for patients with myelodysplastic syndromes (MDS), and related cancers. Its other product candidates include Briciclib and Recilisib.

Onconova Therapeutics, Inc. (NASDAQ:ONTX) Recent Trading Information

Onconova Therapeutics, Inc. (NASDAQ:ONTX) closed its last trading session down -0.13 at 2.48 with 139,338 shares trading hands.