trending Market Intelligence /marketintelligence/en/news-insights/trending/jyda6uqbyb5bmsr_ra-r1q2 content esgSubNav
In This List

Oncobiologics to raise $15M via private placement

Blog

Commercial Banking: June 22nd Edition

Blog

Understanding Loss Given Default A Review of Three Approaches

Blog

Commercial Banking Newsletter June Edition - 2022

Blog

Insight Weekly: US recession outlook; mortgage activity slowdown; climate disclosure push


Oncobiologics to raise $15M via private placement

Oncobiologics Inc. said it plans to raise $15 million in a private placement with GMS Tenshi Holdings Pte. Ltd., its largest investor.

The placement will include $15 million of common shares and warrants with an aggregate exercise price of about $20 million.

The Cranbury, N.J.-based biopharmaceutical company said it closed the first tranche of the offering, which consists of 6,377,383 common shares and warrants to buy up to 10,256,410 additional common shares, for gross proceeds of about $7.5 million. The warrants have an exercise price of 97.5 cents per share and a term of eight years.

Net proceeds will be used to initiate clinical trials for its product candidate ONS-5010 to expand its BioSymphony platform to provide contract development and manufacturing services and for working capital and general corporate purposes.

The company expects to close the sale of the remaining $7.5 million of securities between June 11 and Sept. 21. GMS Tenshi agreed to buy a portion of the second tranche by June 11, to allow Oncobiologics achieve compliance with Nasdaq Capital Market's minimum market value of listed securities standard.